Dallas Office Market on Rise
Why this matters
Office continues to trade in two distinct markets: trophy assets in walkable submarkets that are leasing at or near record rents, and commodity Class B and C buildings where the basis is still resetting. Underwriting on the latter has moved toward replacement-cost-minus, with credit underwriting now leaning on tenant covenant and remaining lease term rather than mark-to-market expectations. Dallas-Fort Worth continues to absorb the largest multifamily delivery pipeline in the country. Industrial along the I-35 corridor is clearing at competitive basis, and selective office is finding bids at deep discounts to replacement. For LP-positioned capital, the read-through is that the bifurcation is now a structural feature of the sector, not a cycle to wait out.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- The 31st Dallas story tracked on the wire in November 2026. All Dallas coverage →
- Disclosed office deal value tracked in November 2026: $5.6B across 23 reported transactions. All Office coverage →
Computed from Real Estate Trail’s own tracked coverage
The Dallas-Fort Worth office market saw vacancy rates go down, while investment volume went up through the third quarter of 2026, according to Yardi Matrix data . Its competitive office pipeline was the second-largest…
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