DALLAS- After a healthy year of economic growth, Dallas/Fort Worth's industrial market is primed for another healthy year in 2014, according to Transwestern and Delta Associates.

The overall Dallas/Fort Worth industrial vacancy rate declined to 7.3% at year-end 2013, a significant decrease from 9.2% a year ago, said Delta Associates in a year-end report. The industrial market recorded 16.4 million square feet of absorption in 2013, almost twice as much as 2012.

Construction activity increased throughout the year. Currently 8.9 million square feet of industrial space is under construction in the Metroplex, compared with 4.6 million square feet just one year earlier. The most active submarket is Southeast Dallas/I-45, with 1.7 million square feet under construction.  Industrial deliveries are up this year as well; 6.8 million square feet delivered in the Dallas/Fort Worth market.

As confidence grows in the industrial market landlords continue to raise asking rents an average of 6.2% in 2013. “The warehouse/distribution segment represents a majority of the industrial inventory, and it experienced rent growth of 6.7% during 2013,” Delta Associates reported.

Employment growth in the Metroplex was almost twice that of the national average which translates to 96,100 jobs added from October 2012 to October 2013. With new job gains and increasing demand Transwestern is anticipating the Industrial market to be “well-positioned for long-term growth as one of the nation's major warehouse and distribution centers.” The Metroplex industrial market can expect rents to climb further and continued construction to relieve the high demand for expansion.