DALLAS—Despite the collapse in oil prices, North Texas's regional economy is doing just fine, according to a third quarter office report just released by PM Realty Group.

“The Dallas economy has shifted into overdrive with 103,500 jobs created in the trailing 12 months ending August 2015, which ranks second among the nation's top performing markets in job creation,” Kurt Cherry, executive vice president of PM Realty Group, told GlobeSt.com.

Among the highlights:

• Since the end of 2014, occupancy rates have increased by 60 basis points to 83.2 percent, which is near a 13-year high.

• DFW's office market is on pace to record its highest absorption level since 2000.

• During the quarter, class A properties observed a net 599,800 square feet of direct absorption gains, compared to 150,714 square feet of growth in class B product.

• With strong demand, the leasing market will remain a landlord-favorable setting in the most desirable submarkets.

“DFW's office market has already posted just over 4 million square feet of direct net absorption year-to-date, and is on pace to record its highest annual absorption total since 2000,” Cherry says. “This has caused office developers to feel increasingly bullish breaking ground on buildings without securing a lead tenant.”