In most major metros, construction of new office buildings has withered as office vacancy rates reach record-high levels and construction loans are scarce.
Dallas appears to be an anomaly: its office construction pipeline is really robust despite red warning lights that are flashing on the metro's vacancy rate and the overall availability of direct office space.
More than 5.2M SF of office space is under construction in Big D, making Dallas the national leader in building offices. Only four major markets are exceeding more than 4M SF in office construction, with Austin a close second at 5.1M SF, followed by Manhattan (4.9M) and Seattle (4M SF), according to CBRE.
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