As of August, the national labor market recovered nearly half the jobs it lost in February and April—representing a much faster recovery than previous recessions—as many firms brought back furloughed workers.
This trend was mirrored in Dallas/Fort Worth, where 194,100 non-farm jobs have been recovered since April, representing 51% of jobs lost earlier in the year.
Despite this rebound, office fundamentals have not enjoyed a similar recovery as net absorption totaled -2.1 million sq. ft. in Q3 2020 vs. 500,000 in Q3 2019.
Sublease space on the market has been rising steadily over the last several months, now totaling 8.5 million sq. ft. within CBRE Research’s tracked office dataset.
Current development underway now totals 4 million sq. ft. with approximately 45% preleased; completions yielded 870,000 sq. ft. at 28% preleased.