• 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.