The region’s strengths—central location, business climate, excellent infrastructure, and nation-leading growth—captured demand from megatrends such as booming e-commerce and on-shoring. Rents increased 96% since 2019, while vacancy fell to a record low 5.0% in mid-2023.
Developers responded by constructing 220.7 million square feet of new Warehouse/Distribution space over the last five years—as much as the preceding 15 years combined. In 2023, higher interest rates and right-sizing tempered demand as these record deliveries came online. As a result, vacancy rose to 14.0% at year-end 2024—the highest level since 2011.
Although market-level statistics suggest developers may have overbuilt, each submarket has a unique supply and demand story nuanced by location, building age, and building size.
This report unpacks DFW’s industrial landscape, uncovering pockets of outperformance, short-term challenges, and outlook for the future.
Unpacking Dallas’ Industrial Landscape
Dallas/Fort Worth’s (DFW) industrial market has experienced monumental change since 2020.
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