Future Cities
Dallas-Ft. Worth Market
2025 North America Industrial Big-Box Review & Outlook
April 16, 2025 5 Minute Read
Supply & Demand
With 516.2 million sq. ft. of total inventory, Dallas-Ft. Worth is the third-largest big-box market in North America. Occupiers continue to move in and expand: a total of 32.4 million sq. ft. was leased, only slightly less than 2022’s 34.5 million sq. ft. This was the second most big-box leasing in North America. 3PLs accounted for 44.7% of lease transactions, by far the most of any occupier type. Despite robust leasing and nearly 30 million sq. ft. of positive net absorption, vacancy rates nearly doubled to 9.5% due to a record 53.1 million sq. ft. of completed construction, the most in North America.
Only 25.6 million sq. ft. was under construction at year-end with 22% preleased. This reduced development should help stabilize vacancy rates, but a significant vacancy reduction will require an increase in new leasing. The current stability in vacancies is expected to help maintain market rents at current record highs for the foreseeable future.
Figure 4: Share of 2023 Leasing by Occupier Type
Source: CBRE Research.
Figure 5: Lease Transaction Volume by Size Range
Source: CBRE Research.
Figure 6: 2023 Construction Completions vs. Overall Net Absorption by Size Range
Figure 7: Direct Vacancy Rate by Size Range
Figure 8: Under Construction & Percentage Preleased
Figure 9: First Year Taking Rents (psf/yr)
Source: CBRE Research.
Explore Big-Box Insights by Market
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More than 7 million people live within 50 miles of the market’s core–a quarter aged 18-34–with five-year growth of 5.3% expected, third to only Dallas-Ft. Worth and Nashville.
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Industrial & Logistics Research
James Breeze
Vice President, Global Industrial and Retail Research
John Morris
President, Americas Industrial & Logistics, Advisory Services
