D-FW warehouse boom continues with millions of square feet of buildings on the way - The Dallas Morning News

Dallas-Fort Worth is one of the country’s biggest industrial construction markets, with more than 23 million square feet of buildings on the way.

The good news is that more than 60% of the new warehouses that hit the market in the fourth quarter were already leased to tenants.

That’s what commercial property firm CBRE found in its year-end assessment of the North Texas warehouse market.

Developers added opened almost 25 million square feet of new D-FW industrial projects in 2019 — up slightly from 2018 project completions.

“The construction pipeline pulled back over the quarter and totaled 23.5 million square feet at the end of the year,” CBRE researchers Miller Hamrick and E. Michelle Miller said in their year-end report. “The highest concentration of product underway was in the North Fort Worth submarket with just over 12 million square feet in active projects.”

Fortunately for builders, demand for warehouse space remains high.

Last year’s net industrial leasing in D-FW topped 20 million square feet for the fourth year in a row, according to CBRE.

Almost 24 million square feet of industrial leasing was recorded in North Texas in 2019.

During the last decade, expanding and relocating warehouse users have gobbled up almost 165 million square feet of D-FW industrial space.

Only about 6% of local warehouse space is empty — below the long-term average 8% vacancy rate.

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Only about 6% of D-FW warehouse space is vacant.(CBRE)

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D-FW warehouse boom continues with millions of square feet of buildings on the way - The Dallas Morning News
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