The Dallas-Fort Worth commercial real estate market in fall 2026 is mixed by property type. Industrial vacancy is falling and leasing hit a three-year high, retail occupancy is near a record, office vacancy is still high but improving, and multifamily rents are slightly softer than a year ago. For owners, tenants and investors, the right move depends on which of those markets your property sits in.
Below, The Agency Dallas walks through the latest published figures for each property type, what they mean for buyers, sellers, landlords and tenants, and the questions we hear most often from clients of our Commercial Division.
How is the Dallas-Fort Worth commercial real estate market doing right now?
The short version, using the most recent quarterly data available in October 2026:
- Office: 24.6% vacancy in Q3 2026, down 40 basis points from the prior quarter, with 1.0 million square feet of positive net absorption (CBRE).
- Industrial: 7.8% vacancy in Q3 2026, down from 8.9% a year earlier, with 6.4 million square feet of net absorption and 23.5 million square feet leased (CBRE).
- Retail: 95.3% occupancy in the first half of 2026, a record for the metro (Bisnow).
- Multifamily: 92.3% occupancy for stabilized properties in April 2026, with average asking rent of $1,524, down 1.6% year over year (Yardi Matrix via Multi-Housing News).
Those numbers describe a market that is tightening in office and industrial, already tight in retail, and still absorbing new supply in apartments.
Is the Dallas office market recovering?
Slowly, yes. Office vacancy across Dallas-Fort Worth fell to 24.6% in the third quarter of 2026, and leasing activity rose to 2.52 million square feet from 1.80 million the quarter before, according to CBRE. Average asking rent rose to $35.09 per square foot per year from $34.82.
A quarter of the space is still vacant metro-wide, so the recovery is uneven. Newer, well-located buildings with strong amenities are leasing first, while older space in less central locations competes on price and concessions.
What does that mean for office tenants?
- Tenants still have room to negotiate, especially in older buildings and on longer terms.
- Free rent, tenant improvement allowances and flexible expansion rights are all worth asking for.
- Renewal leverage is real. Pricing the market before your renewal notice date matters more than the headline rate.
Our guide on what a tenant should negotiate in a commercial lease besides the rent covers the terms that tend to matter most.
Is Dallas-Fort Worth industrial real estate still strong?
Yes. Industrial vacancy dropped to 7.8% in Q3 2026, and leasing volume of 23.5 million square feet was the highest in the three years CBRE tracks on its quarterly page. Dallas-Fort Worth also leads the country in industrial space under construction, at 33.9 million square feet.
That pipeline cuts both ways. Owners of well-leased warehouse and flex buildings are in a strong position today, while new projects coming online will give tenants more choice in some submarkets over the next year or two.
How is retail doing in Dallas-Fort Worth?
Retail is the tightest of the four property types. Occupancy reached a record 95.3% in the first half of 2026, according to Bisnow. Very little new retail space has been built in recent years, so good storefronts, pad sites and neighborhood centers rarely sit empty for long.
For investors, that is part of why single-tenant net lease retail remains popular. If you are weighing one, our explainer on what a triple net lease is and what it costs a tenant in Texas is a useful starting point.
What is happening with Dallas apartment buildings?
Multifamily occupancy for stabilized properties was 92.3% in April 2026, and average asking rent was $1,524, down 1.6% from a year earlier, according to Yardi Matrix data published by Multi-Housing News. The metro is still absorbing a large wave of new apartment deliveries, which keeps rent growth in check.
Buyers of apartment buildings are underwriting softer near-term rents, while sellers of well-run, well-located properties still find depth in the buyer pool.
Why is it hard to know what commercial property sells for in Texas?
Texas is a non-disclosure state, so sale prices are not recorded in public property records. Online estimates for commercial buildings are often guesses, and the published market reports above describe metro-wide averages, not what a specific building would trade for.
Pricing a building, a lease or a development site well takes recent comparable sales and the property's actual income. That is the first thing the Commercial Division of The Agency Dallas prepares for owners, in a written broker opinion of value. Our longer article on how to price a commercial property in Texas when sale prices are not public explains the method.
Is now a good time to buy or sell commercial property in Dallas-Fort Worth?
It depends on the property type and your timeline. Here is how we would frame it today:
- Selling well-leased industrial or retail: demand is strong and vacancy is low, which supports pricing.
- Selling office: buyers are selective, so leasing up vacancies or extending leases before going to market often pays.
- Buying multifamily: softer rents create room to negotiate, especially on newer properties still leasing up.
- Selling to buy through a 1031 exchange: line up replacement property early, since the 45-day identification window is short. See how to find 1031 replacement property in Dallas-Fort Worth inside the 45-day window.
Owners should also keep an eye on property taxes, which rise with appraised values. Our guide on how commercial property tax protests work in Texas covers the process and deadlines.
How can The Agency Dallas help with commercial real estate?
The Commercial Division of The Agency Dallas represents owners, investors, tenants, landlords and developers across Dallas-Fort Worth and North Texas. Our agents handle investment sales, tenant representation, landlord leasing and land and development sites, working alongside our statewide Land and Ranch Division.
You can read more about our services, current market figures and submarkets on the Commercial Division page, or send the property type, location and size to request a broker opinion of value.
Frequently asked questions
What is the office vacancy rate in Dallas-Fort Worth?
Office vacancy across Dallas-Fort Worth was 24.6% in the third quarter of 2026, down 40 basis points from the prior quarter, according to CBRE. Net absorption was positive at about 1.0 million square feet, and average asking rent rose to $35.09 per square foot per year, so the market is tightening slowly from a high level.
What is the industrial vacancy rate in Dallas-Fort Worth?
Industrial vacancy was 7.8% in Q3 2026, down from 8.9% a year earlier, according to CBRE. The metro absorbed 6.4 million square feet in the quarter and leased 23.5 million square feet, and it leads the country with about 33.9 million square feet of industrial space under construction.
Is Dallas retail real estate a good investment?
Retail occupancy in Dallas-Fort Worth reached a record 95.3% in the first half of 2026, according to Bisnow, because little new space has been built. That supports well-located retail, but returns depend on the tenant, lease term and location, so every property should be underwritten on its own rent roll and lease.
Are Dallas apartment rents going down?
Slightly. Yardi Matrix data published by Multi-Housing News showed average asking rent of $1,524 in April 2026, down 1.6% year over year, with stabilized occupancy at 92.3%. New apartment deliveries are the main reason, and the effect varies widely by submarket and property age.
How do I find out what my commercial property is worth in Texas?
Ask a broker for a written opinion of value based on recent comparable sales and the property's income. Texas is a non-disclosure state, so sale prices are not in public records and online estimates are often unreliable. The Agency Dallas Commercial Division prepares a broker opinion of value at no cost.
Sources: CBRE, Dallas/Fort Worth Office Figures Q3 2026 and Dallas/Fort Worth Industrial Figures Q3 2026; Bisnow, DFW retail occupancy, July 2026; Multi-Housing News and Yardi Matrix, Dallas Multifamily Report, 2026. Figures are metro-wide and verified October 2026.
