Foot traffic to Dallas-area office properties remains substantially below pre-pandemic levels, according to new data from Placer.ai.
Local office visits were down more than 34% in January compared to four years ago, though the Dallas area continues to outperform the nation as a whole, which saw a 42.1% decline in the same timeframe.
)
Miami and New York fared the best of the five cities monitored by Placer.ai in January, with office visits down 20.2% and 26.5% from pre-pandemic levels, respectively.
Meanwhile, San Francisco, down 52.1%, and Chicago, down 50.2%, continued to notch some of the biggest return-to-office gaps. Nationwide, office visits were down more than 42% compared to January 2020.
The year-over-four-year numbers underscore the continued popularity of hybrid work, though more recent statistics suggest the return-to-office story is still being written, analysts wrote.
Office visits in major markets across the country were up compared to one year ago, the data shows. In Dallas, year-over-year foot traffic increased 7.2% in January.
Dallas continues to have one of the highest office vacancy rates in the U.S. despite having a more robust RTO percentage than most major metros. The market was more than 25% vacant at the end of 2023, according to JLL.
At the same time, there is 5.7M SF of new office space in the construction pipeline, of which 55.4% is pre-leased.
)
)
)
)
)
)
)
)
)
)
)
)