Developers are increasingly transforming struggling office space into multifamily developments. And usually, developers target office with old bones for this process.
For the first time since the delivery wave crested, Dallas-Fort Worth renters are filling apartments faster than developers can open them. The metroplex absorbed roughly 8,500 units against about 7,500 deliveries in the first quarter, according to Chad Colley, Multifamily & Mixed-Use Partner at Trademark Property Company, and the pipeline of units under construction now sits about 43% below its 2023 peak. The recovery, though, has not reached every corner of the region.