The Dallas/Fort Worth metro area lost 226,800 non-farm jobs during the 12 months ending May 2020, resulting in a 6.0% decline year-over-year, according to preliminary data from the Bureau of Labor Statistics.
Financial Activities, one of the office-using sectors, was the only industry supersector that gained jobs over the year, at 2.8% or 9,000 jobs.
After hitting 12.8% in April, the unemployment rate sat at 12.3% in May, pointing to a 770-basis point increase from end of Q1 2020.
The DFW office market continued another round of negative net absorption in Q2 2020, which was enhanced by move-ins that have been pushed back to later in the year.
Two large sublease vacancies contributed to 45% of total net absorption over the quarter, while negative direct net absorption stemmed predominantly from Class B properties.
Sublease availability went up by about 450K SF, but still only 2.8% of total inventory.