There has been a lot of negative talk about Dallas’ glut of sublease space over the past several months. And yes, DFW has hit a new high watermark for availability if you are only looking at total square feet available. But the real story is a lot more nuanced than that, and two main factors contribute to the market perception: Sublease stats and leasing activity. In January of this year, sublease availability topped 9 million square feet. Still, that number has already decreased by around 500,000 square feet to 8.5 million at this time, per the latest CoStar stats. A deeper dive reveals that around 1.1 million square feet of that number is attributable to Fort Worth, and another 500,000 square feet is Class C or is misclassified. And another 900,000 square feet of sublease space has less than 12 months of the remaining term. So, by my count, the real sublease vacancy for Dallas is closer to 6 million square feet, made up of 386 individual blocks of space ranging from 800 square feet to more than 500,000 square feet. Two-thirds of those individual listings are under 15,000 square feet, which means that it is extremely likely that a direct deal under 15,000 square feet will be competing with one or more sublease offerings at this time. On the flip side, there are only ten blocks of sublease space that are more than 100,000 square feet, and those ten availabilities make up nearly 2 million square feet or roughly one-third of the total available sublease space. And several of those sublease listings are pretty tired or have been on the market since well before COVID—Or both. Click to read more at www.dmagazine.com.