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Construction starts have slowed; however, under-construction pipeline remains high
Development has continued within the Dallas-Fort Worth industrial market, with approximately 64.5 million square feet (msf) currently under construction. In addition, 17.1 msf was delivered this quarter, which is a 2.7 msf increase over the prior quarter and a 10.0 msf increase year over year. While the existing under-construction activity remains high, construction starts have tapered down in response to interest rate hikes and commercial lending challenges. As demand begins to stabilize, construction starts on speculative developments will likely continue to lessen. The North Fort Worth submarket saw the highest construction activity with 17.4 msf currently under construction, which represents 27% of the total under-construction space.