In 2025, the Dallas-Fort Worth office market saw its largest lease agreements concentrated in suburban areas rather than in Uptown Dallas. Eight of the ten biggest leases were signed in cities such as Plano, Frisco, and The Colony, contributing to a slight improvement in the region’s office market performance.
According to Partners Real Estate, the area’s office vacancy rate decreased from 25.3 percent to 25 percent year-over-year by the third quarter. Net absorption during this period also turned positive, surpassing one million square feet.
The largest lease of the year was secured by Lockheed Martin at 5555 North Beach Street in Fort Worth. The defense contractor renewed its 455,400-square-foot lease until August 2031 at Fossil Creek Park, a property owned by Capital Commercial. JLL noted that this is not only the biggest deal of 2025 but also the largest in a decade for the region.
PennyMac relocated from Plano to Carrollton, moving into a full-building lease at 5025 Plano Parkway. The company will initially occupy half of the building’s 300,000 square feet and plans to expand fully over time. This move is expected to create about 1,800 new jobs in Carrollton.
Toyota Financial Services signed a lease for nearly 242,000 square feet at Offices at Southstone Yards in Frisco. The seven-story building developed by Crow Holdings is notable for being the first timber-framed office structure built in North Texas in over a century.
Integrity Marketing Group expanded its presence downtown by increasing its space at Fountain Place on Ross Avenue from 100,000 to more than 185,000 square feet.
AT&T consolidated regional offices with an expansion to approximately 186,000 square feet at Lakeside Boulevard Tower in Richardson. Provident Realty Advisors owns the building and has announced plans for significant upgrades totaling nearly $16 million.
Geico doubled its footprint in Richardson with a new lease of more than 165,000 square feet at Galatyn Commons. Mapletree Investments owns both this property and another location occupied by Geico nearby.
Amazon partnered with WeWork for a joint lease of about 155,000 square feet at a McKesson-owned property on North State Highway 161 in Irving.
Sally Beauty moved its headquarters from Denton to Plano after declining local incentives. The company signed on for about 140,000 square feet at Liberty Mutual’s Legacy West building—a reduction from its previous space but enough to accommodate around 600 employees.
Scotiabank chose Dallas over Charlotte for its U.S. office after receiving close to $5 million in city incentives. The Canadian bank leased roughly 100,000 square feet at Victory Commons One on Victory Avenue.
Energy Transfer took up just over 120,000 square feet within The Shops at Park Lane development. Northwood Investors owns this five-story building completed in 2015.
These major leases reflect shifting preferences among large companies toward suburban locations and newer or specialized office spaces across Dallas-Fort Worth.
