The Dallas–Fort Worth industrial market showed signs of stabilization in Q1 2025. Vacancy plateaued at 10.6%, a 60-basis-point (bps) decline from the peak of 11.2% in Q2 2024. Asking rental rates reached $7.57 per square foot (psf), marking the highest level in the past five years. However, rent growth is decelerating, with the year-over-year increase easing from 11.0% in 2024 to 6.4% in 2025. Starting and net effective rents have declined, and tenant concessions have also moderated. The share of sublease space as a percentage of total vacant space continues to trend downward, currently at 7.5%—20 bps below the five-year average of 7.7%. Quarterly net absorption totaled 5.1 million square feet (msf), exceeding quarterly deliveries of 2.4 msf. Overall, the market appears to be in transition. While vacancy has stabilized and rent growth has slowed, demand remains resilient, as evidenced by continued positive net absorption and the ongoing reduction in sublease availability.