In 2024, law firm Sidley Austin and consulting giant Deloitte both signed leases at 23Springs, a gleaming 26-story tower in Dallas’s Uptown submarket. The numbers looked like acomeback story: average office rents in the city were rising.
They weren’t. Or rather, the numbers didn’t mean what most people assumed they meant. And that gap between what headline rent data shows and what tenants actually pay is distorting decisions made by mayors, lenders, and corporate real estate teams across the country.
