Houston office leasing down for the first time since 2009

​HOUSTON – For the first time since 2009, it looks like Houston won’t surpass 10 million sf in office leasing deals, according to Savills Studley third quarter 2015​ office research.

Deal volume reached 2.1 million sf in each of first three quarters of 2015 and is on track to total 8.4 million sf for the year. That compares with 14.5 million sf in 2014 and 15.8 million sf in 2013.

Rents have dropped 1.1 percent from 2Q to the 3Q, Savills Studley said.

CBRE saw asking rents rise moderately during the quarter to $27.74 per/sf per year. The amount is 6.3 percent higher than 3Q 2014.

Sublease space nearly doubled to 7.1 million sf in 3Q, according to CBRE.