Feb 23, 2016
CBRE: Oil companies shedding office space
HOUSTON – Energy companies are shrinking while 22 local office buildings are under construction, prompting one local market expert to say "It’s pretty bad out there. I’m not going to sugar-coat...
HOUSTON – Energy companies are shrinking while 22 local office buildings are under construction, prompting one local market expert to say "It’s pretty bad out there. I’m not going to sugar-coat it.”
CBRE Senior Vice President Brandon Clarke, speaking last week at CBRE’s press luncheon, said “Houston is a down market right now.”
Office vacancy rates jumped to 17.6 percent (including sublease space) at year-end. Clarke predicted rates will be over 21 percent shortly.
Some 8.6 million sf of sublease space is currently on the market, and at least 1.5 million sf more is coming soon, Clarke said. The supply of sublease space is bigger than it’s been in decades, he said.
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