More office leases, less square footage in Houston

​​​​​​​HOUSTON – More office leases have occurred in the Houston area in 2016 than in the same period last year, CBRE’s Elliott Hirshfeld said at the brokerage’s quarterly press luncheon July 19.

However, the deals are significantly smaller than most of the lease transactions that happened in 2015. ​​​​​​​

This year’s office lease volume is ahead of 2015’s pace by around 23.5 percent, Hirshfeld said. 

So far, there have been 210 office lease deals in 2016; this time last year, there were 170 deals. 

Howeve​​​r, deal size is down by roughly 39.3 percent. 

The average office lease signed this year has been for roughly 16,000 sf. ​