HOUSTON - Office vacancy rate jumped sharply in second quarter 2016—jumping to 16.2 percent, up from 14 percent in 2Q 2015—according to Colliers International 2Q 2016 office report.
The downturn in the energy industry forced thousands of layoffs and companies emptied great blocks of office space.
Leasing activity has dropped by 34.3 percent since 2Q 2015.
Class A space in suburban Houston was 18.3 percent vacant in 2Q 2016, up from 14.1 vacant in 2Q 2015.
The amount of sublease space has soared over the last year. There’s about 10.8 million sf of sublease space in Houston.
Houston had negative absorption of 400,000 sf in 2Q 2016.
See Colliers's 2Q 2016 Houston Office Report.
See Houston Office Market Research.
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