Houston's Class A office rents shoot up, NGKFHouston's Class A office rents shoot up, NGKFhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=144572016-09-14T05:00:00Z2016-09-14T21:00:00Z

​​​HOUSTON - Texas is known as one of the nation's most business-friendly states, but that reputation may have a catch 22, according to a report from Newmark Grubb Knight Frank.

More companies around the U.S. relocated their operations to Texas than any other state in recent years. 

Because of the influx of employees in Texas' major markets, Class A rental rates have increased across the board in those markets.

In Houston, for example, Class A office rental rates increased by 18 percent between 2010 and 2015, according to the report, which is second to Austin's 24 percent increase over that same time period.

And across major south and southeastern U.S. markets, Houston has the third-highest Class A office asking rents.

The average Class A rental rate in Houston is $34.38 per sf, up from the regional average of $28.93 per sf, according to the report.

The highest asking rent belongs to Austin, though, with Class A space averaging $41.69 per sf.

But Houston's total Class A inventory dwarfs those of nearly every other market. 

The Bayou City has 106.7 million sf of Class A office space. Austin, for its part, has 29 million sf.

Houston Business Journal
Houston-The Woodlands-Sugar Land

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