NAI Partners: Houston office market will be 'lengthiest to rebound'NAI Partners: Houston office market will be 'lengthiest to rebound'https://www.recenter.tamu.edu/news/newstalk-texas/?Item=171252017-07-14T05:00:00Z2017-07-14T16:00:00Z

​​​HOUSTON – The local office market has been affected by the oil decline more than other real estate sectors, and it will be the lengthiest to rebound, reports NAI Partners in its second-quarter 2017 update.

The city's overall office vacancy rate rose to 20.5 percent in the second quarter, an increase of 40 b​a​sis points quarter-over-quarter and 260 basis points year-over-year.

Net absorption remained in the red at negative 532,205 sf, adding up to 1.3 million sf of negative absorption year-to-date.

Overall occupancy continues to drop, sitting at 79.5 percent, the lowest level since NAI Partners began tracking occupancy in early 1999.

Both the citywide overall rent and leasing activity are up marginally from last quarter, but they are significantly down from a year ago.

However, despite the market slowdown, available sublease space continues to ease down slightly, and the amount of space in the construction pipeline has declined by 60 percent year–over-year.​​​​

NAI Partners
Houston-The Woodlands-Sugar Land
http://www.naipartners.com/services/research-data-analytics/data-insight/quarterly-market-report-houston-office-q2-2017.aspxRead more at {Source}

 Search NewsTalk Texas