Oct 10, 2018
CBRE: Houston office market 3Q 2018
HOUSTON – CBRE has released its "3Q2018 Houston Office MarketView" report. Here are some highlights:Third quarter overall net absorption was negative 492,511 sf, bringing the 2018 total to negative 1.7M sf of...
HOUSTON – CBRE has released its "3Q2018 Houston Office MarketView" report. Here are some highlights:
- Third quarter overall net absorption was negative 492,511 sf, bringing the 2018 total to negative 1.7M sf of net absorption. The third quarter was 234,000 sf less negative than the previous quarter.
- Bright spots in the quarter were in West Houston, with Katy Freeway and Energy Corridor submarkets contributing 133,000 sf of positive absorption as oil prices showed continued stability.
- Overall total availability dropped by 20 bps in the third quarter after reaching a peak of 23 percent in the second quarter.
- Class A properties recently delivered or renovated with modern amenities continued to outperform less modern facilities.
- Several energy firms are in the process of moving from legacy Class A leased space into single-tenant recently purchased buildings in West and Southwest Houston.
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