Houston office market down 60 basis points
HOUSTON – Local office market vacancy dropped 60 basis points year over year, reaching its current rate of 21.5 percent, according to NAI Partners.
Net absorption is in the red at negative 438,000 sf, though still an improvement over this time last year, when the year-to-date total was around negative two million sf.
Employment growth accelerated from 3.3 percent over the three months ending in May to 3.6 percent over the period ending in June.
Metro job growth was 2.9 percent from June 2018 to June 2019 (89,650), with the largest number of jobs created in professional and business services.
Recent local office leases include:
- Engie signing for 109,667 sf in Four Oaks Place,
- Empyrean leasing 108,109 sf in Pinnacle Westchase,
- WeWork taking 56,000 sf in 609 Main at Texas, and
- Golden Pass signing for 38,000 sf in 811 Louisiana.
Get more Houston-area office news on the Real Estate Center’s website:
Source: NAI Partners
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