Houston office vacancy increases in February

​​​HOUSTON – In February, the local office market’s overall vacancy and availability were 21.6 percent and 26.2 percent, respectively, both up from this time last year.

According to NAI Partners,​​​​ the market recorded 1.6 million sf of leasing activity while net absorption was negative 352,000 sf, down from 762,000 sf year over year.

No new projects delivered in 2020. There is currently 3.4 million sf under construction, outpacing 2018 year to date at 2.3 million sf. 

The average asking full-service rent was $29.29 per sf, up $0.16 from this time last year.

Of the 1.6 million sf of leasing activity so far this year, the Central Business District ranked as the busiest submarket. 

According to the Texas Workforce Commission, the Houston metro created 88,000 jobs in the 12 months ending December 2019, a 2.8 percent increase.