Houston office vacancy rate up year over year
HOUSTON – Overall office vacancy is at 21.8 percent and availability is at 26.4 percent, both up between 70 to 80 basis points from this time last year.
According to NAI Partners, the local office market recorded two million sf of leasing activity—including both new leases and renewals—year to date in February 2020. Net absorption is at negative 206,000 sf, down from 762,000 sf year over year.
Additionally, 180,000 sf has been delivered so far this year, composed entirely of the four-story office building in The Woodlands that Alight Solutions will occupy at 8770 New Trails Dr.
The average asking full-service rent is at $29.36 per sf, up $0.23 from this time last year.
Currently, there is over 3.5 million sf of office space underway.
Get more Houston-area office news on the Real Estate Center’s website:
Source: NAI Partners
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