Savills Studley 3Q 2014 Houston Office ReportSavills Studley 3Q 2014 Houston Office Reporthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=27252014-10-21T07:34:00Z2014-10-21T08:00:00Z

Houston - Savills Studley has released exclusive new third quarter 2014 findings on the state of Houston’s office market.

As hiring and leasing slow, the region’s Class A availability rate decreased to 17.5 percent in 3Q. In addition, the Class A availability rate has increased to 18.1 percent in the Katy Fwy. submarket and 30.3 percent in the Northwest/290 Far submarket.

The region’s overall average asking rent rose by 1.0 percent to $28.05 during 3Q and has jumped by 15.1 percent year-over-year.

Class A rent fell by 0.9 percent to $34.87 in 3Q but has increased by 11.0 percent compared to a year ago.

Leasing activity increased, rising by 6.0 percent in 3Q, slightly above the market’s five-year average. Class A deal volume jumped by 23.0 percent, with strong increases in activity in the Katy Fwy. submarket (590,118 sf) and the West Loop/Galleria submarket (320,236 sf).

"Some Houston real estate industry experts have growing concern that the combination of rapidly dropping energy prices and soft energy demand could spell the end of the longest sustained positive office market in the past 30 years," Steve Biegel, executive vice president and co-branch manager at Savills Studley, told GlobeSt.com.

Click here for the Savills Studley entire Houston Office Sector 3Q 2014 Report.

For more office stats, head over to Houston Market Data Sources.

Houston-The Woodlands-Sugar Land
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