Colliers: Houston office report 2Q 2014 | Colliers: Houston office report 2Q 2014 | https://www.recenter.tamu.edu/news/newstalk-texas/?Item=3566 | 2014-07-22T07:14:00Z | 2014-07-22T00:00:00Z |
HOUSTON - Houston’s strong economy continues to spur office development according to Colliers International's second quarter 2014 report. Over 17.8 million sf of office space is currently under construction.
Over 1.7 million sf of new inventory delivered during 2Q 2014, bringing 2014 year-to-date delivered inventory to 3.7 million sf.
The citywide average rental rate increased 1.0 percent from $26.25 per sf to $26.52 per sf over 2Q.
The metropolitan area added 93,300 jobs between May 2013 and May 2014, an annual increase of 3.3 percent over the prior year’s job growth. Houston’s unemployment fell to 5.0 percent from 6.1 percent one year ago.
Houston Office Market Summary
|
|
Inventory |
Vacancy Rate |
Net Absorption (SF) |
Rental Rate |
Submarket |
Class |
No. of
Bldgs. |
Total SF |
2Q 2014 |
1Q 2014 |
2Q 2014 |
1Q 2014 |
Average
($/SF) |
CBD |
A |
31 |
30,778,455 |
9.8% |
10.6% |
227,672 |
-30,481 |
$40.54 |
B |
31 |
10,517,518 |
11.6% |
12.2% |
59,895 |
11,485 |
$27.51 |
Suburban |
A |
294 |
75,225,262 |
9.3% |
8.4% |
948,944 |
2,194,677 |
$31.95 |
B |
938 |
78,395,002 |
14.4% |
14.7% |
324,097 |
61,661 |
$19.71 |
Overall |
A |
325 |
106,003,717 |
9.5% |
9.2% |
1,176,616 |
2,164,196 |
$34.09 |
B |
969 |
88,912,520 |
14.1% |
14.5% |
383,992 |
73,146 |
$20.39 |
Click here to see the full 2Q report, including the previous quarter.
| Company News Release
| Houston-The Woodlands-Sugar Land
| Office
| http://www.colliers.com/en-us/texas/houston/marketreports/office_report#.U8V2r7HiLjU | | | | Read more at {Source} |