CBRE: Houston office vacancy, rent up in 1Q 2014CBRE: Houston office vacancy, rent up in 1Q 2014https://www.recenter.tamu.edu/news/newstalk-texas/?Item=45292014-07-16T07:14:00Z2014-03-31T09:00:00Z

HOUSTON - In first quarter 2014, vacancy rates increased by .1 percent from 4Q 2013, pushing total vacancy to 11.9 percent, according to a preliminary report from CBRE Group. However, demand for key submarkets and trophy assets is still hot.

“Four office buildings totaling 1.2 million sf were delivered in Houston, but these developments did not add vacancy to the market since three are owner-occupied and the fourth was 100 percent preleased during construction,” said Cody Armbrister with CBRE Houston.

Asking rents increased by 1.7 percent from 4Q 2013 to $25.03 for the metro area.

Rents should peak over the next one to two quarters before falling back to current levels, according to the Houston office of New York-based Studley Inc., which studied the correlation between employment, crude oil prices and office rents in the Houston area.

Houston’s suburbs also saw an increase for its gross rental asking prices, which went from $22.03 in last quarter of 2013 to $22.49 in first quarter of 2014, a 2.1 percent increase.

Houston’s peak rental prices were in the Central Business District, at $34.05 per-sf, the Woodlands at $33.73 per sf and the West Loop at $29.74 per sf for 1Q 2014, according to Studley.

Read more at the Houston Business Journal. For more stats, see Office under Houston Market Data Sources.

Houston Business Journal
Houston-The Woodlands-Sugar Land
http://www.bizjournals.com/houston/blog/breaking-ground/2014/03/rent-vacancy-up-for-houston-s-offices.htmlRead more at {Source}

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