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Colliers: Houston office report 3Q 2013Colliers: Houston office report 3Q 2013https://www.recenter.tamu.edu/news/newstalk-texas/?Item=58222013-11-04T13:35:00Z2013-11-04T06:43:00Z

HOUSTON - Colliers International released its 3Q 3012 Houston Office Market Research and Forecast Report.

More than 1.4 million sf was added to Houston’s office inventory and, at the close of 3Q 2013, 10.5 million sf of new office development was under construction.

Approximately 9.9 million sf of office space is either under construction or planned over the next two to three years. Houston’s office market posted 715,000 sf of positive net absorption in 3Q 2013, more than the 298,000 sf posted in 3Q 2012.

The citywide average rental rate increased 2.0 percent from $24.31 per sf to $24.80 per sf over the year and 1.5 percent from $24.43 per sf between quarters.

Houston Office Market Summary
    Inventory Vacancy Rate Net Absorption (SF) Rental Rate
Submarket Class No. of
Bldgs.
Total SF 3Q 2013 2Q 2013 3Q 2013 YTD 2013 Average
($/SF/YR)
CBD A 28 28,249,120 10.8% 12.0% 326,951 -243,703 $37.19
B 29 8,283,453 18.9% 18.9% 5,936 -7,393 $25.04
Katy
Freeway
A 34 7,335,394 6.1% 3.2% 350,050 434,154 $32.04
B 91 8,847,705 12.8% 12.5% -29,625 76,577 $20.66
West Loop /
Galleria
A 35 14,188,640 13.9% 12.2% 55,743 382,087 $33.00
B 47 6,073,446 15.0% 14.9% -2,839 37,556 $23.39


Source: Colliers International

See Houston Market Data Sources for 3Q 2013 information for more commercial real estate.

Company News Release
Houston-The Woodlands-Sugar Land
Office
http://www.colliers.com/en-us/houston/insightsRead more at {Source}

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