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Houston office demand fueled by employmentHouston office demand fueled by employmenthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=59632013-10-24T08:07:00Z2013-10-22T00:00:00Z

HOUSTON - PM Realty Group's 3Q 2013 Houston Office Market Report noted that high employment growth continues to drive office space demand. Specifically, direct net absorption during the quarter totaled a little more than 2.1 million sf, bringing the year-to-date total to 3.7 million sf.

Class A direct occupancy rates stood at 90.2 percent, moving up 110 basis points within the past year to reach a six-year high.

To no one's surprise, the Katy Freeway/Energy Corridor led the way in construction and leasing activity, posting close to 1.1 million sf of direct absorption growth so far in 2013, and 723,577 sf for the quarter.

Houston Office Submarkets by Occupancy
Submarket Occ.
Rate
Change
Y-O-Y*
Katy Freeway 91.9% 0.7%
Westchase 91.3% 1.3%
The Woodlands / Conroe 90.3% -0.7%
Greenway Plaza 89.4% -0.7%
Bellaire 89.2% 0.5%
Midtown / Allen Parkway 89.1% 6.8%
Galleria / Uptown 88.5% 0.7%
Central Business District 88.4% 1.2%
San Felipe / Voss 88.2% 1.5%
Kingwood / Humble 87.6% 0.4%
Baytown & I-10 East 87.0% -2.3%
S. Main / Medical Center / South 86.8% -2.3%
Gulf Freeway / Pasadena 86.4% 0.9%

*Year-over-year

Read more at GlobeSt.com.

For the full PMRG and other similiar reports for Houston Market Data Sources.

GlobeSt.com
Houston-The Woodlands-Sugar Land
Office
http://www.globest.com/news/12_717/houston/office/employment-growth-fuels-leasing-demand-338848.htmlRead more at {Source}

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