Houston office vacancy decreases to 11.9 percent: CoStarHouston office vacancy decreases to 11.9 percent: CoStarhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=67772013-08-26T11:35:00Z2013-07-23T00:00:00Z

HOUSTON - The office market ended second quarter 2013 with a vacancy rate of 11.9 percent, according to CoStar Group.

The vacancy rate was down, with net absorption totaling positive 765,107 sf in 2Q 2013 compared to negative 183,936 sf in 1Q 2013. Vacant sublease space increased to 2 million sf in 2Q 2013.

Tenants moving into large spaces in 2013 include WesternGeco moving into 554,385 sf at Western Geophysical; Energy Transfer Partners moving into 226,654 sf at Travis Tower; and BBVA Compass moving into 149,976 sf at 2200 Post Oak Blvd.

Rental rates ended 2Q 2013 at $24.44, an increase over the previous quarter. A total of 11 buildings delivered to the market in 2Q 2013 totaling 669,816 sf, with 7 million sf still under construction at the end of the quarter.

The U.S. National Office vacancy rate decreased to 11.7 percent from 1Q 2013, with net absorption positive 21.27 million sf in 2Q 2013. Average rental rates increased to $21.60, and 219 buildings delivered to the market totaling more than 10.25 million sf.

Read more at CoStar Group.

CoStar Group
Houston-The Woodlands-Sugar Land
http://www.costar.com/news/article/market-trend-houstons-office-vacancy-decreases-to-119/150471Read more at {Source}

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