Houston office stats 1Q 2013: Colliers International

HOUSTON – Although leasing momentum slowed in Houston in first quarter 2013, vacancy levels have only increased 10 basis points between quarters, and decreased by 120 basis points on an annual basis, according to Colliers International.

Houston’s office market posted only 76,000 sf of positive net absorption 1Q 2013, much less than the 1.3 million sf posted in the same quarter one year ago.

Absorption will pick up momentum again later in the year when some of the 9.2 million sf of office space under construction is delivered.

The citywide average rental rate increased slightly from $23.70 per sf to $23.86 per sf over the year; however, some of the top-performing Class A rental rates increased by as much as 8.5 percent to 10.0 percent.

With continued expansion in the energy industry and a strong housing market, Houston’s economy is expected to remain healthy for both the near and long-term.

Read more at Colliers International.

For similar detailed reports, see the Real Estate Center’s new Market Data Sources.