HOUSTON - Leasing activity in fourth quarter 2012 reached 2.4 million sf, pushing the year-end total to over 12.2 million sf.
At year-end 2012, over 4.2 million sf of office space was under construction, approximately 50 percent preleased.
Houston’s office market posted 824,400 sf of positive absorption in fourth quarter, pushing the year-end total to 4.4 million sf.
Houston’s overall vacancy levels fell to 13.8 percent, an annual decrease of 170 basis points. The city-wide average rental rate increased from $22.20 per sf to $23.97 per sf over the year, a nearly 8 percent increase.
Source: Colliers International
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