{{titleBar.title}}

{{titleBar.tagline}}

 

 

Houston area office 3Q 2012: Marcus & MillichapHouston area office 3Q 2012: Marcus & Millichaphttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=95942012-09-18T08:12:00Z2012-09-18T00:00:00Z

HOUSTON - Office vacancy slipped 100 basis points over the past year to 14.3 percent. Effective rents advanced 2.5 percent to $20.62 per sf over the past year.

Developers delivered 454,000 sf over the past 12 months, though most was brought online in the latter part of 2011. Most of this year’s new supply is slated for completion second half 2012.

Activity involving properties less than 50,000 sf slowed during the past year, while deals between 50,000 and 200,000 sf accelerated.

One million sf of medical office space has come online in the last 12 months. Based on local medical office properties with 20,000-plus sf, vacancy rose ten basis points over the past 12 months to 12.2 percent.

Houston Submarket Vacancy Ranking 3Q 2012*
Rank Submarket Vacancy Rate Effective Rents Y-O-Y Change
1 Montrose / Midtown 9.1% $20.32 1.3%
2 Gulf Freeway / Pasadena /
Clear Lake
10.6% $16.24 2.3%
3 CBD 10.9% $27.83 3.2%
4 Westchase 12.3% $18.59 2.4%
5 West Loop 12.7% $23.20 3.6%
6 Katy Freeway / Energy Corridor 14.3% $19.24 2.4%
7 Woodlands / Far North 14.3% $17.52 1.0%
8 Greenway Plaza 14.6% $19.07 3.8%
9 North Belt 17.4% $16.94 0.8%
10 Northeast / East 17.9% $12.99 -0.3%


Read more at Marcus & Millichap Real Estate Investment Services.

Marcus & Millichap Real Estate Investment Services
Houston-The Woodlands-Sugar Land
Office
http://www.marcusmillichap.com/research/reports/office/houston_3q12_lor.pdfRead more at {Source}

 Search NewsTalk Texas