Houston’s office market has struggled over the past few years with rising vacancy and slower than average job growth due to a weakened energy market. However, as the office construction pipeline has grown smaller and most spec developments have been put on hold, the office market appears to be stabilizing.
Although the average vacancy rate in Houston increased 100 basis points over the quarter, 1.8M SF of new inventory delivered and 40% of that space was vacant. Available sublease space has decreased over the last two quarters and energy sector layoffs have declined. The market will most likely remain relatively flat, plodding through 2017.
Q1 2017 Office Highlights
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