- Leasing activity increased slightly on a quarterly basis
- Vacancy remained at 15.9% over the quarter
- Absorption remained positive over the quarter
- Rental rates rose between quarters
The Woodlands office market vacancy rate remained steady between quarters at 15.9%, and is still well under the Houston Metro and Houston CBD average vacancy rates of 23.1% and 26.9%, respectively. The submarket recorded 22,366 square feet of positive net absorption in Q4 2021. The average asking rental rate increased from $33.82 per SF in Q3 2021 to $35.28 per SF in Q4 2021 and the average Class A rental rate rose from $36.87 per SF to $37.24 per SF. Construction decreased and leasing activity increased slightly.
The forecast in the above graph is based on a trailing 4-quarter average.