Jul 3, 2019
Houston employment reaches record high, affects office market
HOUSTON – The local office vacancy dropped 40 basis points over the year to 21.3 percent in June, up from last month’s 20.8 percent rate.According to NAI Partners, market-wide vacancy is...
HOUSTON – The local office vacancy dropped 40 basis points over the year to 21.3 percent in June, up from last month’s 20.8 percent rate.
According to NAI Partners, market-wide vacancy is approximately 49.7 million sf while the CBD and Energy Corridor saw vacancy rates at 24.7 and 33.1 percent, respectively.
So far this year, net absorption was negative 358,948 sf. Nearly 7.3 million sf of office space was leased.
The gross average asking rent increased to $29.40 per sf.
Nearly 2.4 million sf is under construction.
Employment currently stands at 3,163,600, the highest point on record. The Houston metro created 79,800 jobs, a 2.6 percent increase, in the 12 months ending May 2019.
Did you like this NewsTalk?
You might also like
PUBLISHED SINCE 1977
TG Magazine
Check out the latest issue of our flagship publication.