The 3rd Quarter 2017 Houston Office Market Update was recently released. Below are a few highlights from the report.
Recently we released the third quarter performance stats for the Houston commercial office market. It should come as no surprise that vacancy rates again ticked upward at 16.4%. Average rental rates across the city declined narrowly, and more space became available on the sublease market. At this point over 2.5 million square feet of office space has been vacated in Houston since the beginning of 2017.
The North belt sub-market continues to struggle with vacancies nearing 40% across all classes of office properties. This is followed by Westchase at 20%, the West Loop at 19%, and Katy Freeway/Energy Corridor also at 19%.
Download the full report here.