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Q4 Houston Office Market Report

posted Jan 2, 2012, 6:50 PM by Crissy Nolen

RESEARCH & FORECAST REPORT
Q4 HOUSTON OFFICE MARKET | WEEK OF JANUARY 2, 2012

Houston’s Office Market Ends 2011 on a Positive Note

Houston’s office market has undergone significant changes in the past twelve months benefiting from positive absorption, falling vacancy, and rising rental rates. Increased leasing activity has been key to the year-end positive net absorption of 2.6 million square feet citywide. An important driver of these market trends has been a healthy economic climate conducive to increased business activity. The Houston metropolitan area has gained about 77,000 jobs through November  2011, representing a solid 3.0% growth rate.

Overall vacancy levels decreased by 50 basis points between quarters to 15.5% from 16.0%, which was also the citywide overall vacancy rate one year ago.  The average suburban vacancy rate decreased by 30 basis points to 15.3% from 15.6% the previous quarter, while the CBD vacancy rate decreased by 100 basis points to 16.6% from 17.6%.

On a year-over-year basis  the citywide average rental rate increased by $0.12 per square foot to $23.20 from $23.08 per square foot. The citywide average rental rate also rose slightly between quarters to $23.20 from $22.93 per square foot.

Please click here to access the full Q4 Houston Office Market Research & Forecast Report.


For further information, please contact:
Lisa Bridges, Director of Market Research
Houston, Colliers International
Tel: 713 830 2125
Email:
lisa.bridges@colliers.com
www.colliers.com

 

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