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Market Report

Houston Office Market Report

Second Quarter 2019

Vacancy Forecast to Increase Although Demand Appears to be Heading in Right Direction

 

Space demand on the rise; diversifying economy helping office owners. Leasing activity in Houston is improving as significant vacancy jumps witnessed a few years ago have turned into minimal movements. A growing number of white-collar positions is further diversifying the economy and boosting demand for office space, highlighted by an abundance of STEM jobs throughout the metro as well as more startups planting roots in trendy urban neighborhoods. With the market still adjusting to improving dynamics, rent growth has yet to reflect increased office demand. Houston’s average asking rent will remain just below $30 per square foot; however, outlying suburbs will continue to see strong growth rates as their rapidly expanding populations support more business relocations to these areas.

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