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Follow on Google News | Q2 2017 | Houston Office | Market ReportHouston office vacancy increases again over the quarter, now at highest rate since 1994
By: Colliers International Absorption remained flat, posting about 700,000 SF of negative net absorption. The average vacancy rate rose slightly by 40 basis points over the quarter, and by 230 basis points annually. Available sublease space decreased slightly but this was primarily due to expiring terms and the space going back to direct marketing by the landlord. There were a few instances where the sublease space was withdrawn by the sublessor. The majority of the sublease space in the market now has 1-3 years of term remaining. According to the U.S. Bureau of Labor Statistics, the Houston metropolitan area created 45,300 jobs (not seasonally adjusted) between May 2016 and May 2017. Most of the recent quarterly job growth occurred in employment services, public education, food services and drinking places, health care, and fabricated metal products. Read more at http://www.colliers.com/ End
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