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Follow on Google News | Q3 2021 | Houston Office Market ReportBy: Colliers | Houston Patrick Duffy, MCR | President | Houston Key Takeaways
Houston Highlights Houston's office market posted positive absorption for the first time in 2 years, recording 27,430 square feet in Q3 2021. The vacancy rate rose over the quarter from 22.9% to 23.3%, a historical high. Houston's office inventory increased slightly with 1,018,000 square feet of new inventory added in Q3. There is still 3.2 million SF of office space under construction and most of the new inventory which is 47% pre-leased is expected to deliver this year. 2.3 million square feet is spec development, of which 60% is pre-leased. Executive Summary Commentary by Taylor Wright | Vice President The spot price of West Texas Intermediate or "WTI" is now at multi-year highs, currently trading around $78.00 per barrel. As commercial real estate professionals, even though we're not in Oil and Gas directly, living in Houston, we're all in Oil and Gas and, as such, pay close attention to commodities pricing. According to the Greater Houston Partnership, Oil and Gas directly contributes... To read the full report, click here: https://www.colliers.com/ End
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