RESEARCH
HOUSTON OFFICE MARKET 1ST QTR. 2023
- RSF
- Direct Vacancy
- 63,024,185 SF
- Total Availability
- 66,652,065 SF
- YTD
- 72,516 SF
- Avg. Rent
- $28.99 PSF
The Houston office market ended the 1st Qtr. 2023 with a vacancy rate of 19.0%, compared to 18.8% in the previous quarter. Net absorption totaled negative 420k square feet in the 1st Qtr. Rental rates ended the quarter at $28.99, compared to $28.91 in the previous quarter. There was a total of 12,000 square feet delivered to the market and 5,296,616 square feet under construction in the 1st Qtr. 2023
Source: CoStar
HOUSTON OFFICE MARKET 4TH QTR. 2022
- RSF
- Direct Vacancy
- 62,027,952 SF
- Total Availability
- 66,068,604 SF
- YTD
- (1,195,309) SF
- Avg. Rent
- $28.91 PSF
The Houston office market ended the 4th Qtr. 2022 with a vacancy rate of 19.2%, compared to a vacancy rate of 18.9% in the previous quarter. Net absorption totaled NEGATIVE 895k square feet in the 4th Qtr. Rental rates ended the quarter at $28.91, compared to $28.90 in the previous quarter. There was a total of 301,125 square feet delivered to the market and 5,013,210 square feet under construction in the 4th Qtr. 2022.
Source: CoStar
HOUSTON OFFICE MARKET 3RD QTR. 2022
- RSF
- Direct Vacancy
- 61,893,875 SF
- Total Availability
- 22.5%
- YTD
- 638K SF
- Avg. Rent
- $28.76 PSF
The Houston office market ended the 3rd Qtr. 2022 with a vacancy rate of 18.9%, compared to a vacancy rate of 19.1% in the previous quarter. Net absorption totaled positive 638,000 square feet as of 3rd Qtr. 2022. Rental rates ended the quarter at $28.76, compared to $28.51 in the previous quarter. There was a total of 66,277 square feet delivered to the market and 5,039,834 square feet under construction in the 3rd Qtr. 2022.
HOUSTON OFFICE MARKET 2ND QTR. 2022
- RSF
- Direct Vacancy
- 62,211,045 SF
- Total Availability
- 66,232,396 SF
- YTD
- 68,368 SF
- Avg. Rent
- $28.51 PSF
The Houston office market ended the 2nd Qtr. 2022 with a vacancy rate of 19.1%, compared to a vacancy rate of 18.8% in the previous quarter. Net absorption totaled positive 68,368 square feet in the 2nd Qtr. Rental rates ended the quarter at $28.51, compared to $28.90 in the previous quarter. There was a total of 56,384 square feet delivered to the market and 4,723,978 square feet under construction in the 2nd Qtr. 2022.
Source: CoStar
HOUSTON OFFICE MARKET 1ST QTR. 2022
- RSF
- Direct Vacancy
- 62,048,886 SF
- Total Availability
- 65,971,352 SF
- YTD
- 1,233,608 SF
- Avg. Rent
- $28.90 PSF
The Houston office market ended the 1st Qtr. 2022 with a vacancy rate of 18.8%, compared to a vacancy rate of 25.0% in the previous quarter. Net absorption totaled positive 1,233,608 square feet in the 1st Qtr. Rental rates ended the quarter at $28.90, compared to $38.43 in the previous quarter. There was a total of 846,361 square feet delivered to the market and 3,821,785 square feet under construction in the 1st Qtr. 2021.
Source: CoStar