The Houston Office market ended the first quarter 2018 with a vacancy rate of 16.7%. The vacancy experienced a slight increase over fourth quarter 2017, with a vacancy rate of 16.2%. Net absorption totaled negative 1,105,254 square feet in the first quarter. Rental rates ended the first quarter at $27.73, an increase of 0.4% from the previous quarter. A total of 22 buildings were delivered to the market in the quarter, totaling 616,039 square feet, with 2,137,904 square feet still under construction at the end of the quarter.