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.