Houston May-to-May Office Space Demand Way Up
Almost halfway through 2022, overall vacancy is at 25.1%, up 100 basis points from this time last year. Availability is slightly up as well, at 29%. The Houston market has recorded 5 million square feet of leasing activity comprised of both new leases and renewals.
A recent NAI Partners report saw net absorption up 293,000 square feet from last year. Last year at this time there was a negative 1.4 million square feet year to year. The amount of construction underway is at 2.3 million square feet.
Large move-ins this year include Vinson & Elkins at 210,000 square feet, DLA Paper at 31,000 square feet and McGuireWoods at nearly 30,000, all in the new Texas Tower.
- ◦Economy
