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Houston Office Sector Continues to Struggle
Avison Young recently released its third quarter 2021 office market report for Houston. Leasing activity has paused, decreasing by 38.3 percent, compared with long-term historical averages, according to the report’s findings.
“The office sector continues to struggle,” said Rand Stephens, principal and managing director of the firm’s Houston office. “The highest-quality office buildings have done the best in this downturn which bodes well for new construction and those older buildings that can be successfully renovated and updated.”
The flight-to quality trend persists, with the class-A and trophy segment accounting for 61.7 percent of all leasing activity during the last two years.
- ◦Lease
