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Office Construction Activity Winding Down
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Construction activity is slowing down in Houston’s office sector. According to NAI Partners’ Monthly Market Snapshot, 1.6 million square feet is underway, well below the 4.9 million square feet that was being developed in Q1 2016.
The quarter-to-date leasing numbers, as of February 2017, were 1.0 million square feet leased, and 289,304 square feet subleased. Total vacancy was 19.8%, versus the 17.6% reported in Q1 2016. Direct net absorption was 151,340 (versus the -436,345 square feet from a year before). Total net absorption was -171,423 square feet, better than the -181,179 square feet year over year.
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