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Report: Houston Office Market Vacancy Sitting at 25%
A new report from NAI Partners has found that one month into 2022, overall vacancy in the Houston office market sits at 24.8%, up 90 basis points from this time last year.
Year-over-year, the Houston office market has recorded 874,000 square feet of leasing activity, which is comprised of both new leases and renewals. Net absorption (move-ins minus move-outs) is at positive 782,000 square feet, up from negative 255,000 square feet.
Among the notable move-ins that contributed to the positive net absorption in January in the Houston office market include Cadence Bank moving its headquarters to the renovated Park Towers office building at 1333 W. Loop South, taking 82,215 square feet of space. The lease included adding the bank’s name to the top of the tower.
On the jobs side, the Houston metro has recouped 316,700 of the 361,400 jobs lost in March and April of 2020, according to the Greater Houston Partnership’s December 2021 employment update.
- ◦Development
- ◦Economy
