HOUSTON – The local overall office vacancy rate was up 20 basis points quarter over quarter and up 70 basis points year over year, according to NAI Partners.
In first quarter 2020, overall net absorption totaled negative 207,280 sf.
The overall average asking full-service rent was at $29.33 per sf. The Central Business District is averaging $39.34 per sf.
Houston’s healthy job gains at the start of the year were led by the leisure, hospitality, and health industries.
On a year-over-year basis, local employment grew 2.3 percent (71,100 jobs). Houston’s unemployment rate was flat at 3.8 percent in February.
The unemployment rate was 3.5 percent in Texas and 3.5 percent in the U.S.
Get more Houston-area office news on the Real Estate Center’s website:
Source: NAI Partners