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Houston office vacancy up 110 basis points YTD

NAI Houston statsHOUSTON – ​​As of mid-May 2020, overall office vacancy is up 110 basis points at 21.9 percent compared with this time last year, according to NAI Partners. 

Local office availability is up 30 basis points at 26.3 percent compared with a year ago. The market has recorded six million sf of leasing activity, while net absorption is at negative 499,000 sf.

March economic data have begun to show the effects of efforts to contain COVID-19. The Federal Reserve Bank of Dallas reported that employment contracted, the business-cycle index slowed, leading indicators were broadly negative, and the unemployment rate rose sharply. 

In addition, weekly initial claims for unemployment insurance in April remained elevated, with statistics painting a sobering picture of possible further declines ahead.

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​Source: NAI Partners

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