HOUSTON – Local office vacancy rose 180 basis points from last year to 25.4 percent in November, according to NAI Partners.
Overall net absorption totaled negative 2.4 million sf. So far in 2021, almost 2.6 million sf was delivered to the market with half of that space available for lease.
Year-to-date, there is 2.4 million sf of office space under construction.
According to the Greater Houston Partnership, the local economy and job market have been recovering significantly since the start of the COVID-19 pandemic.
Altogether, the region has recovered about 74.4 percent of the 361,400 jobs it shed due to COVID-19. In the near future, about 8,700 jobs are expected to be added in industries such as engineering, accounting, architecture, and legal services.
Get more Houston-area office news on the Texas Real Estate Research Center’s website:
Source: NAI Partners