HOUSTON – Local office absorption was 649,022 sf in fourth quarter 2021, the highest quarterly positive return for over 15 quarters, according to NAI Partners.
The market recorded 2.6 million sf of leasing activity in the fourth quarter.
Office availability has climbed to 29 percent as of year-end 2021. Overall vacancy rate rose 1.5 percent to 25 percent.
Construction is at nearly 2.5 million sf with 1.6 million sf available for lease and almost 1.9 million sf delivered. Inventory is at 244.8 million sf.
The average asking full-service rent is at $29.32 per sf, down slightly from last year at this time. Class A and B office space average $33.93 and $22.50 per sf, respectively.
Get more Houston-area office news on the Texas Real Estate Research Center’s website:
Source: NAI Partners