Home > Leasing, Uncategorized > Houston Office – Large Absorption Gains in 2012

Houston Office – Large Absorption Gains in 2012

HOUSTON (PMRG) – Job growth fueled Houston’s office leasing demand in 2012, reports PMRG in its latest market report.

According to data provided by the commercial real estate firm, 725,617 sf of office space was absorbed during fourth quarter 2012, pushing the year-end total to just over 3.8 million sf citywide. This marked the highest annual absorption gain in five years, the firm reported.

The citywide occupancy rate moved up 190 basis points in the previous 12 months, bringing the year-end level to 86.9 percent.

Class-A space accounted for most of the demand, with 522,301 sf of direct absorption growth in the quarter, bringing the annual total to over 3.1 million sf. The occupancy rate for Class-A space moved up 300 basis points to 89.8 percent citywide last year.

The majority of the leasing demand was concentrated in west Houston as the Katy Freeway/Energy Corridor and Westchase submarkets accounted for 45 percent of the citywide absorption.

Reprint from  http://recenter.tamu.edu

Categories: Leasing, Uncategorized
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