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Q2 Glimpse Shows Slight Uptick for Office Market

HOUSTON-The full report will be out soon, but the few stats that were released show a positive absorption of 63,165 sf and a year-to-date still in the red. Meanwhile, the Galleria submarket leads off Q3 with more leases.

By Jennifer Brenner Andrade | Updated on July 14, 2002

HOUSTON-The Houston office market has rung up positive 63,165 sf at the second-quarter close although the year-to-date total is still a negative 249,138 sf, according to a sneak preview from Jones Lang LaSalle. Meanwhile, the third-quarter leadoff in the Galleria submarket has brought another round of leases to signal that the tide might have turned.

Kenneth Wise of the Houston office of Jones Lang LaSalle tells GlobeSt.com that vacancy in the Galleria submarket, including sublease space, was 18.44% at the end of the second quarter. Westchase is posting a 27% vacancy and Northbelt, 24%. As for the rest of the market’s standing at the Q2 close: Stay tuned, more information will be formally released in the near future.

Wise, like others who work in the Galleria submarket, is feeling optimistic thanks to a leasing flurry in recent weeks. Three deals, totaling about 34,000 sf, have closed for Walden Street Capital’s 2700 Post Oak Blvd., a 25-story, 490,152-sf tower.

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