HOUSTON-The Houston economy continues to be among the most robust in the nation, and it continues to driving the office and industrial sectors according to a report released Tuesday by Delta Associates, Alexandria, VA. Office space currently under construction is now three times what it was a year ago:
The 12-month employment growth of 97,700 jobs through July 2013 is third-most in the nation among large metro areas. Houston's payroll employment rose by 3.6% during the period, which was the second-largest percentage increase in the U.S. among major metros and was well above the national growth of 1.7%.
Delta's report indicated that the office market expanded again during the 3rd quarter, with net absorption of 723,000 square feet compared to 530,000 square feet in Q2. Properties under construction totaled nearly 12 million square feet compared to 3.6 million for the same period last year. In the industrial sector vacancy was at 4.3%, down slightly from 4.6% a year ago.
Office rents jumped 1% during through the end of September, while industrial rents dipped 0.3%.
Delta Associates, the research affiliate of Transwestern, is a firm of experienced professionals which has been providing consulting and subscription data services to the commercial real estate industry for over 30 years.
Transwestern is a privately held real estate firm specializing in agency leasing, property and facilities management, tenant advisory, capital markets, development, research and sustainability. The fully integrated enterprise leverages competencies in office, industrial, retail, multifamily and healthcare properties to add value for investors, owners and occupiers of real estate. Transwestern facilitates better decision-making for clients by combining penetrating local market intelligence and macro-market research through its affiliate, Delta Associates. Transwestern has 34 U.S. offices and assists clients through more than 180 offices in 36 countries as part of a strategic alliance with Paris-based BNP Paribas Real Estate.
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