HOUSTON—The office market sector is starting to show the effects of a city continuing to deal with declining oil prices.
In a recent study released by Savills Studley, overall rents are declining, falling by 1.1 percent last quarter, while class A rent has similarly declined by 1.5 percent. Meanwhile, availability continues to soar at 22.5 percent, and class A at 23 percent.
“The office supply-demand imbalance is expected to continue for at least the next 12 months within the environment of continued low oil prices, additional sublease opportunities and sustained construction deliveries,” Tim Wingfield, with Savills Studley Research, told GlobeSt.com
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