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Office Market Begins 2018 on Relatively Solid Footing

The final 90 days of 2017 marked the first quarter of positive net absorption in the Houston office market in 18 months, while the overall net absorption quietly trended positive in fourth quarter, says CBRE.

By Lisa Brown | Updated on January 09, 2018

Allen Center Brookfield Property Partners is reimagining Allen Center with a $48.5 million renovation.

HOUSTON—Given the healthy Texas and US economies as well as the equilibrium levels of energy employment following a broad sector restructuring, Houston’s office market seemed to begin 2018 on relatively solid footing. The final 90 days of 2017 marked the first quarter of positive net absorption in the Houston office market in 18 months. The overall net absorption quietly trended positive in fourth quarter 2017 as 325,000 square feet was absorbed, according to the Office MarketView Q4 2017 report by CBRE.

Overall vacancy fell by 30 basis points as direct available space decreased by 655,000 square feet and sublease listings decreased by 1.3 million square feet. The central business district had a modest 100,000-square-foot increase in vacant space, while Energy Corridor had a 180,000-square-foot decrease. Decreasing levels of availability indicate that modest occupancy gains may continue to materialize in the near term.

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