Avison Young releases its Fourth Quarter 2019 Houston Office Market Report6 Jan 2020
New class A properties equals higher vacancies in older class A & B properties
Please click on link to view Houston Q4 2019 office market reports, statistics and heat maps
Houston, TX — According to Avison Young’s Fourth Quarter 2019 Office Market Report for Houston, the city’s market returned to positive absorption levels after experiencing losses in the second and third quarters. Direct net absorption returned to a positive 882,462 square feet (sf).
“The Houston economy remains healthy, despite stagnant growth in the energy sector,” notes Rand Stephens, Avison Young Principal and Managing Director of the company’s Houston office. “Larger vacancy footprints were left behind as companies continued to opt for office efficiency.”
According to the report, rental rates stayed constant with minimal increases during the last 5 years. Tenants will retain their competitive advantage based on the amount of availability in the market.
“Same office-market story, different quarter,” comments Avison Young Principal Charlie Neuhaus. “Tenants ended 2019 with the upper hand as the slowdown in the market lingered into the fourth quarter.”
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises approximately 5,000 real estate professionals in 120 offices in 20 countries. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.
Avison Young is a 2019 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for eight consecutive years.