Higher Quality, Smaller Footprint
August 29, 2018Blog post by Principal and Houston Managing Director Rand Stephens
Despite Houston’s thriving economy and low unemployment rate, the city has one of the highest office vacancy rates in the country. The office vacancy rate for the second quarter of 2018 is at 18.3% (includes sublease’s available vacant space), which hasn’t been that high since the 1980s. With almost 40 million square feet of direct vacant space currently unoccupied in the Houston area, why are we seeing an increase in activity for new office development? And, why are employers opting to move to these new buildings? There is a workplace revolution underway and companies are responding.