- Office owner‑user sales activity accelerated across Houston’s office market in 2025, with more than 4.2 million square feet (msf) purchased by end users—the highest annual total in more than a decade. As a result, owner‑user transactions accounted for 21% of all rentable office space sold last year, up sharply from the 7.6% pre‑pandemic average.
- In recent years, a rising number of mid‑ to large‑scale office occupiers have shifted toward purchasing buildings rather than leasing space. Historically, owner‑occupied transactions represented only a small share of office sales, but activity began to rise meaningfully in 2022 and has remained elevated since.
- A key driver of this shift is pricing. With office valuations significantly depressed post‑COVID, many occupiers have been able to acquire buildings at substantial discounts on a $/sf and total‑dollar basis, making ownership more competitive than leasing. Buyers also gain stronger operational control, long‑term cost stability, and the ability to customize workplaces without relying on landlord capital.
- This increase in owner‑user demand has supported the broader office market by stabilizing values, reducing vacancy in older assets, and contributing to clearer price discovery in a challenged sector. While activity is expected to moderate heading into 2026 as investor confidence improves, occupier‑led purchases should remain above historical norms.
- Major owner‑user transactions over the past year include Energy Transfer’s acquisition of 5555 San Felipe; the Houston Police Officers’ Pension System’s purchase of 1600 Smith; First Community Credit Union’s acquisition of 1002 Noble Energy Way; Beusa Energy’s purchase of 10001 Six Pines Drive; and IES’s purchase of 2925 Briarpark Drive.
Owner-user sales activity surges in Houston’s office sector
March 25, 2026
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Ariel Guerrero
Regional Manager, Market Intelligence - Central Region
Austin, Dallas, Denver, Houston
Industrial, Research, Office, Market Intelligence
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