Avison Young releases its Second-Quarter 2020 Houston Office Market ReportJuly 1, 2020
Leasing activity halted during April but picked up during the last 45 days of the quarter
Download Houston Office Market Report Q2 2020
Houston, TX — According to Avison Young’s Second-Quarter 2020 Office Market Report for Houston, the office market continues to face a challenging future as uncertainty created by COVID-19 and the energy downturn hovers over all segments of the business community.
“It’s a very difficult business climate, but Houston is a resilient and resourceful city and will bounce back,” notes Rand Stephens, Avison Young Principal and Managing Director of the firm’s Houston office. “Transaction volumes were down significantly in the second quarter, but activity is picking up again despite a lot of uncertainty around the effects of the COVID-19 pandemic.”
According to the report, the pipeline for construction is growing, with 23 buildings totaling 4.2 million square feet (msf), 62% of it is currently preleased.
“As concerns linger over the oil crisis that’s wrapped with a pandemic, there is a flicker of light that is slowly emerging,” comments Avison Young Principal Anthony Squillante. “Some projects that were previously paused are now reinvigorated which is a positive indicator that many companies are ready to resume their ‘normal’ business.”
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 108 offices in 14 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.