Avison Young releases its Second-Quarter 2020 Houston Office Market Report

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.”