Avison Young releases Second Quarter 2021 Office Insight Report for Houston
July 6, 2021
Office leasing momentum is picking up as more firms reopen
Houston, TX –Avison Young today released its Second Quarter 2021 Office Insight Report for Houston. Leasing momentum is picking up as more firms reopen.
“The Houston office market is showing signs of improvement off the bottom of the COVID economy as leasing activity is improving. However, trends prior to the pandemic such as employers looking to provide workplace flexibility as well as reducing the square footage used per employee have sped up,” said Rand Stephens, Principal and Managing Director of the firm’s Houston office. “Moving forward, these trends are actually favorable for development as employers look for modern buildings to satisfy their needs. Unfortunately, it does not bode well for older buildings that are left with large blocks of space as employers relocate to modernized but smaller facilities.”
The total vacancy in metro Houston is at a record-high of 22.9% while available sublease space has also increased because as large occupiers are adding blocks to the market as they determine future space needs.
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