Q4 2018 Houston Office Research & Forecast Report

HOUSTON - Jan. 14, 2019 - Rezul -- Houston's office market continues to take baby steps towards filling vacant space emptied during the energy downturn. In Q4 2018, the market posted positive absorption of 1.9 million SF, a substantial increase from the negative 0.4 million SF of absorption recorded one year ago. Leasing activity remained steady over the quarter at 3.5M SF pushing the year-end total to 14M SF. Houston's overall vacancy rate fell slightly from 20.6% to 20.0% over the quarter, but it is still well above Houston's 5-year average vacancy rate of 16.4%.

Construction activity decreased in Q4 2018 from 3.2M SF to 2.5M SF as several new buildings were delivered. HP's and ABS's new CityPlace buildings in The Woodlands submarket delivered during Q4 2018.

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Houston's job growth increased by 3.7% over the year, according to recent data released by the US Bureau of Labor Statistics. The Houston MSA created 114,400 jobs (not seasonally adjusted) between November 2017 and November 2018, growing faster than the U.S. during the same time period. Employment sectors with the most substantial growth include support activities for mining which grew by 11.7% over the year, construction increased by 10.8% and durable goods manufacturing was up by 9.0% over the year.

For the complete report: https://s3.us-east-2.amazonaws.com/colliershouston/Research/2018-Q4-Office-Houston-Report-Colliers.pdf