Houston’s office market posts negative absorption in Q3 2020
The Houston Office Market continued to contract during the third quarter, as the pandemic-driven, government-mandated lockdowns continued, according to Colliers International.
After experiencing negative absorption of 1.14 million square feet in the second quarter, the third quarter followed posting 1.33 million in negative absorption.
There was less office space occupied versus an increase in vacant space, including new space delivery. In the third quarter, Houston delivered 490,000 square feet of new product, pushing the year-to-date total of new inventory to 1.2 million square feet. Including the new product, vacancy increased by 1.8 million square feet. The net result was to drive the vacancy rate up to 21.3 percent.
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