Demand for Houston Office Space Grows in Q3
October 03, 13
According to recent statistics by CBRE Group, Houston's vacancy rate for office space declined in the third quarter of this year, with .1 percent fewer vacant offices when compared to the second quarter of 2013. Brook Scott, CBRE Interim Head of Research, Americas, stated that the decline in office vacancy in major markets in the U.S. has been lead by slow, steady job growth and and a decrease in new office development, which has allowed leasing to cut into excess supply.
In Houston, CBRE reported, 1.6 million square feet of new office space was delivered in the third quarter -- the highest amount in the nation -- but most of that space was pre-leased. Houston is also seeing millions of square feet of industrial space being developed, with the availability in that market holding steady at 8.4 percent. Add to this that Texas is leading the nation in job creation -- with an unemployment rate well below and an employment growth rate well above the national average -- and you have demand for both new and existing space.
If you have available office or industrial space and are in need of management or leasing services, the time to seek those services is now. LandPark Commercial has experience in the intricacies involving the Houston office space and light industrial markets. We understand the importance of your office assets. We understand the significance of details and how they impact your ability to find a tenant for your industrial space. We realize that every space, just like every landlord and every tenant, is unique.
For more information about our office space and light industrial management and leasing services, contact us.