Now is the Time to Find Your Houston Office Space
April 21, 15
If you're looking for Houston office space, there's no time like the present. The Houston Business Journal reported in late March that the vacancy rate for office space in the city is expected to skyrocket between now and 2017. Here are the details.
The direct vacancy rate for office buildings was at 11.6 percent in the fourth quarter of 2014. Estimates show that rate jumping to 15 percent in less than two years.
The reason for the increase of office availability is that at least 2 million square feet of sublease space is expected to hit the market due to job cuts in the energy industry.
The energy industry situation is expected to particularly impact submarkets such as the energy corridor and the Central Business District, where more than half of the office space is occupied by energy businesses.
Typically, the lag time between job cuts and a company's decision to sublease office space is about six months, the article noted, meaning that the market could remain filled with sublease opportunities over the next several months, and even for the next year.
While there will be more space available, an increase in property taxes will likely hold rents at their current levels for now, the article stated.
If you've been holding off on your plans for a Houston office relocation, now is a good time to put those plans back on the front burner. LandPark Commercial can help you look for a number of options in the location you desire and the price range you can afford. Then it's a matter of deciding which choice is the best one for you. To get started today, contact us.