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Houston makes the top three list of markets with the highest office vacancy rates: Westchester County, NY (24.6%, Fairfield County, CT (24.2%) and Houston (22%), according to a recent report by Cushman & Wakefield. Looking forward, office market trends will depend on job growth and construction deliveries, said Revathi Greenwood, head of Americas research at Cushman & Wakefield. He says the current pipeline of office space under construction, while high, is down substantially from mid-2017 levels and remains concentrated in a few markets. Cushman & Wakefield predicts that the pace of job growth will continue to be an important driver of office leasing fundamentals, and if demand remains as healthy as it’s been thus far in 2018, new construction should be absorbed.—Lisa Brown

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Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.

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