HOUSTON-The Houston office market has a 12.36% vacancy rate at the end of the third quarter in comparison to 11.93% at the end of the third quarter of 1999, according to the CB Richard Ellis firm.

The completion of several suburban office building has been putting additional space onto the Houston market, but the city had 733,000 sf of net absorption in the third quarter, following 1.2 million sf of net absorption in the second quarter, CB Richard Ellis has reported. Downtown is outperforming the suburban office market.

The CBD vacancy was 5.65% in the third quarter, compared to 14.22% in the suburbs. The city has made strides in filling office space in recent years as the city has added jobs and expanded the economy. In the early 1990s, both downtown and the suburbs had vacancy rates in excess of 20%.

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