HOUSTON—The Oil Patch's office market recovery has so far defiedmost of the nation, fueled by above-average job creation andlimited new supply. According to Marcus &Millichap's Q3 report, Houston is among the tightestmarkets in the nation with a 13.9% vacancy predicted by the end of2012.
Class A in the urban core is in excess of 90% occupied, butM&M predicts corporate relocations from leased space tobuild-to-suit properties will hamper the pace of recovery over thenext few quarters.
In addition to multiple build-to-suits, the firm reports thatthe pipeline of planned projects has grown to include 13 millionsquare feet of competitive office space. The Energy Corridor andWestchase area account for about 40% of that total.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
