HOUSTON–The strong local economy is boding well for the Houston office market according to the latest second quarter market report from Colliers. In the second quarter more than 1.7 million square feet of new inventory entered the market, bringing the yearly total to 3.7 million square feet. And still those numbers pale when considering the whole–17.8 million square feet is currently under construction, with 4.5 million square feet expected to deliver by year-end.

The second quarter saw 1.6 million square feet of positive net absorption. In this same three-month period, rental rates also increased from $26.25 per square foot to $26.52 per square foot.  The average CBD rental rate increased 8.5% in the last year.

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