BREAKING NEWS

RNR Real Estate Briefs – HOU, AUS, DAL & more

Hines Lands Berg Restaurant in Downtown Tower

Harold Farb Skyscraper Sold

Hotels Sold for $137 Million

High Mortgages Frustrate Buyers

RNR Real Estate Briefs – HOU, AUS, DAL & more

REALTY NEWS REPORT - Logo

Banner
  • Home
  • Categories
    • Breaking News
    • Houston
    • Residential
    • New Development
    • People
    • Office
    • Multi-Family
    • Capital Markets
    • Texas
    • Retail
    • Hospitality
    • Industrial
    • Land
    • Lease Brief
    • Medical
    • National
    • Realty News Report
    • Trades
    • Uncategorized
  • Archive
  • Subscribe
  • The Ralph Bivins Project
  • About
  • Contact
FacebookLinkedinYoutubeEmail
REALTY NEWS REPORT - Logo

Colliers: Office Vacancy Soars in Houston Suburbs

by Realty News ReportJuly 21, 2016
Share0
Lisa Bridges, Colliers.
Lisa Bridges, Colliers

HOUSTON – Houston’s office vacancy rate jumped sharply in the second quarter, jumping to 16.2 percent, up from 14 percent in the second quarter of last year, according to the Colliers International real estate firm.

The downturn in the energy industry forced thousands of layoffs and companies emptied great blocks of office space. Tenants are renewing existing leases, but more companies are contracting than expanding.

Leasing activity has dropped by 34.3 percent since the second quarter of 2015, Colliers reported.

The Energy Corridor and west Houston, where a number of new have been constructed in recent years, has amassed an oversupply of office space.

Class A space in suburban Houston was 18.3 percent vacant in the second quarter, up from 14.1 vacant in the second quarter of last year, Colliers said.

The amount of sublease space has soared over the last year. There’s about 10.8 million square feet of sublease space in Houston, Colliers says.

“The majority of this space was leased by growing energy companies addressing their future expansion needs and now that the hiring has stopped and job cuts have occurred, the expansion space is no longer needed,” wrote Lisa Bridges, Colliers director of market research in Houston. “Some of the larger energy firms with multiple blocks of space on the market for sublease ultimately intend to consolidate operations into space not taken under a sublease.”

Colliers reports Houston had negative absorption of 400,000 SF in the second quarter. It’s the first time Houston has negative absorption in years.

July 21, 2016

Share0
previous post
Hines Sells California Tower for $616 Per SF
next post
Chevron Selling Huge Tract on Loop 610

Related posts

RNR Real Estate Briefs – HOU, AUS, DAL & more

Realty News ReportMarch 31, 2023

Hines Lands Berg Restaurant in Downtown Tower

Realty News ReportMarch 30, 2023

Harold Farb Skyscraper Sold

Realty News ReportMarch 29, 2023March 30, 2023

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Search News

Partners Ad
CBRE Ad
Arch Con Corporation Ad
Hines Ad
Avera Ad
Ziegler Cooper Ad
Lee & Associates Ad
2021 Realty News Report Ad
Property Logos
RNR - Lincoln Property Company
Hal Gordon - Property Tax Lawyer
Hunington Ad
Evergreen Commercial Realty
STREAM Ad
Hunington Ad

Let's Connect

logo
About US
Author Ralph Bivins is editor of Realty News Report, which covers regional and national news. Bivins recently received the Gold Award for Best Column in the National Association of Real Estate Editors Journalism Competition. Contact us
Follow us
FacebookLinkedinYoutubeEmail
@2022 All Right Reserved. Powered by CGS Digital Marketing
REALTY NEWS REPORT - Logo
FacebookLinkedinYoutubeEmail
  • Home
  • Categories
    • Breaking News
    • Houston
    • Residential
    • New Development
    • People
    • Office
    • Multi-Family
    • Capital Markets
    • Texas
    • Retail
    • Hospitality
    • Industrial
    • Land
    • Lease Brief
    • Medical
    • National
    • Realty News Report
    • Trades
    • Uncategorized
  • Archive
  • Subscribe
  • The Ralph Bivins Project
  • About
  • Contact