HOUSTON – Houston has 36 office buildings under construction, according to the second quarter office report by CBRE. Of those three dozen buildings, 11 are single tenant buildings and 25 are multi-tenant.
Some of those 36 projects may have been completed in recent weeks, but other new office projects have been announced.
Transwestern reported last week that Houston and New York both have 11.3 million square feet under construction, the top markets in the nation. Weakness in the Houston economy, however, will slow down absorption, Transwestern said.
Boston, Dallas and Washington, D.C., have at least 5 million square feet under construction. There is very little active construction in Atlanta, Baltimore or Miami. Transwestern reported.
Houston and San Francisco lead the way in terms of space under construction as a percentage of the existing inventory. In Houston, the space under construction represents 4.8 percent of the existing inventory, and San Francisco’s figure is 4.4 percent. Boston at 3.6 percent and Seattle at 2.9 percent also have significant amounts of space under construction relative to their current supplies. Atlanta and Philadelphia have the smallest shares, with less than 1.0 percent of the existing inventory under construction.