BREAKING NEWS

RNR Real Estate Briefs – Texas & more

Stockdale Buys Upscale Houston Hotel

Transformative Apartments Opening in East River

Impact Update: Petrochemicals and Port Houston

Astrodome Vision Advisor Wayne Ratkovich Passes

Houston Entity Files Chapter 11

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

Houston Office Vacancy Rising, Rents Falling, CBRE Reports

by Realty News ReportOctober 9, 2018
Share0

HOUSTON – (Realty News Report) – Houston’s office vacancy is getting worse, increasing pressure on landlords to cut rental rates, according to CBRE.

The third quarter vacancy rate rose to 18.5 percent, up from 17.6 percent in the third quarter of last year, the CBRE MarketView report.

The Houston office market has suffered through tough times for the last three years, following a sharp decline in energy prices and industry layoffs. That resulted in increase in vacancy and a bulge in sublease supply of office space. Oil prices have recovered, but the office market has not.

The initial leases on sublease space are expiring, adding vacancy to the landlord side of the ledger. This is putting pressure on landlords to cut rents to fill the buildings.

CBRE reported the average rent asking price was $29.06 per square foot in the third quarter, down from $29.33 in the third quarter of 2017.

Houston’s sublease inventory was 9.7 million SF in the third quarter, down from 10.5 million SF in the comparable period of 2017.

Oct. 9 2018 Realty News Report Copyright 2018

 

 

 

Share0
previous post
Houston Leasing Briefs
next post
Levy Park Wins International ULI Open Space Award

Related posts

RNR Real Estate Briefs – Texas & more

Realty News ReportSeptember 30, 2023

Stockdale Buys Upscale Houston Hotel

Realty News ReportSeptember 29, 2023September 29, 2023

Transformative Apartments Opening in East River

Realty News ReportSeptember 28, 2023September 28, 2023

Leave a Comment Cancel Reply

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

Search News

new version
ECD-RealtyNewsReport-Ad-300x250
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
230725-RNR_Digital-Ad_Red
griffin
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