Statistics Show Office Space In Houston Is Red Hot Right Now
Office space in Houston has never been more impressive than it is today. With 24 Fortune 500 companies located there, the city experiences growth that puts it in Forbes Magazine’s top 25 fastest growing cities in America. The city is expected to experience 13.7% in growth between now and 2017 in office jobs alone. Industrial jobs continue to grow at a rate of about 2.5% and are expected to continue into 2017. That indicates that people are noticing Houston’s rising economy. Good economies mean great business opportunities, and good business opportunities spell dollar signs for your company.
Another good indicator of this fact rests in Houston office space occupancy rates. The city hasn’t seen negative growth in available office space since 2006, and that’s because the city has been trying to keep up with demand. You may think that it’s because the economy took a dive after 2006, but consider some more statistics. Houston’s vacancy rate in 2006 was 14.4%, right when the economy was doing very well. When the crash occurred in 2008, vacancy rates jumped to 15%. Today, vacancy rates in Houston have fallen to under 12% since then. That implies that since the crash, jobs have been practically flying to Houston during the recovery. You can even look at asking lease rates, which have been steadily increasing after plummeting in the crash. Leasing prices are bearable now, but if you wait too long you may find yourself having to pay significantly more to enter this bustling market.
The point is, Houston is a city with considerable potential, and that potential is truly starting to be realized now. Don’t wait until 2017 when you start hearing about how successful businesses in the city have been. Your business needs to locate in the Bayou city as soon as possible.
How To Use This Information
Statistics are hard to argue with when used correctly, which is why our realtors are well aware of the numbers to explain why Houston will host your businesses’ next office. At Capital Realty Group, we work to get you informed about the markets we serve before throwing you in. We want you to be confident in your decision to purchase office space in Houston, because if you aren’t fully committed then we won’t be able to help you realize your vision for the ideal office space in Houston. To learn more about Houston’s market, or to learn about what our company does, call us at 713-452-9000.
Categorized in: Houston Real Estate News
This post was written by Capital Realty