Houston Market Trends
At Capital Realty Group, our goal is to provide our clients with information on the Houston commercial real estate trends. Below are some Houston Commercial Real Estate Market trends highlights according to our partners at CoStar Group. Please contact us today if you have any questions regarding any of the information below:
The office vacancy rate in the Houston market area across all building classes decreased to 11.4% at the end of the fourth quarter 2013. The vacancy rate was 11.9% at the end of the third quarter 2013,12.0% at the end of the second quarter 2013, and 12.0% at the end of the first quarter 2013.
The average quoted asking rental rate for available office space, all classes, was $25.43 per square foot per year at the end of the fourth quarter 2013 in the Houston market area. This represented a 1.2% increase in quoted rental rates from the end of the third quarter 2013, when rents were reported at $25.13 per square foot.
There were 11,969,535 square feet of office space under construction at the end of the fourth quarter 2013.
Total office inventory in the Houston market area amounted to 274,486,987 square feet in 6,160 buildings as of the end of the fourth quarter 2013.
In the third quarter, six office transactions closed with a total volume of $164,247,000. The six buildings totaled 846,537 square feet and the average price per square foot equated to $194.02 per square foot.
Please contact us today for a comprehensive report on the Houston Market.