Houston’s office market softens further under ongoing pandemic disruption; availability reaches a new high

The end of the third quarter marked the sixth full month that Houston has endured both pandemic impact and volatility in the oil and gas sector. Reaching 27.9% in Q3, Houston’s overall availability rate is at its highest in at least 16 years. Occupier costconsciousness has come to the forefront with tenants actively seeking out lower-cost options. Availability has decreased in historically underperforming submarkets, such as Bellaire and North Belt/Greenspoint, while increasing dramatically in high-rent submarkets such as The Woodlands, Katy Freeway/Energy Corridor, Midtown and West Loop/Galleria.

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