Current conditions create unprecedented opportunity for tenants in the Houston market

Houston’s office market is seeing an unprecedented slowdown and softening as quarterly leasing activity, totaling 2.0 million square feet (msf), hit its lowest figure since Q4 2016. Correspondingly, marketwide availability (28.8%) is now at a new high. Rife opportunity exists for tenants, including plentiful large blocks of contiguous space, highly competitive landlord concessions and taking rents well below advertised asking rates. In fact, there are currently 25 office buildings across the market that have contiguous blocks of sublease space larger than 50,000 square feet (sf), 21 of which are Class A stock.

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