Ease in pandemic restrictions along with increasing oil prices brings optimism that office leasing activity will pick up in the coming quarters

Quarterly leasing volume was modest to start the year with just 1.8 million square feet (msf) leased. Lackluster activity and the ongoing return of both direct and sublease space to the market has pushed regional availability up another 140 basis points over the quarter to 30.2%, a new high. Still, as pandemic restrictions continue to ease and business returns closer to “normal” operations, organizations have begun to refocus on space needs and capitalizing on softer market conditions. As of March, vaccines are now available to all adults in Texas and oil pricing reached an average of $60.00 per barrel – two factors that bode well for market stabilization.

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