Houston leasing activity retreats as more firms pull back on occupancy requirements

Following an active second half of 2022, the Houston office market witnessed retreating deal volumes in Q1 2023. Leasing fell by 28.7% this quarter compared to Q4 2022 but was improved by 7.5% over Q1 2022 levels. Many Houston firms transacting space this period actively rightsized and recalibrated their space requirements. However, among the largest transactions this quarter was an expansion for Baylor College of Medicine. The medical school and research center committed to 114,000 square feet (sf) of office and lab space at the Dynamic One building at TMC Helix Park.

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