Houston office market sees uptick in leasing for second consecutive quarter

The Houston office market continues to see an uptick in leasing activity, increasing 9% quarter over quarter in Q2 2024. This is evidence to the resilience of the Houston office market with large leases continuing to be signed such Ovintiv renewing for 168,805 square feet (sf) at 4 Waterway, Blue Cross Blue Shield leasing 132,000 sf at West Belt Office Center I and OneSubsea leasing 99,501 sf at Energy Center V. In addition, availability was 28.6% in Q2 2024, which is a year over year decrease of 190 basis points. The decrease in availability can be attributed to the decline in available sublease space, which saw a year over year decrease of approximately 7.4%.

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