by Patsy Fretwell on January 26, 2011
Houston Office Market
Houston’s office market is gearing up for increased leasing activity in 2011, particularly among Class A buildings, which ended the year with positive absorption, according to quarterly market research compiled by Commercial Gateway, the commercial division of the Houston Association of REALTORS®. Citywide, the office market recorded overall negative net absorption of 144,279 square feet in the fourth quarter, contributing to the 2010 year-end total of a negative 1.1 million square feet. Class B buildings account for the most red ink both for fourth quarter and year-to-date, recording over 1.6 million square feet of the total negative absorption for the year. Class A space continued its third consecutive quarter of positive absorption, 279,815 square feet, to finish out the year with a positive 683,337 square feet. Several submarkets finished 2010 with positive absorption but only four submarkets – Energy Corridor, Northeast, Uptown and West — reported positive absorption activity in both fourth quarter and for yearend.
Houston Industrial Market
Houston’s industrial market continues to rebound with positive absorption recorded and limited major construction on the horizon, according to statistics released by Commercial Gateway. With a fifth consecutive quarter of positive absorption, the industrial market has seen a slow decrease in its vacancy rate and a stabilization of rental rates. Vacancy overall is 8.5%, compared to 9.6% a year ago.
Properties classified as manufacturing are reporting the lowest vacancy rate of 4.1%, with crane-ready buildings in short supply. However, warehouse/distribution property types are experiencing the most leasing activity this year, accounting for 83% of the total year-to-date. Properties classified as warehouse/distribution represent about 72.6% of the total market. Rental rates have increased slightly, about 2.3%, over the last year, with a quoted, weighted averaged annual rental rate of $5.45 per sq.ft. reported this quarter compared to $5.33 a year ago. Sublease space reported in fourth quarter represents a slight drop from third quarter but a substantial drop from the first half of the year.
Very good article regarding Houston Commercial Real Estate Market.
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