Houston Office Monthly Market Snapshot November 2019

Some market indicators positive, though future uncertainty persists. Halfway through the fourth quarter of 2019, overall vacancy is at 21.0% and availability is at 25.9%, both down 10 basis points from this time last year. Net absorption was back in positive territory at 898,000 sq. ft. Leasing activity is outpacing this time last year by 9.8%, totaling 13.9 million sq. ft. year-to-date. Developments under construction and delivered projects have also outpaced November 2018 year-to-date numbers. The Houston average asking full-service rent has increased to $29.68 per sq. ft., while the Central Business District is averaging $41.35 per sq. ft. Marathon Oil’s new tower in CityCentre. 990 Town & Country Blvd., a 15-story, 440,000-sq.-ft. Class A office tower in CityCentre will be the new headquarters for Marathon Oil. Construction is set to start soon on the project as the energy company relocates a little less than 6 miles west of its current location at 5555 San Felipe St. in the Galleria/West Loop area. Marathon has been in their current location for more than three decades and plans to relocate when its current lease expires in late 2021. Click to read more at www.naipartners.com.