HOUSTON (CB Richard Ellis) – CB Richard Ellis today released its third-quarter results for the Houston office market.
According to the report, the market suffered 610,000 sf of negative absorption, bringing the year-to-date total to a negative 1.7 million sf.
The Central Business District and surrounding suburban markets had 98,000 and 512,000 sf of negative absorption, respectively, while the overall Class-A segment absorbed 305,000 sf. The Class B market suffered the majority of negative absorption with 800,000 sf.
The report also stated that sublease space increased to 4.4 million sf from 3.8 million sf and is approaching the highest levels since the 1980s.