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More Good News For Downtown Office Market


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This was in yesterday's HBJ but decided to post the article to start a discussion, since Chevron-Texaco increased their office demand a couple of weeks ago as well.

I've not heard any updated stats on the office vacancy rate but I'd imagine that it's under 20% again. The key to garnering any prospects for new office construction is getting the vacancy rate closer to 12%. I realize that the Bayou Place expansion will bring more office space into the market but still... the fact that over half a million feet of additional (meaning, beyond what was already expected) office space has been absorbed is a good sign.

http://houston.bizjournals.com/houston/sto...ml?surround=lfn

Edited by The Great Hizzy!
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This was in yesterday's HBJ but decided to post the article to start a discussion, since Chevron-Texaco increased their office demand a couple of weeks ago as well.

I've not heard any updated stats on the office vacancy rate but I'd imagine that it's under 20% again. The key to garnering any prospects for new office construction is getting the vacancy rate closer to 12%. I realize that the Bayou Place expansion will bring more office space into the market but still... the fact that over half a million feet of additional (meaning, beyond what was already expected) office space has been absorbed is a good sign.

http://houston.bizjournals.com/houston/sto...ml?surround=lfn

A Wall Street Journal article about this issue stated that 4th Quarter 2005 vacancy had dropped to 19.4%, which has to be considered a psychological barrier of sorts. If your CBD is over 20% vacant, you have this fatalistic feeling. Once it drops below 20%, you feel that it might survive. 19.4 may not be much under 20, but it sure sounds better without the 2 at the beginning of it.

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