September 25, 2016 Comments Off on Poor Demand for Houston’s Crane-Served Buildings Views: 266 Houston-Galveston, Texas News

Poor Demand for Houston’s Crane-Served Buildings

The oil industry downturn has hurt the Houston metro in many ways, one of which is an increase in available office space. And, in a recent report, J. Nathaniel Holland, chief research and data scientist with NAI Partners, also pointed out that crane-served real estate is also not exactly in high demand.

Holland said that Houston’s overall vacancy rate is 5.6%. The crane-served vacancy, however, is at 10.5%. Other figures he mentioned: demand for crane-served buildings is at its second-lowest level in 17 years; and close to 1 million square feet of negative net absorption.

Further hurting the case are continued deliveries – 508,000 square feet was delivered so far this year, with an additional 355,000 square feet under construction. Meanwhile, sublease availability of crane-served space is at 1.4 million square feet.

Read More at NAI Partners

Connect with NAI’s Holland

For comments, questions or concerns, please contact Amy Sorter

Share on FacebookTweet about this on TwitterShare on LinkedInEmail this to someone

Tags: , , ,

Comments are closed.