The Houston office market’s glut of sublease space topped out at 12 million square feet in Q3 2016. Since that time, the amount is beginning to dwindle, according to statistics released by NAI Partners. In Q1 2017, the total amount of sublease space stood at 11.1 million square feet, a 3.5% drop from Q1 2015. Class B sublease space fell 9.1% from Q4 2016. Approximately 80% of available sublease space is in Class A office buildings. Construction activity is also reportedly slowing down.
Cheerier news is that the Houston Purchasing Managers Index came in at 51.4 in March 2017, signaling economic expansion in the Houston region for the sixth consecutive month. Additionally, the U.S. rig count continues climbing.
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