March 18, 2019
The Texas Medical Center (TMC) in Houston has experienced more tenants moving out than coming in since 2017, according to research from NAI Partners. Still, with no new space being added to the market, the demand is limited to the available inventory of nine million square feet, which has been the same for a decade.
NAI Partners indicated that, by the end of 2018, the TMC’s vacancy rate was at 5.2%, an increase of 10 basis points, year over year. Net absorption was -38,869 square feet, while leasing activity was 47,291 square feet.
However, the TMC announced TMC3, a 30-acre research campus that is scheduled to break ground sometime in 2019. The project is expected to be completed in 2022.
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