February 3, 2017
Houston last hosted the Super Bowl in 2004. And, this weekend, the Bayou City is again hosting the big game, this time matching up the New England Patriots and Atlanta Falcons. A couple of commercial real estate companies have had some fun creating infographics, and pulling statistics that compare the Houston of this year with that of 13 years ago.
NAI Partners noted that:
- Office net absorption for FY 2016 was -64,358 square feet, compared to the 725,660 square feet reported for FY 2004.
- Office leasing activity back then: 18.2 million. Now: 2.4 million.
- Average asking rent per square foot 13 years ago: $17.93 per square foot. Today, that ask is $21.54 for that same square foot.
- Interestingly enough, the vacancy rate is the same, at 15.7%.
Meanwhile, according to Cushman & Wakefield:
- Office space per worker has shrunk, from 250 square foot per person in 2004, to 151 per square foot per worker now.
- Going back even further, to when Houston hosted the Super Bowl in 1974, Cushman & Wakefield had office inventory at 32 million square feet. These days, inventory is 184 million square feet.
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Tags: commercial real estate