Page 18 - DEC2022

Houston Office
22Q3 he office market in Houston contin-

ues to struggle with slower demand
and major vacancy issues. Employees
are returning to the office slowly, but
steadily, and companies are fine-tun-
By Patrick McDuffy, Lisa Bridges, and Darren Gowell ing their policies for work-from-
Thome with most pressing employees
for more time in the office. The tight labor market
makes the effort to “force” employees back into the
office problematic for employers concerned about
losing employees who have grown fond of working
remotely. We saw more activity from the larger
users this quarter, but it was still subdued. Econo-
mists are starting to agree that a recession is on the
Key Takeaways way, if not already here, and companies are taking a
more defensive posture as a result. We expect office
• Houston office market records negative net absorption leasing to remain sluggish in the short term.
• Vacancy up marginally by 20 basis points
• Leasing activity rose over quarter
• Spec suites lease up quickly

18 NBIZ ■ December 2022