Page 19 - DEC2022

Highlights
Houston’s office market posted
negative net absorption in Q3 2022,
recording -409,185 square feet. The
overall average vacancy rate rose
marginally by 20 basis points be-
tween quarters from 23.1% to 23.3%.
Office inventory increased slightly as
97,600 square feet of new inventory
was added. There are two million
square feet of office space under
construction. Houston’s average
NNN rental rates increased over
the year, but fell slightly quarterly.
Houston’s Class A overall average
full-service rental rate increased
on an annual basis but dropped EMPLOYER
over the quarter from $36.37 per BENEFIT SERVICES
square foot in Q2 2022 to $35.59
per square foot in Q3 2022. Leas-
ing activity rose from 3.4 million
square feet to 3.7 million square
feet over the quarter.
While the Houston office market
is still dealing with employees’
desire to work from home, the
shift of returning to the office is PLAN PAYROLL BENEFIT
becoming a reality. According to ADMINISTRATION MANAGEMENT PACKAGE
Kastle Systems, 58% of Houston’s Assistance and research Get your employees MARKETING
workforce have returned to the to keep you informed paid quickly so you Document
office which is above the 47.2% top and in compliance with can get back to doing administration of
401(k) and 403(b)
10 markets average. Only a few state and federal laws. what your company including employee
does best.
months ago, that percentage was enrollment assistance.
in the high 30% range, but more
companies have asked employees to
increase their time in the office for
several reasons. The issues in-
clude a perceived decision-making
process lag, training, collaboration,
and an overall reduction of employ-
ee productivity. In addition, the
need for more face-to-face employee
CLAIMS
HUMAN
BENEFITS
interaction balanced with a tight MANAGEMENT RESOURCES EDUCATION AND
labor market that got comfortable CONSULTING CONSULTING
When a claim is
with working from home during made, we assist in the Develop policies and Cra a competitive

COVID, which is causing the process, from the first procedures, address employee benefits plan
“C-Suite” level executives to recon- filing of the claim to its recruiting strategies, to recruit and retain
sider their space needs. resolution. develop job descriptions. valuable employees.
After delayed decision-making,
Houston recorded more significant
transactions in the third quarter, PUTTING ALL THE HEALTHCARE
including the renewal of EOG, BENEFIT PIECES TOGETHER
Baker Botts, Bechtel’s relocation
and downsizing, and Baker OFFICE ONLINE
www.corebenefits.net
713-647-9700
Hughes’ relocation. In addition,
the continued flight for quality
NBIZ ■ December 2022 19