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Avison Young releases Fourth Quarter 2021 Office Market Report for HoustonJanuary 12, 2022
Renewals are a large part of leasing activity
Houston, TX – Avison Young today released its Fourth Quarter 2021 Office Market Report for Houston. Leasing activity has paused, decreasing by 27.3% compared with long-term historical averages.
“The office sector continues to struggle with no apparent recovery in the near future,” said Rand Stephens, Principal and Managing Director of the firm’s Houston office. “Due to COVID, companies continue to delay their return-to-office. Combined with the consolidation trend of upstream energy firms, the office market’s outlook remains challenging.”
Higher vaccination rates and stronger retail sales along with an entrenched rise in e-commerce spending have helped bring Houston unemployment figures down to 5.1% from the March 2020 high of 14.0%. “As a result, the overall Houston economy looks very healthy,” Stephens said.
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