So Many "For Lease" Signs on Office Buildings

Office buildings are losing tenants due to the Covid-related work-at-home protocols of many Houston area businesses. "The Work-at-Home era has changed commercial real estate," says Real Estate expert Michael Weaster. He doesn't see things changing any time soon because companies are finding success with remote working while saving money on rent. 2021 Houston could look very different. "Some of the older-type buildings will be torn down and something else goes into its place. But you WON'T see a building like The Williams Tower being torn down due to lack of occupancy."

Weaster believes working next to co-workers will never go away - but rents will be lower than when the growth was coming. "I see it all across the board of business types and I don't think big full office buildings will ever see a comeback now that business managers know that they can direct their employees from home without paying high rent for office spaces." He says housing real estate is on the rise. "A boom in the new housing market 20-40 miles from a major metropolitan area is one its way. Some people just won't want to live in The Galleria, Mid-Town or Downtown because they don't have that commute any more." This summer, many office building loans fell into delinquency.

Empty Office for Lease

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