According to Danny Rice, President of Colliers Houston - current office vacancies in the Houston area are in the mid 20% range - although some submarkets are considerably higher than that.
The outlook for Houston's office market seems to be improving, with the worst days in the fallout from the COVID-19 Pandemic behind us. More workers are actually going to the offices in Houston versus other markets in the United States.
Companies are taking the opportunity to move to newer, nicer buildings in the suburbs to make their employees happier and commutes shorter.
Dr. Bill Gilmer, Director of the Institute for Regional Forecasting at the University of Houston's C.T. Bauer College of Business says that Houston has historically had some of the worst vacancy rates in the country. He sees brighter days ahead for the Houston office market and the Houston economy.
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