Office Vacancy Rate Reaches New Cyclical High
The vacancy rate in Houston’s office sector has risen year-over-year for three straight calendar years, and now into late-April of 2018, a fourth year of softness seems to be a reality.
The local economic slowdown that began in mid-2014 as a result of dipping oil prices sent shockwaves through the Houston office market and fundamentals into a freefall. Dwindling demand, coupled with more than 23 million square feet of supply additions since the…