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The Texas Real Estate Research Center has issued the following press release:
HOUSTON – Local overall office vacancy was 24.9% in February, up 110 basis points from the same time last year, according to NAI Partners.
Availability was at 29%, up 50 basis points from February 2021.
The market saw a 20% drop in leasing activity, falling from 2.1 million square feet in February 2021 to 1.7 million square feet last month. That's the lowest leasing activity on record for the first two months of the year.
Net absorption increased to 634,000 square feet from negative 513,000 square feet.
Last month, 1.7 million sf of office space was under construction, down 60% from both this month last year and pre-pandemic levels.
Gross average asking rent ticked down $0.04 from February 2021 to $29.25.