Avison Young releases its First-Quarter 2020 Houston Office Market Report

Houston, TX — According to Avison Young’s First-Quarter 2020 Office Market Report for Houston, all class property types in the city experienced losses during the first quarter, but suburban class A properties reported positive absorption with 124,310 square feet (sf). “Prior to the pandemic, Houston’s economic fundamentals were healthy, but the energy sector’s recovery struggles have now been compounded with an oil price war,” notes Rand Stephens, Avison Young Principal and Managing Director of the firm’s Houston office. “It’s an uphill battle, but this is an interruption we will learn from and overcome.” According to the report, the pipeline for construction is growing, although limited to 21 buildings totaling 3.8 million square feet (msf), 45% of it is currently released. “These unprecedented times have slowed commerce to a near halt,” comments Avison Young Principal Anthony Squillante. “However, if tenants are willing and able to transact, landlords are likely to offer aggressive concession packages in response to social distancing and work-at-home orders in an effort to keep their building’s occupancy rate up.” Click to read more at www.avisonyoung.us.