Downtown Powers Strong Summer For Houston Office Space
by: Andrew Schneider, October 14, 2012 11:10:00 pm
Companies leased more than 900,000 additional square feet in Houston between July and September. That brings total year-to-date absorption for office space to nearly 2.7 million square feet, second only to Silicon Valley among U.S. markets.
Steve Burkett is executive vice president for Jones Lang LaSalle.
“The Houston economy has continued to grow, and the demand for office space is fueled by the increase in the numbers of jobs. The energy sector is feeding that.”
Burkett says there’s been considerable demand for office space Downtown, as law firms and energy companies continue to expand. He said that Devon Energy’s decision to shutter its Houston office would lead to a major new Downtown vacancy, but not until late next year.