Business

Houston Dominates US Office Market In 4th Quarter Of 2012

Houston's commercial real estate market finished out 2012 on a high note.

Businesses leased an additional 3.6 million square feet of Houston office space over the course of 2012. That included over 900,000 square feet during the final three months of the year. Louis Rosenthal is a senior vice president in the Houston office of Jones Lang LaSalle.

“To kind of put this in perspective — to show you the strength of our market here and of our local economy — that 916,000 square feet represents about 25% of the United States’ fourth quarter net absorption.”

Competition for limited space is driving up rents, particularly downtown and in West Houston. Rosenthal says new construction starts will eventually relieve such pressure. But most of the new space won’t be available for leasing until at least the end of the year.   

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Andrew Schneider

Andrew Schneider

Politics and Government Reporter

Andrew heads Houston Public Media’s coverage of national, state, and local elections. He also reports on major policy issues before the Texas delegations in the U.S. House and Senate, as well as the Texas governorship, the state legislature, and county and city governments. Before taking up his current post, Andrew...

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