According to Houston-based property management company Kastle Systems, the Houston area has one of the highest rates of workers returning to the office.
And yet, office market stats compiled by CoStar and JPMorgan indicate Houston has more vacant office space than anywhere else in the country. What gives?
Dani Romero reported this week on these seemingly paradoxical stats for Yahoo! Finance. And while it seems like a paradox, there is a simple reason why we have more vacant office space even as more Houstonians have returned to the office: We’ve just built much more office space in the last decade than most cities.
In the audio above, Romero talks about how the statistics are not direct, apples-to-apples comparisons and how as new office space is getting filled it’s leaving old office buildings more and more empty.