Houston’s office and multifamily markets are in for a difficult year, as vacancy rates in both real estate sectors are expected to noticeably increase. Entering this year the city’s overall office vacancy rate stood at 17.6 percent. Brandon Clarke, senior vice president of CBRE Houston, expects that rate to reach more than 21 percent this year, according to a Realty News Report article.
- Energy companies are vacating a significant amount of office space.
- Twenty-two office projects and 98 multifamily developments are underway in Houston.
- The Inner Loop will be heavily impacted by multifamily deliveries this year.