As job growth continues to increase in Texas office space occupancy rates and lease rates continue to rise. Since the “great depression” in 2008 office space construction has seen little activity, however over the last year that is starting to change. The bank systems are still improving and cranes are starting to move however not as quickly as you would think as more banker wounds need to heal.
Until we get a healthy dose of new office space construction expect occupancy rates and rental rates to continue rising in 2013 and 2014. There have been several announcements of new office space developments however until those go live expect positive trends until then.