Houston observes an uptick in leasing as occupier flight to quality continues

After a slowdown in Q1 2023, the Houston office market reported an increase in leasing activity in Q2 2023. Leasing activity increased 35.0% this quarter when compared to prior quarter. The top leases this quarter consisted of primarily relocations, which is a reflection of the market, as tenants continue to reevaluate their needs and seek out higher quality buildings. In Q2 2023, the Houston office market reported over 3.3 million square feet (msf), which included four (4) leases over 100,000 square feet (sf). The largest three leases this quarter attributed to approximately 25.0% of the total leasing activity while the top 10 largest leases comprised over 40.0% of total leasing activity.

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