Houston leasing activity slows while availability remains flat

Following an active first half of 2023, the Houston office market witnessed retreating deal volumes in the second half. Leasing activity saw a decrease of approximately 35% in Q4 2023 compared to the prior quarter. Overall, leasing decreased approximately 12% for 2023, compared to 2022 leasing activity. Availability has remained relatively flat throughout 2023, however, availability has decreased approximately 190 basis points (bps) year-over-year. In addition, available sublease space has decreased by 2.6 million square feet (msf) from 8.1 msf in Q4 2022 to 5.5 msf in Q4 2023.

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