The Texas Office Market Recovery is Underway

by CoyDavidson on April 17, 2011

Uptown Houston

Office Market Indicators | 1Q 2011

The Texas Office Market continues to show signs of recovery with all four major markets exhibiting signs of improving market fundamentals due to a stronger labor market. Texas added 37,200 non-farm jobs in March for a total gain of 251,100 jobs from a year ago. The state’s professional and business services industry gained 46,700 jobs from March 2010 to March 2011, an annual growth rate of 3.7 percent. The Texas seasonally adjusted unemployment rate for March is 8.1 percent, down slightly from 8.2 percent in February and well below the U.S. unemployment rate for March of 8.8 percent.

Stay tuned for the Colliers International 1Q-2011 North American Office Highlights Report.

Texas Employment Growth (Business and Professional Services)

Class A Rental Rates (Annual Rate PSF)

1Q-2011 Net Absorption (All Classes)

Overall Vacancy Rate

Source: Colliers International | CoStar Group

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