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The Grubb & Ellis reportr shows the Houston office market reacheda 14.7 percengt vacancy level during the first the highest level since the end of 2006. Vacancy ratesa are expected to continue risingsince 5.3 milliojn square feet of office spacr is under construction in the Houston area. The subleas space, or space put back onto the marketf by companies that no longerneed it, rose by about 845,300p square feet to nearly 3.5 million squarr feet during the first quarter. The amount is still significantly lowee thanthe 5.5 milliom square feet of sublease space that hit the market durin g the last economic downturn that began in 2001, accordingv to Grubb & Ellis.
Asking rents for Class A space, or the nicest, newest offics space, declined by 7 centxs to $30 per square foot for the But asking rents in downtownj Houston actually rose by 5 cents during the quarterto $38.43 per squarw foot. Asking rents for Class B space decreasee the most duringthe quarter, dropping by 36 cente to $20.68 per square foot. Asking rents for Clasz C space alsofell — by 23 centss to $15.
65 per square
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