The average rent for space in a downtown tower is $47.43 per square foot, putting Houston in the top 10 of the nation’s most expensive office markets, according to a commercial realty firm. The national average is $43.79 per square foot.
Despite downtown’s strong rents, the report notes how Houston’s sublease glut and “economic freeze” is pushing down rents in buildings across the area:
“Altogether, more than 12 million square feet of space has hit the market in the past two years alone. Law firms and professional service tenants seeking quality space are taking high-priced blocks off the market, but that’s leaving available space with no short-term tenant demand.”
The most expensive U.S. market is New York City where the average rent is $86.75 per square foot.
Source: Chron.com
