Houston, Dallas lead the country in office attendance — and empty office space
https://finance.yahoo.com/news/houston-dallas-lead-the-country-in-office-attendance--and-empty-office-space-125019682.htmlLandlords in Houston and Dallas are having a tougher time filling their empty office buildings with new tenants than any other market in the country, according to office market statistics compiled by CoStar and JPMorgan.
Why? One reason: They overbuilt when interest rates were low.
Houston and Dallas put up more new office space between 2010 and 2021 than all regions except New York. Despite the disruptions of the pandemic, they still have millions more square feet under construction. Vacancies now are higher than any other metro area, despite attempts to fill the gaps with heavy discounts.
Houston and Dallas had 18.8% and 17.2% of office space sitting empty at the end of 2022, according to the figures from CoStar and JPMorgan, well above the national average of 12.5%. New York, San Jose, San Francisco, and Chicago had vacancy rates of 12.3%, 12%, 16.4%, and 15.1%, respectively.
Empty office spaces throughout America from New York City, Houston, and San Francisco. This could be sign of a coming commercial real estate crash.
