Houston Office Market Report
By PropZone Research · Data through Q1 2026 · Aggregated from Cushman & Wakefield, Partnersrealestate, Newmark, Avisonyoung, Avisonyoung Ca, CBRE, Colliers
Quarterly office market indicators for Houston, aggregated by PropZone from Cushman & Wakefield, Partnersrealestate, Newmark, Avisonyoung, Avisonyoung Ca, CBRE, Colliers. As of Q1 2026, average asking rent was $31.81/SF with a 24.8% vacancy rate.
Projected current office pricing — Houston
low confidenceProjected asking rent
$31.81–$31.91/SF/yr
Estimated sale value
$133–$173/SF
Modeled estimate (income approach) shown as a range — not an appraisal. Projected asking rent × occupancy × net-operating-income margin band ÷ market cap rate, from Q1 2026 Cushman & Wakefield data (cap rate 9.0%, asking rent trend-adjusted to today). Assumes ~75% occupancy and a 50–65% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q1 2026 | $31.81/SF | 24.8% | 590K SF | — | Cushman & Wakefield |
| Q4 2025 | $23.18/SF | 26.3% | 654K SF | — | Partnersrealestate |
| Q4 2025 | $30.31/SF | — | -1.2M SF | — | Newmark |
| Q4 2025 | — | 10.0% | 2K SF | — | Avisonyoung |
| Q4 2025 | — | 10.0% | 2K SF | — | Avisonyoung Ca |
| Q4 2025 | — | 1.6% | 0K SF | — | Cushman & Wakefield |
| Q2 2025 | $28.69/SF | — | 572K SF | — | Newmark |
| Q2 2025 | — | 18.1% | 1.1M SF | — | CBRE |
| Q2 2025 | $8.00/SF | 20.0% | 853K SF | — | Colliers |
| Q1 2025 | $28.67/SF | — | 124K SF | — | Newmark |
| Q4 2024 | $29.92/SF | — | — | — | Newmark |
| Q3 2024 | $30.64/SF | — | 467K SF | — | Newmark |
| Q1 2024 | $29.77/SF | — | — | — | Newmark |
| Q4 2023 | $30.42/SF | — | 1.5M SF | — | Newmark |
| Q3 2023 | $30.24/SF | — | — | — | Newmark |
| Q2 2023 | $29.69/SF | — | — | — | Newmark |
| Q1 2023 | $29.85/SF | — | 136K SF | — | Newmark |
| Q4 2022 | $30.00/SF | 36.8% | 403K SF | — | Newmark |
| Q3 2022 | $29.90/SF | 37.2% | — | — | Newmark |
| Q2 2022 | $29.00/SF | 36.2% | -600K SF | 386K SF | Newmark |
| Q3 2021 | $38.38/SF | 29.0% | — | 3.0M SF | Newmark |
| Q2 2021 | $38.73/SF | — | — | 4.0M SF | Newmark |
| Q1 2021 | $38.95/SF | — | -1.0M SF | 4.0M SF | Newmark |
| Q4 2020 | $41.05/SF | — | — | 4.0M SF | Newmark |
Frequently asked questions
- What is the average asking rent for office space in Houston?
- As of Q1 2026, the average asking rent for office space in Houston was $31.81/SF, per Cushman & Wakefield.
- What is the office vacancy rate in Houston?
- The office vacancy rate in Houston was 24.8% as of Q1 2026 (Cushman & Wakefield).
- Where does PropZone's Houston market data come from?
- This report aggregates quarterly office market data for Houston from Cushman & Wakefield, Partnersrealestate, Newmark, Avisonyoung, Avisonyoung Ca, CBRE, Colliers.
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