Published Jan 28, 2020 by Maggie Martin
A new report places Houston's office employment among the top five in the country.
CBRE, a commercial real estate services and investment firm, says office jobs in the Bayou City grew by nearly 4% in 2019, and are projected to grow another 2% in 2020. These jobs include those within the technology, professional and business services, and legal sectors.
Figure 1: Another Year in the Books: U.S. Office-Using Employment to Grow Again
Source: CBRE Econometric Advisors, Q3 2019.
Note: Office-using services employment.
Houston is the 6th largest office market in the the nation with 212.8 million square feet (msf) of net rentable space. More than 2.3 msf of office space was under construction in Q3/19.
At $31.40 per square foot, space is more affordable in Houston compared to many other major U.S. metros, lowering a company's operating costs. Houston also compares favorably with other major cities nationally because of relatively cheaper land prices. In a 2018 study by JLL, Houston was one of the least expensive markets to build out new offices.
The Partnership forecasts that the Houston region will add 42,300 jobs this year. The professional, scientific and technical services sector alone is expected to add 4,700 net new jobs in the coming year, according to the forecast.