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Office market vacancy at 21.7%. Nearing the end of the second quarter, the vacancy rate crept up by 10 basis points to 21.7%, from 21.6% this time last month. Year-to-date there has been 300,000 sq. ft. delivered to the Houston market, with 40% of that space available for lease. Meanwhile, 1.4 million sq. ft. is currently under construction, with 46% of that upcoming space spoken for. CityPlace 2 at 1701 City Plaza Dr. in Springwoods Village is nearing its completion date of October 2018 and stands at 93.9% leased with major tenant the American Bureau of Shipping.
Halliburton Completes Sale of 48-Acre Oak Park Campus. The property is located at 10200 Bellaire Boulevard in Houston’s Westchase District, just west of the Sam Houston Tollway. The campus includes a 568,000-sq.-ft. office building, a 17,500-sq.-ft. fitness facility, a daycare center, central plant and a five-level parking garage. A local, private investment group, 68B LLC, purchased the campus at auction. No plans for the site have been announced.
Metro Houston reaches milestone. In May, a landmark 3.1 million workers were on payrolls throughout the region, according to the Texas Workforce Commission. For the 12 months ending May 2018, metro Houston created 79,200 jobs, for a 2.6% increase. Employment services, construction and manufacturing led job growth with the three sectors accounting for 45.6% of the jobs created. Houston’s unadjusted unemployment rate was 4.2% in May, unchanged from 4.2% in April and down from 4.8% in May 2017.
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