Q2 2020 | Houston Office | Research & Forecast Report

Houston's office market weakens over the quarter and most likely will not see improvement in the short-term

HOUSTON - Txylo -- Commentary by Patrick Duffy, MCR | President | Houston

The Houston office market weathered the first phase of the COVID-19 pandemic, as we anticipated, with limited immediate impact on "the numbers." The lock-downs and social distancing forced companies to embrace a work from home strategy and begin the process of rethinking their office utilization going forward. The majority of surveys we have seen indicate that the vast majority of office workers and their managers were pleasantly surprised by the productivity they were able to maintain in a remote environment. Returning to the office has been a slow process as the stay-at-home orders were incrementally lifted. Many companies have decided to keep all of their workers out of the office for the balance of the summer and some have told employees to plan on working from home indefinitely. Most companies have adopted a voluntary return to the office policy combined with strong protocols for reducing the risk of infection at the office.

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As we begin the 3rd quarter, we have seen an increase in activity from potential office users in pursuing new leases. It appears that... To read the full report, click here: https://www2.colliers.com/en/Research/Houston/Q2-2020-Houston-Office

Lisa Bridges | Director of Market Research

Source: Colliers International | Houston
Filed Under: Real Estate

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