Quote:
Originally Posted by mhays
I'm glad Downtown Houston is improving, but let's be real
It has very high office space vacancy. Inside the freeway loop is at 24.2% vacant per Friday's CoStar numbers. Absorption isn't that bad, considering, at only 404,000 sf negative in the past year.
At the time of the census, the residential population was tiny. The only non-sparse tract in density terms appears to be based on the jail population. The other two tracts had fewer than 9,000 residents or around 6,000 per square mile.
Downtown Houston is rising from a base with extremely little housing or hotel rooms. From that point it'll take additional booms to turn around. It'll be exciting to watch of course.
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Man if you only saw downtown Houston when I first moved here in the 90's; it was a barren post apocalyptic void with just buildings and
some people on the streets between 8-5. It's night and day better now and yes, compared to other major cities, still way to go but let's take the win anyways.
Houston's economy has slid over the past couple of years so the vacancy might be a reflection of that. New development has virtually ground to a halt.