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The Houston office market is experiencing a surplus in inventory across all submarkets, especially in the Central Business District where space availability has grown by more than 2.5 million SF since 2020. Therefore, the Houston market continues to have the highest vacancy rate out of all the U.S. metros with 18.9% in Houston vs 13.2% nationwide, as of 2Q23. The majority of the single digit vacancies are occurring with office buildings built in the last five years. Office buildings built before 2010 (which make up 75% of the inventory) are having a difficult time leasing because newer office buildings offer more amenities and the price differential has dramatically decreased.