Report: Houston shows positive, though slower, office absorption in 2008 - Houston Business Journal:

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In comparison, Houston posted more than 6 millionj square feet of positive absorptiohn in the office marketin 2007. Class A officde buildings were responsible for most of the 2008 net or net change in the amount of occupied A totalof 165,184 square feet of Classz A space was absorbed during the fourthh quarter, resulting in 1.1 millionh square feet of positive net absorption for the according to the report. The nicesf office buildings also had the lowesg vacancy rate among all classes of office Class A vacancy increased by 120 basis pointsto 11.3 percenty for the quarter, the Grubb & Ellis reporg shows.
Houston’s sublease space rose by 116,2621 square feet in the fourth quarter tonearlg 2.6 million square feet. Despite the quarterly increase, Houston’s subleasee space is only 1.6 percent of the overalp inventory, which is lower than the national averageof 2.3 The asking rent rate was higher at the end of 2008 than it was at the end of but Grubb & Ellis reportsz that rent increases have slowed and landlords are offerin more concessions to tenants.