---
title: Houston Office Market Q3 2026 | Lee & Associates
description: "Greater Houston office market overview for Q3 2026: vacancy, leasing, absorption, rents, and the development pipeline."
---

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Market Report · Q3 2026

# Greater Houston Office Market

Houston's office market held steady in the third quarter. Direct vacancy was unchanged at 22.9% and asking rents eased slightly to $31.36. Net absorption dipped to a modest (39,738) SF as the CBD gave back space and the suburbs kept absorbing it, while Class A buildings captured about 71% of the quarter's 2.0 million SF of leasing.

22.9%

Direct vacancy

Unchanged from last quarter

$31.36

Direct asking gross rent / SF

$31.48 last quarter

(39,738) SF

Net absorption

368,268 SF last quarter

2,033,883 SF

Leasing activity

2,567,879 SF last quarter

487,968 SF

Construction pipeline

Unchanged from last quarter

4,854,083 SF

Available sublease

4,600,054 SF last quarter

## For the conversation

- **The suburbs are carrying demand.**The CBD posted (234,740) SF of net absorption in Q3, while suburban office absorbed 195,002 SF. Class A suburban buildings have absorbed 816,761 SF year to date.
- **Class A continues to win.**Class A accounted for 1,438,973 SF of the 2,033,883 SF leased this quarter, about 71%.
- **Major commitments are still getting done.**Westlake Corporation committed to 140,600 SF at 5444 Westheimer, and Harris County Flood Control District leased 86,743 SF at 4425 Westway Park Blvd.
- **Sublease space is creeping up.**Available sublease rose 5.5% to 4.85 million SF, including NOV's 410,465 SF listing in Southwest/Beltway 8 and JP Morgan Chase's 122,365 SF at The Jones on Main.
- **Capital is active again.**Williams Tower, 1201 Louisiana, Eldridge Place Campus and Lakes on Post Oak all traded during the quarter.
- **New supply stays limited.**Nothing delivered in Q3. SCI's 210,000 SF headquarters and Autry Park One (127,651 SF) are due in Q4 2026.

Our outlook

Houston's office market is expected to remain relatively stable through the rest of 2026, with Class A continuing to outperform and limited new supply supporting existing buildings.

Podcast

### Q3 2026 Houston Office Market

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Q3 2026 Greater Houston Office Market Review

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**Lee & Associates Houston** · Commercial Real Estate ServicesMarket data from Lee & Associates research. Prepared for our owner conversations, fall 2026.