The Woodlands office vacancy rate saw a decrease and recorded a positive net absorption in Q3.
The Woodlands office market vacancy rate decreased over the quarter 40 basis points from 16.6% in Q2 2022 to 16.2% in Q3 2022. The submarket recorded 70,852 square feet positive net absorption in Q3 2022.
The average asking rental rate decreased from $34.51 per SF in Q2 2022 to $34.22 per SF in Q3 2022 and the average Class A rental rate dropped from $36.51 per SF to $36.25 per SF.
Leasing activity doubled over the quarter, recording 355,730 square feet compared to 174,614 square feet in the previous quarter.