Commercial sector surges forward

Commercial building development moved swiftly in 2012's last quarter.While Houston homes have been purchased with great alacrity, the same can be said for the commercial sector as well, breathing new life into the Houston real estate climate.According to new data from the Houston Association of Realtors, the city’s office market closed the final three months of?2012?in positive territory, with positive absorption rates surpassing 1 million square feet. That puts the year in excess of 3.6 million.Some of the biggest improvements to the commercial market were due to building construction projects that wrapped up as the year came to a close. NAR says Nexen Tower and City Centre III comprised 342,000 square feet of the increased absorption rate between October and December.Strong job numbers have also led to improved vacancy rates, NAR notes. In the last quarter, the vacancy rate fell from 13.4 percent to 11.8 percent.Job numbers in the Lone Star State have been consistently below the national average for the past several years. The jobless rate in Texas was 6.1 percent in December to the national rate of 7.8 percent.
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