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In 2Q24, the Houston office market showed mild activity, with lease transactions totaling about 2.0 million SF for the third quarter in a row. Despite economic challenges, Houston has demonstrated resilience compared to the national office market, rebounding from a severe recession. The limited availability of capital has restricted new construction, tightening the supply of premium office spaces. Moreover, since roughly 80% of the projects in progress are preleased, the influx of new supply has a minimal effect on the market. Although overall office demand in Houston is on the rise, the momentum in leasing activity has been slower to follow.