Hot off the press, Houston's Q3 office statistics from JLL are a mixed bag.

On the plus side, investors are re-entering the market. Office sales volume is up 430% from 2016, anchored mainly by mega-deals like Houston Center.

Sublease inventory decreased for the fourth consecutive quarter to 10.4M SF. The numbers also show Harvey had a minimal impact on Houston's office market.

On the other hand, total vacancy in Houston is up again, to 22.8%. Year-to-date, net absorption has been negative 2.4M SF. The average deal size, which has been steadily declining, hit its lowest point, at 4,700 SF.

Market indicators such as total vacancy, net absorption and rental rates have offered few moments of optimism since oil's downturn in 2014. While the steady decrease in sublease space is encouraging, the Houston market still has a long way to go before reaching balance. Going forward, expect Houston's office market to favor tenants well into 2018.