Houston Office Marketplace

出典: くみこみックス

The downtown Houston office industry is worth reading a hot subject these days. Recent months have seen a flurry of activity, no matter whether it be leases, move-outs, or acquisitions. Its no secret that the downtown industry continues to be plagued by typical vacancies painfully close to 20% and stagnant rents. With the thought that issues will boost in the close to future, investors have been getting properties in earnest. The fourth warehouse space quarter news was encouraging, notably EPCO, Inc.s acquisition of 1100 Louisiana, a building in which they have subsequently occupied 300,000 square feet. Also, Wells True Estate Funds paid the highest per-square-foot cost in the Houston workplace markets background ($286 psf) for five Houston Center. Rumor has it that ChevronTexaco is interested in purchasing the remaining vacant former Enron building, whilst other power firms have begun to reclaim shadow space downtown.

Sadly, the Central Organization Districts recovery is anything but a slam dunk. Two key tenants, Burlington Resources and Bank One, are anticipated to vacate CBD space in 2006 right after acquisitions by ConocoPhillips and Chase, respectively. In the very same developing Burlington is expected to vacate, Calpine Corp. reduced the quantity of space they lease and subsequently lost naming rights to the former Calpine Center, now recognized by its address, 717 Texas.

Questions still stay about when the downtown workplace marketplace will see a substantial improvement. It did not take place with the current influx of New Orleans workplace tenants, as some thought it would. Nonetheless, powerful job development has several professionals predicting a healthy 2006 for the Houston workplace industry overall, and with the good fourth quarter numbers, it seems the market is moving in the correct direction.

The workplace market had a comparatively strong showing in the fourth quarter, absorbing 414,678 square feet (SF), the markets highest quarterly absorption figure tell us what you think considering that the third quarter of 2004. Classes A and C reported good absorption for the quarter, while all classes reported good annual absorption, bringing overall annual absorption to 737,259 SF.