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Houston Metro HOUSTON SUBMARKET REPORT YEAR-END 2015 Houston Metro SNAPSHOT VACANCY RATES Despite the overall slowdown in leasing activity across the metro, there were some significant leases in the fourth quarter, largely sourced from Class A Overall Class A Direct Class B Overall Class B Direct renewals. Net absorption for 2015 totaled 3.9 million SF for all classes 16% of space with Class A absorbing 5.5 million SF, and Class B at negative 1.5 million SF absorbed. Positive absorption this year came entirely from 14% Class A space and was driven by preleased deliveries. At year-end, Class A direct vacancy was 11.1% and overall was 13.0%, and Class B vacancy was 12% 13.9% for direct and 14.9% for overall. Both classes of space experienced 10% further rent growth with Class A rising 2.4% year-over-year to $35.31 per SF gross, and Class B increasing by 1.9% to $21.28 per SF gross at 8% fourth quarter. As the office market is now favorable to tenants, rental concessions are becoming more generous. With tepid demand expected 6% 2012 2013 2014 2015 though 2016, vacancy will continue to rise and Houston’s strong net absorption should begin to taper off. SIGNIFICANT LEASES SIGNED NET ABSORPTION Apache - 524,000 SF lease extension through 12/2019, Post Oak Central, Galleria submarket Houston A Houston B 6,000,000 Bracewell & Giuliani - 189,061 SF renewal, Pennzoil Place, CBD 5,000,000 submarket 4,000,000 St. Luke’s Episcopal Health System - 139,424 SF renewal, 3100 Main, 3,000,000 Midtown submarket 2,000,000 BASF - 106,555 SF new lease, Energy Tower IV, Katy Freeway West 1,000,000 submarket 0 -1,000,000 Kirkland & Ellis - 62,000 SF prelease, 609 Main at Texas, CBD submarket -2,000,000 2012 2013 2014 2015 NOTABLE INVESTMENT SALES Energy Center Three - 549,000 SF, Class A, acquired by ConocoPhillips for approximately $275.0 million, 5.25% cap rate RENTAL RATES (FSG) 2200 Post Oak Blvd - 326,000 SF, purchased by Corporación Masaveu for approximately $172.0 million, 4.8% cap rate Houston A Houston B 16055 Space Center Blvd - 148,687 SF, Class A, acquired by Parsons $36.00 Corporation for approximately $21.5 million, 8.9% cap rate $32.00 LARGEST PROJECTS UNDER CONSTRUCTION Phillips 66 - 1.1 million SF, 14-acre corporate campus, owner occupied, $28.00 Q2 2016 delivery 609 Main at Texas - 47 stories, 1,057,000 SF, 6% preleased to Kirkland $24.00 & Ellis, Q4 2016 delivery $20.00 FMC Technologies - Five stories, 1.0 million SF, owner occupied, Q1 2016 delivery $16.00 2012 2013 2014 2015 BHP Billiton Tower - 30 stories, 600,000 SF, 100% preleased to BHP Billiton, Q2 2016 delivery Copyright © 2016 Transwestern. All rights reserved. No part of this work may be reproduced or distributed to third parties without written permission of the copyright owner. The information contained in this report was gathered by Transwestern from CoStar and other primary and secondary sources believed to be reliable. Transwestern, however, makes no representation concerning the accuracy or completeness of such information and expressly disclaims any responsibility for any inaccuracy contained herein. HOUSTON SUBMARKET REPORT YEAR-END 2015 Central Business District SNAPSHOT VACANCY RATES Fourth quarter leasing activity was dominated by law firm transactions as the energy downturn continues to weigh heavily on the submarket. Class A Overall Class A Direct Class B Overall Class B Direct Sublease inventories remain on the rise with total available sublet space growing 32% in 2015 to 1.5 million SF. The CBD is expected to see 20% further growth of sublease space in 2016 as shadow space and M&A 16% consolidations remain ever-present risks. Class A vacancy increased to 8.1% for direct and 10.4% overall this quarter, and Class B vacancy 12% jumped to 16.3% for direct and 17.8% overall. Net absorption took a hit in 2015 with some major move-outs occurring in the first three quarters 8% of the year. In total, Class A net absorption was negative 670,000 SF, 4% and Class B absorption was negative 1,311,000 SF. Rental rates showed growth on the year but were largely unchanged between third and fourth 0% 2012 2013 2014 2015 quarter. While 609 Main at Texas landed its first deal, the 6% prelease did not put much of a dent in its available space. SIGNIFICANT LEASES SIGNED NET ABSORPTION Bracewell & Giuliani - 189,061 SF renewal, Pennzoil Place CBD A CBD B Kirkland & Ellis - 62,000 SF prelease, 609 Main at Texas 400,000 Orrick, Herrington & Sutcliffe - 48,000 SF sublease, Fulbright Tower 0 Skadden Arps - 26,091 SF renewal, 1000 Louisiana -400,000 CONSTRUCTION ACTIVITY 609 Main at Texas - 47 stories, 1,057,000 SF, 6% preleased to Kirkland -800,000 & Ellis, Q4 2016 delivery -1,200,000 Hilcorp Energy Tower - 23 stories, 406,600 SF, Q1 2016 delivery, owner occupied -1,600,000 2012 2013 2014 2015 LARGE BLOCKS OF SPACE BEING MARKETED (100,000 SF+) 800 Bell, Floors 1-46, 1,314,350 SF (Exxon) 609 Main at Texas, Floors 12-46, 981,873 SF (new construction) RENTAL RATES (FSG) 2 Houston Center, Floors 4-8, 234,333 SF (Shell) CBD A CBD B 600 Jefferson, Floors 11-19, 192,984 SF (United Airlines) $45.00 811 Louisiana, Floors 10-15, 188,695 SF (Shell) $40.00 811 Louisiana, Floors 18-22, 159,665 SF (Shell) $35.00 Total Plaza, Floors 10-15, 145,352 SF (Hilcorp) 1415 Louisiana, Floors 25-32, 137,611 SF (Eagle Rock, other) $30.00 Heritage Plaza, Floors 14-18, 137,099 SF sublease, term through 08/2023 (Rosetta Resources) $25.00 Total Plaza, Floors 28-32, 124,069 SF (PwC) $20.00 2012 2013 2014 2015 Wells Fargo Plaza, Floors 30-35, 114,066 SF (Gardere Wynne Sewell) 500 Jefferson, Floors 13-17, 97,953 SF sublease, term through 06/2030 (KBR) 1600 Smith, Floors 9-12, 94,345 SF (United Airlines) Copyright © 2016 Transwestern. All rights reserved. No part of this work may be reproduced or distributed to third parties without written permission of the copyright owner. The information contained in this report was gathered by Transwestern from CoStar and other primary and secondary sources believed to be reliable. Transwestern, however, makes no representation concerning the accuracy or completeness of such information and expressly disclaims any responsibility for any inaccuracy contained herein. HOUSTON SUBMARKET REPORT YEAR-END 2015 Energy Corridor SNAPSHOT VACANCY RATES The Energy Corridor continues to see both rising vacancy and net absorption as the submarket comes down from the peak of the Class A Overall Class A Direct Class B Overall Class B Direct development cycle. In total, 4.4 million SF delivered in 2015, of which 20% 70% was preleased. A slower economy is likely to limit further leasing 16% activity in this space, and many tenants left behind large vacancies in the submarket when moving to occupy new space. Class A vacancy 12% increased to 9.4% and 12.1% for direct and overall, respectively, and Class B rose to 14.0% for direct and 16.2% for overall at year-end. Class 8% A net absorption was 3.0 million SF, largely due to preleased deliveries, 4% while Class B recorded negative 339,000 SF of absorption in 2015. Rental rates ended the year with positive growth but began trending downward 0% 2012 2013 2014 2015 in the fourth quarter as demand weakened further. Shadow space could have the largest impact in this high-percentage energy tenant submarket, especially when coupled with M&A consolidations. There are currently 18 large blocks of space available over 100,000 SF, including sublet and NET ABSORPTION under construction, and these will likely continue to grow. Energy Corridor A Energy Corridor B SIGNIFICANT LEASES SIGNED 3,500,000 BASF - 106,555 SF new lease, Energy Tower IV 3,000,000 Ensco - 31,910 SF sublease, Energy Crossing I 2,500,000 2,000,000 G&A Partners - 30,065 SF new lease, Westgate I 1,500,000 INVESTMENT SALES 1,000,000 Energy Center Three - 549,000 SF, Class A, acquired by 500,000 ConocoPhillips for approximately $275.0 million, 5.25% cap rate 0 LARGE BLOCKS OF SPACE BEING MARKETED (175,000 SF+) -500,000 2012 2013 2014 2015 Energy Center Five, Floors 1-18, 524,238 SF (new construction) 13501 Katy Frwy, Floors 1-4, 331,707 SF (Exxon) RENTAL RATES (FSG) Enclave Place, Floors 1-11, 300,907 SF (new) Energy Corridor A Energy Corridor B Three Westlake, Floors 3-9 & 14-17, 242,052 SF sublease, term through 02/2019 (Conoco) $40.00 Two Westlake, Floors 7-15, 205,304 SF (Conoco) $35.00 West Memorial Place II, Floors 2, 9-14, 199,997 SF (new construction) $30.00 10777 Clay Rd, Floors 1-3, 189,285 SF sublease, term through $25.00 12/2020 (AMEC Paragon) (new) $20.00 9811 Katy Frwy, Floors 2-10, 181,427 SF 17000 Katy Frwy, Floors 1-3, 174,469 SF (Mustang) $15.00 CONSTRUCTION ACTIVITY $10.00 2012 2013 2014 2015 West Memorial Place II - 14 stories, 389,709 SF, 41% preleased to IHI E&C, Q2 2016 delivery Energy Center Five - 18 stories, 524,328 SF, 0% preleased, Q2 2016 delivery Copyright © 2016 Transwestern. All rights reserved. No part of this work may be reproduced or distributed to third parties without written permission of the copyright owner. The information contained in this report was gathered by Transwestern from CoStar and other primary and secondary sources believed to be reliable.
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