DOCSLIB.ORG

Houston's Office Market Posts Positive Net Absorption for the First Time In

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Houston's Office Market Posts Positive Net Absorption for the First Time In Research & Forecast Report HOUSTON | OFFICE Q4 2017 Houston’s office market posts positive net absorption for the first time in several years Lisa Bridges Director of Market Research | Houston After six straight quarters of negative net absorption, Houston’s office market posts 673,000 SF of positive net absorption in Q4 Market Indicators Annual Quarterly Quarterly 2017. Although positive, Houston’s office market 2017 year-end Relative to prior period Change Change Forecast* absorption total is still well within the red, at negative 1.7M SF. After three years in an economic energy slump, Houston’s office VACANCY market is ready for a boost. Even though oil prices have recently NET ABSORPTION increased, the increase is not enough to spur hiring sprees in the energy industry. With the recent increase in oil prices the U.S. NEW CONSTRUCTION Energy Information Administration (EIA) has revised it’s forecast UNDER CONSTRUCTION for world oil demand in 2018 by 100,000 barrels per day. Although Brent crude prices are up to $64 per barrel, the highest price since *Projected November 2014, it’s not enough to accelerate leasing of vacant office space. Recent news articles indicate that some of the large energy giants reported profits in the fourth quarter. However, profits were largely driven by continued lean budgets and staff reductions. Summary Statistics Houston Office Market Q4 2016 Q3 2017 Q4 2017 Developers have shown restraint over the past few years, only starting projects with a lead tenant guaranteed. A handful of Vacancy Rate 17.5% 19.3% 19.1% planned buildings broke ground this past year with lead tenants in place including Bank of America, American Bureau of Shipping and Net Absorption (Million Square Feet) -0.1 -0.8 0.7 HP. Once these projects deliver, those companies will vacate their existing space, leaving more than 1 million square feet for landlords New Construction (Million Square Feet) 0 0.2 0.5 to backfill. Under Construction 3.1 2.2 1.1 In August 2017, Houston faced one of the worst natural disasters (Million Square Feet) in history. Hurricane Harvey, a Category 4 hurricane, slammed the Class A Vacancy Rate Texas coast and dumped over 50 inches of rain in parts of Houston. CBD 13.4% 18.3% 18.5% The event caused widespread flooding, destroying homes, Suburban 19.7% 21.9% 21.3% businesses and infrastructure. This was a temporary set-back Asking Rents for many, but has had permanent ramifications for others. A joint Per Square Foot Per Year industry survey confirmed that less than 7% of Houston’s office inventory suffered damage. Of that amount, the majority have Houston Class A $35.35 $35.31 $34.97 been repaired and back in operation with a handful of buildings still CBD Class A $44.64 $44.36 $44.37 undergoing repair. Suburban Class A $32.78 $32.92 $32.33 According to the U.S. Bureau of Labor Statistics, the Houston MSA created 48,500 jobs (not seasonally adjusted) between November 2016 and November 2017, an annual growth rate of 1.6%, which is above than the national averages job growth rate of 1.5%. Share or view online at colliers.com/texas/houstonoffice Vacancy & Availability Job Growth & Unemployment (not seasonally adjusted) Houston’s citywide vacancy rate decreased 20 basis points from 19.3% to 19.1% over the quarter and rose 150 basis points from 17.5% in Q4 2016. Over the UNEMPLOYMENT 11/16 11/17 quarter, the average suburban vacancy rate decreased 20 basis points from 18.9% to 18.7% and the average CBD vacancy rate increased 20 basis points from HOUSTON 5.2% 4.3% 20.4% to 20.6%. TEXAS 4.5% 3.7% The average CBD Class A and Class B vacancy rates increased 20 basis points U.S. 4.4% 3.9% over the quarter from 18.3% to 18.5% and from 28.2% to 28.4%, respectively. The average suburban Class A vacancy rate decreased 60 basis points from 21.9% to 21.3% between quarters, while the average suburban Class B vacancy Annual # of Jobs JOB GROWTH Change Added rate rose 10 basis from 16.7% to 16.8%. HOUSTON 1.6% 48.5K Of the 1,709 existing office buildings in our survey, 86 buildings have 100,000 SF 2.7% 331.6K or more of contiguous space available for lease or sublease. Further, 24 buildings TEXAS have 200,000 SF or more of contiguous space available. Citywide, available U.S. 1.5% 2.1M sublease space totals 8.8 million SF, or 3.8% of Houston’s total office inventory. Available space differs from vacant space, in that it includes space that is currently being marketed for lease and may be occupied with a future availability date. Whereas vacant space is truly vacant and is and may still be immediately CBD vs. Suburban available. CLASS A OFFICE VACANCY HISTORICAL AVAILABLE SUBLEASE SPACE 25.0% CBD Suburban Houston Total 20.0% 14,000,000 12,000,000 10,000,000 15.0% 8,000,000 6,000,000 10.0% 4,000,000 2,000,000 5.0% 0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2014 2014 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2017 0.0% AVAILABLE SUBLEASE SPACE - 150,000 SF OR GREATER CBD Vacancy Suburban Vacancy Large Sublease Availabilities (Total available in building and/or complex) BUILDING TENANT SUBMARKET SF CLASS A OFFICE RENTS Four WestLake Park BP Katy Freeway 504,327 $50.00 Two Allen Center Chevron CBD 396,309 $45.00 1100 Louisiana Enbridge CBD 294,580 $40.00 Three Greenspoint Place ExxonMobil North Belt 253,562 $35.00 One Shell Plaza Shell Oil CBD 229,140 $30.00 Three WestLake Park Phillips 66 Katy Freeway 221,723 $25.00 8 Greenspoint ExxonMobil North Belt 198,256 $20.00 10777 Clay Rd AMEC Foster Wheeler Katy Freeway 189,285 $15.00 Energy Center I Foster Wheeler Katy Freeway 182,966 $10.00 Four Oaks Place BHP West Loop/Galleria 180,343 $5.00 West Memorial Place II IHI E&C Katy Freeway 158,317 $0.00 CityWestPlace 2 Statoil Westchase 154,887 Three Northborough FMC Technologies North Belt 151,372 Source: CoStar CBD Rents Suburban Rents 2 Houston Research & Forecast Report | Q4 2017 | Office | Colliers International Absorption & Demand Houston’s office market posted 673,545 SF of positive net absorption in Q4 2017. CBD Class A space recorded the largest loss, with 72,517 SF of negative net absorption, while Suburban Class A posted the largest gain with 767,203 SF of positive net absorption. Some of the tenants that moved during the quarter include McDermott International (186,962 SF) in the West Belt submarket, Targa Resources Corp. (128,600 SF) in the CBD submarket, Lockton Companies (116,250 SF) in the Westchase submarket and Empyrean Benefit Solutions, Inc. (106,904 SF) in the Westchase submarket. The large amount of sublease space placed on the market during the energy downturn has steadily decreased over the last five quarters from 11.8M SF to 8.8M SF. The majority of the available sublease space has less than three years of term remaining. Rental Rates Houston’s average Class A asking rental rate decreased over the quarter from $35.31 per SF to $34.97 per SF. The average Class A rental rate in the CBD remained steady over the quarter at $44.37 per SF, while the average Suburban Class A rental rate decreased from $32.92 to $32.33 per SF. The current average rental rate, which includes all property classes, for Houston office space is $29.22 per SF gross. Leasing Activity Houston’s office leasing activity increased 17% over the quarter, rising from 3.0 million SF in Q3 2017 to 3.5 million SF in Q4 2017. A majority of the leasing activity was caused by renewals, but there were some tenants that needed short-term sublease space while their current lease space is rebuilt due to damage caused by Hurricane Harvey. Q4 2017 Select Office Lease Transactions BUILDING NAME/ADDRESS SUBMARKET SF TENANT LEASE DATE Two Allen Center CBD 200,000 Saudi Aramco4 Oct-17 1360 Post Oak Blvd West Loop/Galleria 156,151 Stewart Title4 Nov-17 Three Allen Center CBD 98,000 Talos Energy1 Dec-17 Bank of America Center CBD 82,916 TransCanada3 Oct-17 Two Allen Center CBD 55,178 Chamberlain Hrdlicka2 Oct-17 LyondellBasell Tower CBD 48,233 Beck Redden2 Nov-17 1New/Direct 2Renewal 3Expansion 4Sublease Sales Activity Houston’s office investment sales activity grew substantially over the year, rising by 54% since Q4 2016. With most of the investor community believing the downturn in the energy industry has reached the bottom and has begun to rebound, they now see Houston as offering limited downside and the potential for healthy returns. The average sales price per square foot increased from $199 to $245 per SF over the quarter and rose significantly over the year by 86%. Q4 2017 CHANGE IN SALES (YEAR OVER YEAR) Q4 2017 OFFICE SALES PRICE PER SF 600.0% $300 500.0% $250 400.0% $200 300.0% 200.0% $150 100.0% $100 0.0% $50 -100.0% -200.0% 0 Q4 '13 Q4 '14 Q4 '15 Q4 '16 Q47 '17 Q4 '13 Q4 '14 Q4 '15 Q4 '16 Q4 '17 Sources: CoStar and Real Capital Analytics 3 Houston Research & Forecast Report | Q4 2017 | Office | Colliers International Houston Office Market Summary (CBD, Suburban, & Overall) SUBLEASE NET ABSORPTION RENTAL INVENTORY DIRECT VACANCY VACANCY VACANCY RATE (%) VACANCY (SF) RATE # OF RATE RATE TOTAL AVG CLASS TOTAL (SF) (SF) (SF) Q4-2017 Q3-2017 Q4-2017 Q3-2017 BLDGS.
Load more

Recommended publications
  • The Espersonespersonesperson 808 Travis Street & 815 Walker Avenue • Houston, Texas
    THETHETHE ESPERSONESPERSONESPERSON 808 TRAVIS STREET & 815 WALKER AVENUE • HOUSTON, TEXAS EXECUTIVE SUMMARY THETHETHE ESPERSONESPERSONESPERSON 808 TRAVIS STREET & 815 WALKER AVENUE • HOUSTON, TEXAS HFF, as the exclusive representative of the owner, is pleased to offer for sale a 100% fee simple interest in Esperson (the “Property”), a 19 and 27-story, 599,107 square foot office building located in Houston’s central business district. Constructed in 1927 and 1941 respectively, Esperson is the only iconic structure of Italian Renaissance in Houston’s most densified employment center. The property is currently 62% leased with 4 years remaining average lease term and is situated on 1.447 acres, a full city block. Located at the intersection of Rusk and Walker Street, Esperson has direct access to Houston’s METRO Rail and 7.5 mile underground tunnel system. Over the last 36 months, ownership invested nearly $9 million in non-leasing capital, positioning the asset at the top of its competitive set. Today, considerable value creation is achievable through rolling current in-place rents to market and through the lease up of the remaining 226,561 square feet of vacant space. Redeveloping and expanding Houston’s CBD infrastructure – realized through rebuilt streets – highways, new mass transit and enhanced public utilities coupled with new office, multi-family, and retail projects have transformed Houston’s core into a vibrant, modern 24/7 environment for people to live, work and play. Esperson offers investors prestige, history, quality, abundant amenities, and a prime location in Houston’s largest employment center. INVESTMENT SALES H. DAN MILLER, CCIM, SIOR Senior Managing Director Tel: (713) 852-3576 [email protected] MARTIN T.
    [Show full text]
  • SC17/TG08: Task Group on Completion/Workover Risers (17G)
    SC17/TG08: Task Group on Completion/Workover Risers (17G) December 11, 2015 Chair Brian Skeels FMC Technologies Ph: 281 591-4333 Manufacturer 5875 N. Sam Houston Pkwy W. Fax: 281 405-4643 Houston, Texas 77086 [email protected] Co-Chairs Tony Muff FMC Technologies Ph: 47 3328-8865 Manufacturer Box 1012 Fax: 47 3228-6750 N-3601, Kongsberg [email protected] Norway Ray Stawaisz Chevron Corporation Ph: 832 854-3225 Operator-User 1500 Louisiana Street Fax: 832 854-3210 Room 12-092B [email protected] Houston, Texas 77002 Member Joe Scranton AlTiSS Technologies Ph: 832 288-5972 Contractor 3838 N. Sam Houston Pkwy, 430 Fax: 281 265-2818 Houston,Texas 77583 [email protected] Gary Rytlewski Retired - Schlumberger Ph: 832 573-6738 Consultant 4757 Oakmont Court League City, Texas 77573 [email protected] Brian Saucier Ph:713 817-6051 Consultant 95 Robindale Circle Fax: Conroe, Texas 77384 [email protected] Jim Miller Chevron Corporation Ph: 832 854-4811 Operator-User 1600 Smith Street, Fax: 832 854-3210 Room 33094A [email protected] Houston, Texas 77002 Richard Cummings Chevron Corporation Ph: 713 754-3196 Operator-User 1600 Smith Street, Fax: 832 854-3210 Room 33094C [email protected] Houston, Texas 77002 Paul Deacon Expro Group Ph: 44 1224-225-856 Contractor Lion House Fax: 44 1224-225-868 Dyce Avenue [email protected] Aberdeen, Scotland AB21 0LQ United Kingdom Jamie Walker Expro Group Ph: 44 1224-225-788 Contractor Lion House Fax: 44 1224-225-868 Dyce Avenue [email protected] Aberdeen, Scotland AB21 0LQ United Kingdom Finn Kirkemo Statoil Ph: 47-9012-7901 Operator-User Martinshaugen 30, Fax: 3408, Tranby [email protected] Norway Send updates to [email protected] 1 SC17/TG08: Task Group on Completion/Workover Risers (17G) December 11, 2015 Member Lorents Reinås Statoil Ph: 47-9115-3047 Operator-User Forus Øst, H2 Fax: 4035, Stavanger [email protected] Norway Tore Geir Wernø Statoil Ph: 47 9522-5568 Operator-User Forus Øst, H2 Fax: 4035, Stavanger [email protected] Norway Mirick Cox ExxonMobil Production Co.
    [Show full text]
  • Availabilities
    AVAILABILITIES SOUTH TOWER NORTH TOWER 711 LOUISIANA 700 MILAM FLOOR 32 - 16,605 RSF FLOOR 29 - 21,382 RSF FLOOR 26 - 21,382 RSF FLOOR 21 - 10,715 RSF FLOOR 19 - 7,707 RSF FLOOR 17 - 4,890 RSF FLOOR 16 - 3,890 RSF FLOOR 14 - 8,348 RSF FLOOR 11 - 10,614 RSF FLOOR 12 - 20,407 RSF FLOOR 10 - 20,346 RSF FLOOR 9 - 20,484 RSF FLOOR 11 - 20,407 RSF FLOOR 8 - 20,531 RSF FLOOR 10 - 9,375 RSF FLOOR 7 - 20,429 RSF FLOOR 9 - 20,407 RSF FLOOR 8 - 20,426 RSF FLOOR 7 - 20,442 RSF FLOOR 6 - 20,458 RSF FLOOR 2 - 20,520 RSF LOBBY - 4 Spaces TUNNEL - 3 Spaces SOUTH TOWER NORTH TOWER LARGEST CONTIGUOUS BLOCK LARGEST CONTIGUOUS BLOCK FLOORS 7-10, Pt. 11: 92,404 RSF FLOORS 6-9, Pt. 10: 91,108 RSF PROPERTY FACTS Address 711 Louisianna (South Tower) | 700 Milam (North Tower) Building Class “A” office property, two (2) thirty-six (36) story towers, totaling 1,421,765 RSF Common Area Factor Approximately 15.0% (multi-tenant floors) / 9.0% (single-tenant floors) Floor Size Approximately 21,500 RSF Lease Rate Negotiable Operating Expenses Estimated 2016 Operating Expenses of $16.10 per rentable square foot Lease Term Negotiable Leasehold Improvement Allowance Negotiable Up to 0.3 spaces per 1,000 square feet leased parking available below the building comprised of 525 spaces. Unreserved $220.00 / Reserved $285.00, plus taxes Parking Up to 1.5 spaces per 1,000 square feet lease parking available in Walker @ Main Garage (tunnel access) comprised of 1,000 spaces.
    [Show full text]
  • Major Lease Transactions Downtown Houston
    MAJOR LEASE TRANSACTIONS DOWNTOWN HOUSTON This is a comprehensive list of publicly available leases in Downtown Houston, including new‐to‐Downtown, expansions and renewals. Year Company Type To From Square Feet 512,845 Enterprise Plaza 2020 Enterprise Products Partners Renewal (incl. 2019 (1100 Louisiana) expansion: 22,301) 2020 JP Morgan Chase New/Relocation 600 Travis 1111 Fannin 253,230 2020 EP Energy Relocation/Sublease 601 Travis 1001 Louisiana 62,261 5 Houston Center 2020 Venture Global LNG Renewal/Expansion 58,514 (1401 McKinney) (Expansion: 29,257 2020 Summit Midstream Partners, LP New to Downtown/Sublease 910 Louisiana The Woodlands 48,632 LyondellBasell Tower 2020 Mitsubishi International Corporation Renewal 45,838 (1221 McKinney) 2020 Indigo Minerals Renewal 600 Travis 45,125 Pennzoil Place – North Tower 2020 Cheniere Energy Expansion 33,127 (700 Milam) Texas Tower Wells Fargo Plaza 2020 DLA Piper Relocation/Expansion 31,843 (845 Texas) (1000 Louisiana) (Expansion: 6,836) Bank of America Tower 2020 Waste Management Expansion 31,750 (800 Capitol) USA: Office of the Comptroller and Fulbright Tower 2020 Renewal 27,223 Office of the Currency (1301 McKinney) 2020 Riviera Resources Relocation 717 Texas 600 Travis 27,114 One Allen Center 2020 TPC Group Renewal 24,803 (500 Dallas) Source: Central Houston, Inc. Updated 09-30--2020. 1 Year Company Type To From Square Feet Fulbright Tower 2020 AXIP Energy Services Renewal 24,657 (1301 McKinney) 2020 Chevron Expansion 1600 Smith 23,699 2020 Plains All American Refining, L.P. Expansion Three Allen Center (333 Clay) 23,172 2020 Momentum Midstream Renewal 600 Travis 22,575 2020 Lone Star Legal Aid Renewal 500 Jefferson 20,020 2020 Squire Patton Boggs Renewal 600 Travis 15,641 2 Houston Center 2020 USA: Office of the Comptroller Renewal 14,624 (909 Fannin) 2020 Rockcliff Energy, LLC Renewal 1301 McKinney 14,403 2020 Enbridge, Inc.
    [Show full text]
  • Walking Tour – Houston Building Stones Revised 10/2008 Neal Immega – N [email protected] Houston Gem and Mineral Society, Houston Geologic Society
    Walking Tour – Houston Building Stones Revised 10/2008 Neal Immega – [email protected] Houston Gem and Mineral Society, Houston Geologic Society Start at Main Street Metro North Bound (NB) on the east side of the map ‘HoustonBuildingStones WalkingTour.gif. You need to do this tour during business hours when you can get into the buildings. The whole tour takes about 90 minutes. IBC Bank – 1001 McKinney - Just inside the bld is a lobby faced with a limestone made of stoney bryozoa. Age unknown Jesse Jones Building – JPMorgan Chase 712 Main St. – built in the old style with lots of decorative stone. Outside is scored Indiana limestone. Interior has marble and colored travertine (a flowstone deposit). Esperson Building 808 Travis, 815 Walker Town Mountain Granite from Austin, Bedford oolite, marble and serpentine (Verde Antique) http://uts.cc.utexas.edu/~rmr/tmg.html http://www.vermontmarbleandgranite.com/marble/vermont_verde_ant.htm Granite Building with Texas Star decoration – No name. Enter on the McKinney side. Back lighted onyx in escalator lobby. Basement has a Cretaceous rudist limestone and a Paleozoic stromatoporoid limestone. Wells Fargo Bank Building – flame cut poikilitic granite as pavement, zoned feldspars on the outside wall. Dynegy – 1400 Smith St. Black facing stone is a basic rock from Norway called Larvikite. http://www.toyen.uio.no/geomus/nettutstillinger/Osloriften/larvikitt-eng.html One Shell Plaza - 900 Louisiana Italian travertine. (Travertino Romano) Deposited by algae in freshwater hot springs. An inexpensive stone but a poor choice for an exterior stone. http://www.iltravertino.com/pagine/thecompany.html Houston City Hall – 901 Bagby Walls are Austin Stone (Cordova Shell) containing fossil shells.
    [Show full text]
  • CITY of HOUSTON Archaeological & Historical Commission Planning and Development Department
    CITY OF HOUSTON Archaeological & Historical Commission Planning and Development Department PROTECTED LANDMARK DESIGNATION REPORT LANDMARK NAME: Mr. and Mrs. S.I. Morris House AGENDA ITEM: D.1 OWNER: S.I. Morris Interests, Ltd. HPO FILE NO.: 15PL124 APPLICANT: David K. Morris DATE ACCEPTED: Apr-15-2015 LOCATION: 2 Waverly Court – Museum District HAHC HEARING DATE: May-21-2015 SITE INFORMATION Lot 2, Waverly Court, City of Houston, Harris County, Texas. The site includes a historic two-story, contemporary style single-family residence facing west on Waverly Court at the corner of Bissonnet Street. TYPE OF APPROVAL REQUESTED: Protected Landmark Designation HISTORY AND SIGNIFICANCE SUMMARY The Mr. and Mrs. S.I. Morris House is a contemporary residence at 2 Waverly Court in the Museum District south of downtown Houston. The house was designed by prominent Houston architect Seth Irwin “S.I.” Morris, Jr. (1914-2006) and completed in 1952 as his family’s home. Morris’ firms – Wilson, Morris & Crain, AIA; Wilson, Morris, Crain & Anderson, AIA; S.I. Morris Associates; Morris*Aubry Architects and Morris Architects – left a timeless imprint on Houston through their crucial roles in creating such treasured landmarks as the Astrodome (1965), Pennzoil Place (1976), Transco (now Williams) Tower (1983) and Gus S. Wortham Theater Center (1987), among many others. In Building A Houston Practice: The Career of S.I. Morris, Barry Moore notes that Morris insisted the only building he had ever personally designed was the house built at the corner of Waverly Court and Bissonnet in the 1950s. That house remains in the Morris family and is home to the architect’s widow, Mrs.
    [Show full text]
  • 35 Years of One Shell Plaza
    iiiiiilliiiiiiiiiiiiiiiiiiiiini IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII =IIB ••••••••••••••••••iiiiiiiiiini i ........ aasS§| iiiiiiimiiiiiiiiiiiiiiiiiiiui IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII IIIIIIIIIIIBIIIIIIIIIIIIIIIIIII IIIIIIIIIIIIIIIIIIIIIIIIIIIIIII IIIIIIIIIIIIIIIIIIIIIIIIIIIIIII /flffllfllfff IIIIIIIIIIIIIIIIIIIIIIIIIIIIIII fllllllflllll firfiffiifin IIIIIIIIIIIIIIIIIIIIIIIIIIIIIRII /ifffiffifiii llllllllllllllllllllllllllllllll fiifiiifiini "?ffiiiifiii 1111111111111111111111111111111 »lfffifilllii nmmun «lllllllllllllllllllllllllllllll i«»ni llllllllllllllllllllllllllllllll s llllllllllmmmllllllllmll IHIIIIIIIIIIIIIIIIIIIIIIIIIIIIl IIIIIIIIHIIIIIIIIIHimillllll ^IIIIEPIIIll till Ellililllllll llllllllllllllllllllllllllllllll Ss lllllllllllllllllllllllltlllllll railllllllllBl^llllJIIll I '0^4 CITE 67 : SUMMER 2006 25 35 Years of One Shell Plaza Once the world's tallest concrete building, One Shell Plaza still has lessons to teach INTERVIEW W I T H J O S E P H C O L A C O BY W I L L I A M F. S T E R N A N D C H R I S T O F S P I E L E R When it wus finished m Il>7l, One Shell tin this project, research that has served beams welded together at very, very close the post modern movement came about. Plaza was the world's tallest concrete the industry well over many, many years. S[\K nig. I he World 11.ufe i enter had Before that we had basically a Miesi.m- building. The 7IS-foot, 50-story build- And then when I moved ro Houston in columns that were three-feet-four-inches type design, which some call International ing, which fills the block bounded by I4f>^, the building was just about fin- on center on the outside and a very deep Style, buildings were fairly regular. They Louisiana. Smith. Walker, and McKinney. ished. For the last 3.5 years, I have been spandrel beam. F.ssenrially, you could were rectangular, ihey prcttv much went was also Gerald D.
    [Show full text]
  • DOWNTOWN the OAKS Hobby Airport 24 M I N
    THE WOODLANDS KINGWOOD TOMBALL SPRING ATSCOCITA 290 HUMBLE LOCATION WILLOWBROOK 59 CYPRESS 90 6 The Heights 15 min. IAH 99 River Oaks 17 min. 45 West University Place 14 min. Memorial 23 min. 290 59 90 The Galleria 16 min. THE Tanglewood 17 min. HEIGHTS 10 KATY MEMORIAL 10 The Medical Center 19 min. 610 TANGLEWOOD RIVER DOWNTOWN THE OAKS Hobby Airport 24 m i n . GALLERIA WEST George Bush Intercontinental UNIVERSITY 27 m i n. THE Airport (IAH) PLACE MEDICAL PORT OF CENTER HOUSTON 610 Sugar Land 27 m i n. 59 Port of Houston 40 min. Trinity Bay 99 Baybrook 32 min. HOBBY AIRPORT 90 Katy 37 min. 45 Cypress 35 min. Galveston Bay 288 SUGAR LAND BAYBROOK The Woodlands 36 min. 59 6 PEARLAND Kingwood 38 min. 65,720 150,000 22 residents currently live employees work Hotels downtown downtown (2 mile radius) 11 2,936 220,000 million people attend downtown Houston new residential units people visit downtown culture and entertainment planned or under on a daily basis attractions annually construction 1.2 million 7, 300 1,500 43.7 million 1.5 million people stay in downtown hotel rooms new hotel rooms SF of existing SF of office under Houston hotels annually under construction office space construction MAJOR EMPLOYERS Franklin Franklin Lofts? Old Cotton Islamic Hermann The Corinthian Harris Exchange Dawah Center Harris Lofts County County Family Law Harris Garage Center County Foley Sally’s Hotel Icon Congress Plaza Civil Courthouse George Bush Building (Jury Assembly) House Monument Congress Market Market 1414 Square Congress Garage Square Houston Hamilton Street Sesquicentennial Harris County Ballet Park Residences Majestic 1910 Courthouse Harris County Park Metro Harris County Juvenile Justice Admin.
    [Show full text]
  • Offering Summary Investment Overview
    HOUSTON DOWNTOWN OFFERING SUMMARY INVESTMENT OVERVIEW HFF is pleased to offer on an exclusive basis the opportunity to acquire the fee-simple interest in the 350-room Doubletree Downtown Houston (“Property” or “Hotel”), prominently situated within Allen Center – an institutional-quality mixed-use office/retail/hotel complex – in the Houston CBD. The Hotel is strategically located near many of Houston’s top demand drivers including the George R. Brown Convention Center, Minute Maid Park (home of the Houston Astros), Toyota Center (home of the Houston Rockets) and over 51 million square feet of office space within a 1-mile radius. Many of the Fortune 500 companies located in Houston are within blocks of the Property, including Deloitte, Chevron and KBR. The Property is being offered fully unencumbered from both brand and management, presenting the next owner with a completely blank slate. With an irreplaceable location within Houston’s CBD core and strong in-place cash flow, the DoubleTree offers investors a unique, unencumbered opportunity with tremendous upside potential. INVESTMENT HIGHLIGHTS UNIQUE DOWNTOWN HOUSTON LOCATION The Property boasts an enviable location within Allen Center in Houston’s CBD, benefiting from downtown’s diversified demand base – not only corporate but also convention, sports, leisure, culture, medical, university/ education – and pedestrian friendly environment. This ideal mix of demand drivers has allowed the CBD to TWO ALLEN CENTER 1 MILLION SF continually outperform Houston’s overall market, as well as the
    [Show full text]
  • Quarterly Market Overview 2017 Third Quarter
    Quarterly Market Overview For more information, please contact: David Mendel, Public Relations Manager 2017 Third Quarter Phone: 713.629.1900 ext. 258 FOR IMMEDIATE RELEASE E‐mail: [email protected] HOUSTON’S OFFICE MARKET RECOVERY SLOW, INDUSTRIAL DEMAND REMAINS HIGH HOUSTON — (October 18, 2017) — Houston’s commercial real estate market is optimistic after grappling with Hurricane Harvey amid the continued energy recovery, according to quarterly market research compiled by Commercial Gateway, the commercial division of the Houston Association of Realtors (HAR). For office space, direct negative net absorption of 39,995 square feet was recorded; Class A and C showed positive absorption of 246,119 square feet and 18,230 square feet, respectively, while Class B reported negative absorption of 304,344 square feet. Move-ins at 609 Main including four different firms who preleased space in the new building accounted for almost 263,000 square feet of the Class A positive absorption. Year-to-date overall totals are positive for the year primarily due to the first quarter occupancy of 600,000 square feet by BHP Billiton in its new headquarters building, although the firm is leaving behind more than 320,000 square feet that is currently on the sublease market. Space left behind by various firms occupying new properties along with sublease spaces converting to direct space will continue to affect the vacancy rate. The current 16.7% direct vacancy rate is unchanged from last quarter, but up from the 15.5% recorded during the same quarter in 2016. Class A space overall is 16.0% vacant, Class B is 19.1% vacant and Class C is 11.4% vacant.
    [Show full text]
  • United States Department of the Interior Minerals Management Service
    CODETAIL UNITED STATES DEPARTMENT OF THE INTERIOR COMPANY MINERALS MANAGEMENT SERVICE 01-OCT-2021 PACIFIC OCS REGION PAGE: 1 Company Details Orders : COMPANY Companies: ALL Bonds : ALL 10th OCS Oil and Gas Lease Sale 00087 DEC/QUAL : 09-OCT-1962 Term Date : 09-OCT-1962 Regns : G 11th OCS Oil and Gas Lease Sale Zone 3 00100 DEC/QUAL : 28-APR-1964 Term Date : 28-APR-1964 Regns : G 12th OCS Oil and Gas Sale Zone 2 00118 DEC/QUAL : 01-JAN-1947 Term Date : 14-OCT-1968 Regns : G 1400 CORP. 00622 DEC/QUAL : 10-DEC-1980 Term Date : 22-APR-1982 Regns : P 145 OG HOLDINGS, LLC 03267 4514 Cole Ave. DEC/QUAL : 07-NOV-2012 Suite 600 Term Date : Dallas, TX 75205 Regns : PAYG * * * * * * UNCLASSIFIED * * * * * * CODETAIL UNITED STATES DEPARTMENT OF THE INTERIOR COMPANY MINERALS MANAGEMENT SERVICE 01-OCT-2021 PACIFIC OCS REGION PAGE: 2 Company Details Orders : COMPANY Companies: ALL Bonds : ALL 157 OG Holdings, LLC 03271 4514 Cole Avenue DEC/QUAL : 21-DEC-2012 Suite 600 Term Date : Dallas, TX 75205 Regns : PAYG 1982 Drilling Program 00830 Box 6629 DEC/QUAL : 14-NOV-1983 San Antonio, TX 78209 Term Date : 19-JUL-1988 Regns : P 1986 STEA Limited Partnership I 01145 1221 Lamar, Suite 1600 DEC/QUAL : 19-JUN-1987 Houston, TX 77010 Term Date : 19-SEP-1997 Regns : G 1987-I STEA Limited Partnership 01253 1221 Lamar, Suite 1600 DEC/QUAL : 24-MAR-1988 Houston, TX 77010 Term Date : 19-SEP-1997 Regns : G 1987-VI STEA Limited Partnership 01252 1221 Lamar, Suite 1600 DEC/QUAL : 24-MAR-1988 Houston, TX 77010 Term Date : 19-SEP-1997 Regns : G * * * * * * UNCLASSIFIED * * * * * * CODETAIL UNITED STATES DEPARTMENT OF THE INTERIOR COMPANY MINERALS MANAGEMENT SERVICE 01-OCT-2021 PACIFIC OCS REGION PAGE: 3 Company Details Orders : COMPANY Companies: ALL Bonds : ALL 1988-I TEAI Limited Partnership 01470 c/o Torch Energy Assoc.
    [Show full text]
  • Agenda & Packet
    LOUIS R. RIGBY CHUCK ENGELKEN Mayor Councilmember District 2 JOHN ZEMANEK DARYL LEONARD Councilmember At Large A Councilmember District 3 DOTTIE KAMINSKI KRISTIN MARTIN Councilmember At Large B Councilmember District 4 DANNY EARP JAY MARTIN Mayor Pro-Tem Councilmember District 5 Councilmember District 1 MIKE CLAUSEN Councilmember District 6 CITY COUNCIL MEETING AGENDA Notice is hereby given of a Regular Meeting of the La Porte City Council to be held October 24, 2016, beginning at 6:00 PM in the City Hall Council Chambers, 604 W. Fairmont Parkway, La Porte, Texas, for the purpose of considering the following agenda items. All agenda items are subject to action. 1. CALL TO ORDER 2. INVOCATION – The invocation will be given by Windell Gill, First Baptist Church. 3. PLEDGE OF ALLEGIANCE – The Pledge of Allegiance will be led by Councilmember Jay Martin. 4. PRESENTATIONS, PROCLAMATIONS, and RECOGNITIONS (a) Proclamation - Municipal Court Week - Mayor Rigby (b) Recognition - The City of La Porte 2016 Achievement of Excellence in Procurement Award - Mayor Rigby (c) Recognition - The City of La Porte Government Finance Officers Association Distinguished Budget Presentation Award for Fiscal Year 2015 - Mayor Rigby (d) Recognition - The City of La Porte Certificate of Achievement for excellence in Financial Reporting for Fiscal Year 2015 - Mayor Rigby (e) Recognition - City of La Porte Outstanding Achievement in Popular Annual Financial Reporting for Fiscal Year 2015 - Mayor Rigby (f) Recognition - City of La Porte Traditional Finance Star and the Contract and Procurement Star - Mayor Rigby 5. PUBLIC COMMENTS (Limited to five minutes per person.) 6. CONSENT AGENDA (All consent agenda items are considered routine by City Council and will beenacted by one motion.
    [Show full text]