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Additional Sublease Space in Q1 Pushes Total Available Square Feet Back Above 9.0M SF

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Additional Sublease Space in Q1 Pushes Total Available Square Feet Back Above 9.0M SF Research & Forecast Report HOUSTON | OFFICE Q1 2018 Additional sublease space in Q1 pushes total available square feet back above 9.0M SF Lisa Bridges Director of Market Research | Houston After six straight quarters of negative net absorption, Houston’s office market posted positive net absorption in Q4 2017, a little Market Indicators Annual Quarterly Quarterly glimmer of hope that Houston’s office market was finally starting to Relative to prior period Change Change Forecast* look up. The optimism was short-lived as several large companies vacated space during Q1 2018 due to layoffs and mergers, causing VACANCY negative absorption. One of the companies, Technip, which NET ABSORPTION announced its merger with FMC Technologies in 2017 had over 3,000 layoffs nationwide during Q1 and the company vacated over NEW CONSTRUCTION 375,000 SF of class A space in the Katy Freeway submarket. UNDER CONSTRUCTION Developers remain disciplined, only beginning new construction *Projected with a lead tenant in place. Currently, there are only four such projects under construction including Capital Tower in the Central Business District and three projects in North Houston within the CityPlace development. Most of the office buildings that were damaged by Hurricane Summary Statistics Harvey in 2017 have been rehabbed and are back on-line and Houston Office Market Q1 2017 Q4 2017 Q1 2018 landlords are making contingency plans for future unforeseen Vacancy Rate 18.5% 19.1% 20.1% events. Net Absorption -0.7 0.3 -1.5 According to the U.S. Bureau of Labor Statistics, the Houston MSA (Million Square Feet) created 67,100 jobs (not seasonally adjusted) between February New Construction 1.8 0.5 0.2 2017 and February 2018, an annual growth rate of 2.2%, which is (Million Square Feet) above the national average job growth rate of 1.6%. Under Construction (Million Square Feet) 1.6 1.9 1.5 Class A Vacancy Rate CBD 17.0% 18.7% 20.2% Suburban 20.5% 22.2% 22.9% Asking Rents Per Square Foot Per Year Houston Class A $35.79 $34.97 $34.91 CBD Class A $44.46 $44.37 $44.23 Suburban Class A $33.26 $32.33 $32.21 Share or view online at colliers.com/texas/houstonoffice Vacancy & Availability Job Growth & Unemployment (not seasonally adjusted) Houston’s citywide vacancy rate increased 100 basis points from 19.1% to 20.1% over the quarter and rose 160 basis points from 18.5% in Q1 2017. Over the UNEMPLOYMENT 2/17 2/18 quarter, the average suburban vacancy rate increased 70 basis points from 19.0% to 19.7% and the average CBD vacancy rate increased 120 basis points from HOUSTON 5.9% 4.7% 20.8% to 22.0%. TEXAS 4.8% 4.1% The average Class A vacancy rate in the CBD increased 150 basis points over the U.S. 4.9% 4.4% quarter from 18.7% to 20.2%, and the average Class B vacancy rate in the CBD increased 40 basis points from 28.3% to 28.7%. The average suburban Class A vacancy rate increased 70 basis points from 22.2% to 22.9% between quarters, Annual # of Jobs JOB GROWTH Change Added while the average suburban Class B vacancy rate rose 50 basis points from 16.4% to 16.9%. HOUSTON 2.2% 67.1K 2.4% 288.6K Of the 1,709 existing office buildings in our survey, 84 buildings have 100,000 TEXAS SF or more of contiguous space available for lease or sublease. Of these, 23 U.S. 1.6% 2.3M buildings have 200,000 SF or more of contiguous space available. Citywide, available sublease space increased over the quarter from 8.8 million SF to 9.0 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 CBD vs. Suburban lease and may be occupied with a future availability date. In contrast, vacant CLASS A OFFICE VACANCY space is truly vacant and is and may still be immediately available. 25.0% HISTORICAL AVAILABLE SUBLEASE SPACE CBD Suburban Houston Total 20.0% 14,000,000 12,000,000 15.0% 10,000,000 8,000,000 10.0% 6,000,000 4,000,000 5.0% 2,000,000 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2017 2018 0.0% AVAILABLE SUBLEASE SPACE - 150,000 SF OR GREATER CBD Vacancy Suburban Vacancy Large Sublease Availabilities (Total available in building and/or complex) CLASS A OFFICE RENTS BUILDING TENANT SUBMARKET SF $50.00 Four WestLake Park BP Katy Freeway 504,327 $45.00 Energy Tower II KTI Corporation (Technip) Katy Freeway 375,937 $40.00 NRG Tower Reliant Energy Retail CBD 262,325 $35.00 Three Greenspoint Place ExxonMobil North Belt 253,562 $30.00 Three WestLake Park Phillips 66 Katy Freeway 221,723 $25.00 1100 Louisiana Enbridge CBD 202,680 $20.00 8 Greenspoint ExxonMobil North Belt 198,256 $15.00 10777 Clay Rd AMEC Foster Wheeler Katy Freeway 189,285 $10.00 Energy Center I Foster Wheeler Katy Freeway 182,966 $5.00 Four Oaks Place BHP West Loop/Galleria 180,343 $0.00 West Memorial Place II IHI E&C Katy Freeway 158,317 Three Northborough FMC Technologies North Belt 157,276 One Shell Plaza Shell Oil CBD 154,129 CBD Rents Suburban Rents Source: CoStar 2 Houston Research & Forecast Report | Q1 2018 | Office | Colliers International Absorption & Demand Houston’s office market posted 1.5M SF of negative net absorption in Q1 2018. CBD Class A space recorded the largest loss, with 586,221 SF of negative net absorption. Some of the tenants that relocated during the quarter include NRG, Hunting Energy Services LP, Technip and WeWork. Many of the tenants that moved consolidated from several locations into one and others downsized to more effective spaces. The large amount of sublease space placed on the market during the energy downturn decreased during 2017; however, sublease space crept back up over the 9.0M SF mark during Q1 2018. Rental Rates Houston’s average asking rental rate for Class A space decreased over the quarter from $34.97 per SF to $34.91 per SF. The average Class A rental rate in the CBD decreased slightly over the quarter from $44.37 to $44.23 per SF, while the average Suburban Class A rental rate decreased from $32.33 to $32.21 per SF. The current average gross rental rate, which includes all property classes for Houston office space is $29.19 per SF. Leasing Activity Houston’s office leasing activity decreased 32% over the quarter, falling from 4.8 million SF in Q4 2017 to 3.3 million SF in Q1 2018. The majority of the leasing activity was caused by renewals, but there were some tenants that signed new leases and will relocate in the coming months. Q1 2018 Select Office Lease Transactions BUILDING NAME/ADDRESS SUBMARKET SF TENANT LEASE DATE Post Oak Central West Loop/Galleria 524,342 Apache Corp2 Feb-18 Williams Tower West Loop/Galleria 324,342 The Williams Companies, Inc2 Jan-18 609 Main CBD 54,000 Royal Bank of Canada1 Jan-18 9811 Katy Freeway Katy Freeway 46,720 FairfieldNodal1 Jan-18 811 Main CBD 24,494 Yetter Coleman1 Feb-18 Three Greenway Plaza Greenway 23,049 Foster LLP1 Jan-18 1New/Direct 2Renewal 3Expansion 4Sublease Sales Activity Houston’s office investment sales dropped slightly over the year, falling by 6.3% since Q1 2017. The average sales price per square foot increased from $206 to $218 per SF over the quarter and rose significantly over the year from $126 per SF in Q1 2017. Houston’s average cap rate of 7.6% is higher than the U.S. average of 6.6%. AVERAGE OFFICE SALES PRICE PER SF AVERAGE OFFICE CAP RATE Houston U.S. Houston U.S. $300 12.0% $250 11.0% 10.0% $200 9.0% $150 8.0% 7.0% $100 6.0% $50 5.0% 4.0% $0 3.0% Q1 '14 Q1 '15 Q1 '16 Q1 '17 Q1 '18 Q1 '14 Q1 '15 Q1 '16 Q1 '17 Q1 '18 Sources: CoStar and Real Capital Analytics 3 Houston Research & Forecast Report | Q1 2018 | Office | Colliers International Houston Office Market Summary (CBD, Suburban, & Overall) SUBLEASE NET ABSORPTION RENTAL INVENTORY DIRECT VACANCY VACANCY VACANCY RATE (%) VACANCY (SF) RATE # OF RATE RATE TOTAL AVG CLASS TOTAL (SF) (SF) (SF) Q1-2018 Q4-2017 Q1-2018 Q4-2017 BLDGS. (%) (%) (SF) ($/SF) CBD A 35 32,989,934 5,150,429 15.6% 1,513,894 4.6% 6,664,323 20.2% 18.7% -490,618 -64,862 $44.23 B 31 10,143,862 2,836,893 28.0% 74,344 0.7% 2,911,237 28.7% 28.3% -41,740 -12,296 $29.08 C 13 855,542 104,707 12.2% 0 0.0% 104,707 12.2% 12.3% 450 -450 $19.99 Total 79 43,989,338 8,092,029 18.4% 1,588,238 3.6% 9,680,267 22.0% 20.8% -531,908 -77,608 $41.02 SUBURBAN A 380 96,791,258 17,767,302 18.4% 4,421,772 4.6% 22,189,074 22.9% 22.2% -586,221 311,264 $32.21 B 939 77,289,858 12,721,588 16.5% 352,985 0.5% 13,074,573 16.9% 16.4% -325,049 87,435 $20.39 C 299 12,489,681 1,429,359 11.4% 26,669 0.2% 1,456,028 11.7% 11.2% -41,086 13,045 $16.58 Total 1618 186,570,797 31,918,249 17.1% 4,801,426 2.6% 36,719,675 19.7% 19.0% -952,356 411,744 $26.80 OVERALL A 415 129,781,192 22,917,731 17.7% 5,935,666 4.6% 28,853,397 22.2% 20.9% -1,076,839 246,402 $34.91 B 970 87,433,720 15,558,481 17.8% 427,329 0.5% 15,985,810 18.3% 18.1% -366,789 75,139 $21.98 C 312 13,345,223 1,534,066 11.5% 26,669 0.2% 1,560,735 11.7% 11.2% -40,636 12,595 $16.82 Total 1697 230,560,135 40,010,278 17.4% 6,389,664 2.8% 46,399,942 20.1% 19.1% -1,484,264 334,136 $29.19 Houston Suburban Office Market Summary SUBLEASE NET ABSORPTION RENTAL INVENTORY DIRECT VACANCY VACANCY VACANCY RATE (%) VACANCY (SF) RATE # OF RATE RATE TOTAL AVG CLASS TOTAL (SF) (SF) (SF) Q1-2018 Q4-2017 Q1-2018 Q4-2017 BLDGS.
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