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Q1 2018 | Woodlands Office | Submarket Snapshot
1. Market Indicators
Class A Class B
VACANCY
NET ABSORPTION
CONSTRUCTION
RENTAL RATE
NEW SUPPLY
The Woodlands
Galveston
Bay
225Bellaire
The Woodlands
Humble
Pasadena
IAH
EFD
HOU
Cypress
Tomball
Katy
Brookshire
Lake
Houston
La Porte
146
League City
Kingwood
Atascocita
Spring
Pearland
35
35
Richmond
Waller
Hockley
242
1488
1488
Conroe
Magnolia
Willis
Lake
Conroe
Crosby
CBD
Ship
Channel
Clear Lake
Baytown
Mont Belvieu
Dayton
149
149
Cleveland
105
105
105
321
330
Alvin
Hitchcock
Texas
City
Sugar Land
The Woodlands’ office submarket snapshot
Research Snapshot
THE WOODLANDS | OFFICE
Q1 2018
Statistical Summary
1488
2920
249
1314
242
Huffsmith-Kohrville
WoodlandsParkway
ResearchForest
Needham Rd.
Grogan’sMillRd.
Spring Stuebner
GoslingRd.
Kuykendahl
ToHoustonCBD
WOODLANDS SUBMARKET MAP
VACANCY
RENTAL
RATE
Class # of Bldgs. Total (SF) (SF) Rate (%) (SF) Rate (%) Total (SF) Q1-2018 Q4-2017 Q1-2018 Q4-2017 AVG ($/SF)
The Woodlands
A 38 10,720,667 962,198 9.0% 56,862 0.5% 1,019,060 9.5% 9.5% (2,949) 149,403 $33.33
B 69 4,430,967 416,088 9.4% 46,898 1.1% 462,986 10.4% 11.1% 30,270 8,656 $25.50
C 5 131,696 41,074 31.2% 0 0.0% 41,074 31.2% 28.7% (3,234) (3,191) $24.81
Total 112 15,283,330 1,419,360 9.3% 103,760 0.7% 1,523,120 10.0% 10.4% 24,087 154,868 $0.00
INVENTORY DIRECT VACANCY SUBLEASE VACANCY VACANCY RATE (%)
NET ABSORPTION
(SF)
The Woodlands’ office submarket remains positive during the
first quarter with flat vacancy and positive absorption, while
other Houston office submarkets continue to see high vacancy
and negative net absorption. Over the quarter, The Woodlands’
average vacancy rate decreased by 40 basis points and leasing
activity remained steady.
Construction continues on CityPlace in Springwoods Village
where tech giant HP Inc. preleased 378,000 SF and American
Bureau of Shipping preleased 326,800 SF of office space.
Completion of the buildings is expected in the latter part of 2018.
Lisa Bridges Director of Market Research | Houston
HOUSTONTEXAS THE WOODLANDS
2. 2 The Woodlands Research Snapshot | Q1 2018 | Office | Colliers International2
The average quoted rental rates are a mix of direct and sublet rates and are based on a blend of gross and NNN. The graphs below are
only intended to show rental rate trends. Actual gross rates are higher than the average rate shown in the graph.
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
$18.00
$19.00
$20.00
$21.00
$22.00
$23.00
$24.00
$25.00
$26.00
$27.00
$28.00
Class B Rental Rate and Vacancy Percentage
The Woodlands, TX
Class B Rents Class B Vacancy
*Vacancy percentage includes direct and sublease space.
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
Available Sublease Space - The Woodlands
Class A Class B
Available Sublease Space
Q1 2018
Class A: 104,749 SF or 0.9%
Class B: 86,184 SF or 1.9%
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
$25.00
$27.00
$29.00
$31.00
$33.00
$35.00
$37.00
$39.00
Class A Rental Rate and Vacancy Percentage
The Woodlands, TX
Class A Rents Class A Vacancy
*Vacancy percentage includes direct and sublease space.