Houston's office market saw slowing leasing activity and absorption in Q1 2013 compared to the previous year, with vacancy increasing slightly to 13.9%. However, rental rates increased overall and job growth in Houston remained strong at 4.5% annually. While leasing slowed in the short term due to limited available space, absorption is expected to increase later in the year when 9.4 million square feet of new office space under construction comes online.
Houston's strong job growth and healthy economy boosted office leasing activity in Q3 2012. Leasing activity reached 2.6 million SF, pushing the year-to-date total to over 9.75 million SF. Houston's overall vacancy rate fell to 14.2% as net absorption reached 767,000 SF in Q3. With continued expansion in the energy industry and a strong housing market, Houston's economy is expected to remain healthy.
Houston's office market saw strong leasing activity in the second quarter of 2012, driven by job growth in the energy sector. Net absorption was positive 1.4 million square feet, bringing the year-to-date total to 2.4 million square feet. Vacancy rates remained relatively unchanged, while average rental rates rose slightly. Several new office developments were announced to address the low available inventory as demand increased from companies looking to expand.
Houston's office market saw modest growth in Q2 2013, with 286,000 SF of positive net absorption. Absorption was lower than the previous year's quarter but is expected to increase as new developments deliver space later in the year. The overall vacancy rate increased slightly to 14.9% while average rental rates rose to $24.26 per SF. Job and economic growth in Houston remained strong, led by expansion in the energy sector. New office developments totaling over 9 million SF are planned or under construction to accommodate ongoing corporate growth.
Houston's office market saw positive net absorption of 715,000 SF in Q3 2013, with rental rates increasing citywide. Over 10.5M SF of new office space is under construction. The vacancy rate rose slightly to 15.4% due to new inventory delivery, though CBD vacancy declined. Strong job and economic growth are expected to continue driving demand for office space.
The document summarizes key office market indicators and trends for Houston, Texas in Q1 2015. Net absorption slowed to 1.2 million SF compared to 2.3 million SF in Q1 2014, while vacancy rates increased slightly. Rental rates remained relatively stable, increasing 0.9% citywide. Over 3.5 million SF of new inventory delivered during the quarter, with 68% pre-leased. The effects of lower oil prices are beginning to impact the Houston office market, as available sublease space increased 33% and job growth slowed compared to previous periods. However, vacancy rates remain moderate and most proposed construction projects have been put on hold, which should help stabilize the market.
Houston's strong job growth in the energy sector has boosted office leasing activity in the first half of 2012. Positive net absorption totaled 1.4 million square feet in Q2 alone, bringing the year-to-date total to 2.4 million square feet. Vacancy rates decreased slightly to 14.5% as demand outpaced new supply. Rental rates also increased slightly citywide to an average of $23.66 per square foot. Continued job and economic growth are expected to maintain a healthy office market outlook.
Houston's office market saw strong absorption in Q4 2013, pushing full-year absorption to 2.9 million square feet. Vacancy rates declined slightly both quarter-over-quarter and year-over-year as energy companies expanded. Rental rates increased across the board, with average Class A rents in the CBD rising 2.6% and suburban Class A rents up 1.3%. Absorption was driven by energy sector tenants taking large blocks of space for expansion projects. The economy is expected to remain strong in 2014 with continued job and population growth.
Houston's strong job growth and healthy economy boosted office leasing activity in 2012. Fourth quarter leasing reached 2.4 million square feet, pushing the annual total past 12.2 million square feet. Vacancy rates declined across the city while rental rates increased slightly. Major transactions included the $175 million sale of the KBR Tower and Modec International leasing 127,000 square feet at Energy Crossing II.
Houston's strong job growth and healthy economy boosted office leasing activity in Q3 2012. Leasing activity reached 2.6 million SF, pushing the year-to-date total to over 9.75 million SF. Houston's overall vacancy rate fell to 14.2% as net absorption reached 767,000 SF in Q3. With continued expansion in the energy industry and a strong housing market, Houston's economy is expected to remain healthy.
Houston's office market saw strong leasing activity in the second quarter of 2012, driven by job growth in the energy sector. Net absorption was positive 1.4 million square feet, bringing the year-to-date total to 2.4 million square feet. Vacancy rates remained relatively unchanged, while average rental rates rose slightly. Several new office developments were announced to address the low available inventory as demand increased from companies looking to expand.
Houston's office market saw modest growth in Q2 2013, with 286,000 SF of positive net absorption. Absorption was lower than the previous year's quarter but is expected to increase as new developments deliver space later in the year. The overall vacancy rate increased slightly to 14.9% while average rental rates rose to $24.26 per SF. Job and economic growth in Houston remained strong, led by expansion in the energy sector. New office developments totaling over 9 million SF are planned or under construction to accommodate ongoing corporate growth.
Houston's office market saw positive net absorption of 715,000 SF in Q3 2013, with rental rates increasing citywide. Over 10.5M SF of new office space is under construction. The vacancy rate rose slightly to 15.4% due to new inventory delivery, though CBD vacancy declined. Strong job and economic growth are expected to continue driving demand for office space.
The document summarizes key office market indicators and trends for Houston, Texas in Q1 2015. Net absorption slowed to 1.2 million SF compared to 2.3 million SF in Q1 2014, while vacancy rates increased slightly. Rental rates remained relatively stable, increasing 0.9% citywide. Over 3.5 million SF of new inventory delivered during the quarter, with 68% pre-leased. The effects of lower oil prices are beginning to impact the Houston office market, as available sublease space increased 33% and job growth slowed compared to previous periods. However, vacancy rates remain moderate and most proposed construction projects have been put on hold, which should help stabilize the market.
Houston's strong job growth in the energy sector has boosted office leasing activity in the first half of 2012. Positive net absorption totaled 1.4 million square feet in Q2 alone, bringing the year-to-date total to 2.4 million square feet. Vacancy rates decreased slightly to 14.5% as demand outpaced new supply. Rental rates also increased slightly citywide to an average of $23.66 per square foot. Continued job and economic growth are expected to maintain a healthy office market outlook.
Houston's office market saw strong absorption in Q4 2013, pushing full-year absorption to 2.9 million square feet. Vacancy rates declined slightly both quarter-over-quarter and year-over-year as energy companies expanded. Rental rates increased across the board, with average Class A rents in the CBD rising 2.6% and suburban Class A rents up 1.3%. Absorption was driven by energy sector tenants taking large blocks of space for expansion projects. The economy is expected to remain strong in 2014 with continued job and population growth.
Houston's strong job growth and healthy economy boosted office leasing activity in 2012. Fourth quarter leasing reached 2.4 million square feet, pushing the annual total past 12.2 million square feet. Vacancy rates declined across the city while rental rates increased slightly. Major transactions included the $175 million sale of the KBR Tower and Modec International leasing 127,000 square feet at Energy Crossing II.
The document summarizes a Savills Studley report on the Houston office market in Q2 2015. It finds that leasing activity remained low while availability expanded. Specifically, overall leasing was down 35.6% year-over-year despite some large deals by Cousins Properties and Skanska. Availability rates increased by 1.1 percentage points from the prior quarter and 3.3 points from the previous year. The market is shifting in favor of tenants as uncertainty in the energy industry has led to layoffs and sublease space hitting the market, while new supply continues to be delivered.
Austin’s office market continues to deliver as
we hit the midyear mark
Boots On The Ground Commentary by David Bremer
Our “Boots on the Ground” view point is the voice of our experts, who
have broken down the market data and compared it to what they are
seeing for themselves. This is their take on what the numbers actually
mean for the Austin office market.
There are two mistruths I’ve heard perpetuated by the real estate
community, including myself once or twice, over the past year: (1)
This occupancy and these rates can’t last forever, and (2) MoPac
construction should be done soon.
The Austin office market rebounded sharply in the 2nd quarter,
with extremely high Net Absorption of almost 600,000 RSF.
Vacancy remained relatively flat, however rates continue to trend
higher.
http://bit.ly/Q2_2017_Austin_Office_Page
With demand rising steadily and supply running low in Columbus, now is a great time to be a landlord. As a tenant, with the introduction of many "big" players in the Columbus market and the third party vendors that follow, now is the time lease or become an owner/occupier before the market fully adjusts to today's supply and demand of industrial space. Let the Colliers Columbus Industrial Team add value to your next transaction with our proven industry knowledge and systematic approach- contact me with any questions regarding our market report or how we can be of assistance in achieving your business' goals.
The document summarizes Houston's office market performance in Q1 2018. Key points include:
- The overall vacancy rate increased to 20.1% due to large companies vacating space after layoffs and mergers, resulting in 1.5 million square feet of negative absorption.
- Sublease availability increased back above 9.0 million square feet due to space returned to the market during the energy downturn.
- Rental rates saw small decreases across classes and markets, with the average Class A rate at $34.91 per square foot.
- Leasing activity decreased 32% from the previous quarter while investment sales dropped slightly over the year.
- The Houston office market vacancy rate increased to 18.5% in Q1 2017, with slower job growth and energy sector layoffs contributing to higher vacancies. However, available sublease space has decreased in the last two quarters, indicating the market may be stabilizing.
- Office construction in Houston has declined significantly, with the pipeline shrinking 50% in one year and 65% over two years. Only 1.8 million square feet of new space was delivered in Q1 2017, with 40% vacant.
- Job growth in Houston has been slower than average due to the weakened energy market, but 19,300 new jobs were added in the metro area between February 2016-2017, with growth in arts, entertainment
Austin's office market continues to see large leases for even larger developments. In Q1 2019, Austin reported 1,082 SF of negative net absorption, with major losses in the Class A Northwest submarket. However, the Southeast submarket saw positive absorption due to a large lease. Large leases signed in Q1 included Indeed taking 183,911 SF and Google leasing 150,000 SF. Austin's vacancy rate increased slightly to 10.6% as rental rates decreased to an average of $35.72/SF. Development remains active with over 3 million SF under construction, over half of which is pre-leased.
Washington, DC Office Sector Report (Q2 2016)Savills Studley
Renewals and early restructures dominated the leasing landscape during the second quarter and tenants continued to return space to the market. These factors have translated into myriad opportunities for tenants to restructure existing leases or lock in generous concessions to relocate to space that better fits their culture and way of working.
This report summarizes office market trends in the San Diego area for the second quarter of 2017. It provides statistics on vacancy rates, absorption, rental rates, and notable leasing and sale transactions. Two key submarkets, Kearny Mesa and Mission Valley, had overall vacancy rates of 9.23% and 9.1% respectively. Kearny Mesa posted strong net absorption of 136,858 square feet year-to-date and average asking rental rates increased 4.7% from a year ago. Mission Valley saw negative absorption of 46,568 square feet year-to-date and average rents increased 3.8% from a year ago. The report also forecasts continued positive absorption and rising rental rates for San Diego overall
Year-to-date leasing activity surpassed the 2015 total in the third quarter, a positive sign for market. As the long-awaited East End Bridge nears completion, developers are looking to acquire land along the newly-opened access points as activity shifts to the northeast. In addition, four projects were announced in the third quarter total over 300,000 square feet of proposed speculative space as developers remain bullish on the market.
The Houston office market posted positive net absorption of 81,091 square feet in Q2 2011, with most absorption occurring in the suburban sector. Overall vacancy rates decreased slightly to 15.9% from 16.5% year-over-year. Rental rates continued to decline, with the average citywide rate dropping to $22.70 per square foot in Q2 2011. Vacancy increased in the CBD Class A properties to 12.5% while declining in the suburban Class A properties to 16.2%.
The office supply-demand imbalance in Houston is expected to continue for at least the next 12 months due to ongoing low oil prices, additional sublease space availability, and sustained construction deliveries. The author notes that overall asking rent fell 1.1% this quarter while availability increased 0.8 percentage points as demand remains weak.
The Houston industrial market saw 13 million square feet of new inventory added in 2019. Vacancy rates increased to 6.9% in the fourth quarter, though net absorption remained positive at 2.4 million square feet. Demand continues to be driven by logistics, distribution, and e-commerce users, though an oversupply of spec construction may challenge landlords in some submarkets. Overall, the Houston industrial market had a solid year with healthy absorption and job growth.
Houston's office market saw strong leasing activity in Q3 2012, with total leasing reaching 2.6 million square feet. Vacancy rates declined both citywide and in the CBD, falling to 14.2% and 13.9% respectively. Average rental rates increased slightly citywide and in the CBD class A space. Expansion in the energy industry continued to drive demand for office space as tenants had difficulty finding large blocks of available space. Net absorption remained positive at 767,000 square feet for the quarter.
Houston's office market saw strong leasing activity in Q3 2012, with 2.6 million SF leased. The strong job growth of 89,500 jobs in Houston over the past year has boosted demand for office space. Vacancy rates fell to 14.2% as net absorption was positive 767,000 SF. Rents increased slightly to $23.61/SF on average across the city. With continued energy industry expansion and job growth, Houston's office market is expected to remain healthy.
Houston's office market had strong positive net absorption of 2.3 million square feet in Q1 2014, the highest since 2007. Vacancy rates declined slightly while rental rates increased across the market. Major energy companies are expanding and adding new office projects. The local economy is expected to remain strong in 2014 with continued healthy job and population growth.
Houston's office market continues to see strong growth, with over 17.8 million square feet currently under construction. Net absorption was positive 1.6 million square feet in Q2 2014, pushing the year-to-date net absorption to a positive 2.2 million square feet. The average rental rate increased 1% over the quarter to $26.52 per square foot, as the economy remains healthy due to job and energy sector growth.
The document summarizes a Savills Studley report on the Houston office market in Q2 2015. It finds that leasing activity remained low while availability expanded. Specifically, overall leasing was down 35.6% year-over-year despite some large deals by Cousins Properties and Skanska. Availability rates increased by 1.1 percentage points from the prior quarter and 3.3 points from the previous year. The market is shifting in favor of tenants as uncertainty in the energy industry has led to layoffs and sublease space hitting the market, while new supply continues to be delivered.
Austin’s office market continues to deliver as
we hit the midyear mark
Boots On The Ground Commentary by David Bremer
Our “Boots on the Ground” view point is the voice of our experts, who
have broken down the market data and compared it to what they are
seeing for themselves. This is their take on what the numbers actually
mean for the Austin office market.
There are two mistruths I’ve heard perpetuated by the real estate
community, including myself once or twice, over the past year: (1)
This occupancy and these rates can’t last forever, and (2) MoPac
construction should be done soon.
The Austin office market rebounded sharply in the 2nd quarter,
with extremely high Net Absorption of almost 600,000 RSF.
Vacancy remained relatively flat, however rates continue to trend
higher.
http://bit.ly/Q2_2017_Austin_Office_Page
With demand rising steadily and supply running low in Columbus, now is a great time to be a landlord. As a tenant, with the introduction of many "big" players in the Columbus market and the third party vendors that follow, now is the time lease or become an owner/occupier before the market fully adjusts to today's supply and demand of industrial space. Let the Colliers Columbus Industrial Team add value to your next transaction with our proven industry knowledge and systematic approach- contact me with any questions regarding our market report or how we can be of assistance in achieving your business' goals.
The document summarizes Houston's office market performance in Q1 2018. Key points include:
- The overall vacancy rate increased to 20.1% due to large companies vacating space after layoffs and mergers, resulting in 1.5 million square feet of negative absorption.
- Sublease availability increased back above 9.0 million square feet due to space returned to the market during the energy downturn.
- Rental rates saw small decreases across classes and markets, with the average Class A rate at $34.91 per square foot.
- Leasing activity decreased 32% from the previous quarter while investment sales dropped slightly over the year.
- The Houston office market vacancy rate increased to 18.5% in Q1 2017, with slower job growth and energy sector layoffs contributing to higher vacancies. However, available sublease space has decreased in the last two quarters, indicating the market may be stabilizing.
- Office construction in Houston has declined significantly, with the pipeline shrinking 50% in one year and 65% over two years. Only 1.8 million square feet of new space was delivered in Q1 2017, with 40% vacant.
- Job growth in Houston has been slower than average due to the weakened energy market, but 19,300 new jobs were added in the metro area between February 2016-2017, with growth in arts, entertainment
Austin's office market continues to see large leases for even larger developments. In Q1 2019, Austin reported 1,082 SF of negative net absorption, with major losses in the Class A Northwest submarket. However, the Southeast submarket saw positive absorption due to a large lease. Large leases signed in Q1 included Indeed taking 183,911 SF and Google leasing 150,000 SF. Austin's vacancy rate increased slightly to 10.6% as rental rates decreased to an average of $35.72/SF. Development remains active with over 3 million SF under construction, over half of which is pre-leased.
Washington, DC Office Sector Report (Q2 2016)Savills Studley
Renewals and early restructures dominated the leasing landscape during the second quarter and tenants continued to return space to the market. These factors have translated into myriad opportunities for tenants to restructure existing leases or lock in generous concessions to relocate to space that better fits their culture and way of working.
This report summarizes office market trends in the San Diego area for the second quarter of 2017. It provides statistics on vacancy rates, absorption, rental rates, and notable leasing and sale transactions. Two key submarkets, Kearny Mesa and Mission Valley, had overall vacancy rates of 9.23% and 9.1% respectively. Kearny Mesa posted strong net absorption of 136,858 square feet year-to-date and average asking rental rates increased 4.7% from a year ago. Mission Valley saw negative absorption of 46,568 square feet year-to-date and average rents increased 3.8% from a year ago. The report also forecasts continued positive absorption and rising rental rates for San Diego overall
Year-to-date leasing activity surpassed the 2015 total in the third quarter, a positive sign for market. As the long-awaited East End Bridge nears completion, developers are looking to acquire land along the newly-opened access points as activity shifts to the northeast. In addition, four projects were announced in the third quarter total over 300,000 square feet of proposed speculative space as developers remain bullish on the market.
The Houston office market posted positive net absorption of 81,091 square feet in Q2 2011, with most absorption occurring in the suburban sector. Overall vacancy rates decreased slightly to 15.9% from 16.5% year-over-year. Rental rates continued to decline, with the average citywide rate dropping to $22.70 per square foot in Q2 2011. Vacancy increased in the CBD Class A properties to 12.5% while declining in the suburban Class A properties to 16.2%.
The office supply-demand imbalance in Houston is expected to continue for at least the next 12 months due to ongoing low oil prices, additional sublease space availability, and sustained construction deliveries. The author notes that overall asking rent fell 1.1% this quarter while availability increased 0.8 percentage points as demand remains weak.
The Houston industrial market saw 13 million square feet of new inventory added in 2019. Vacancy rates increased to 6.9% in the fourth quarter, though net absorption remained positive at 2.4 million square feet. Demand continues to be driven by logistics, distribution, and e-commerce users, though an oversupply of spec construction may challenge landlords in some submarkets. Overall, the Houston industrial market had a solid year with healthy absorption and job growth.
Houston's office market saw strong leasing activity in Q3 2012, with total leasing reaching 2.6 million square feet. Vacancy rates declined both citywide and in the CBD, falling to 14.2% and 13.9% respectively. Average rental rates increased slightly citywide and in the CBD class A space. Expansion in the energy industry continued to drive demand for office space as tenants had difficulty finding large blocks of available space. Net absorption remained positive at 767,000 square feet for the quarter.
Houston's office market saw strong leasing activity in Q3 2012, with 2.6 million SF leased. The strong job growth of 89,500 jobs in Houston over the past year has boosted demand for office space. Vacancy rates fell to 14.2% as net absorption was positive 767,000 SF. Rents increased slightly to $23.61/SF on average across the city. With continued energy industry expansion and job growth, Houston's office market is expected to remain healthy.
Houston's office market had strong positive net absorption of 2.3 million square feet in Q1 2014, the highest since 2007. Vacancy rates declined slightly while rental rates increased across the market. Major energy companies are expanding and adding new office projects. The local economy is expected to remain strong in 2014 with continued healthy job and population growth.
Houston's office market continues to see strong growth, with over 17.8 million square feet currently under construction. Net absorption was positive 1.6 million square feet in Q2 2014, pushing the year-to-date net absorption to a positive 2.2 million square feet. The average rental rate increased 1% over the quarter to $26.52 per square foot, as the economy remains healthy due to job and energy sector growth.
Houston's office market saw positive absorption of 84,750 SF in Q2 2018, rebounding from negative absorption in Q1 2018. Vacancy rates decreased slightly to 21.7% overall but increased year-over-year. Large companies like Occidental Petroleum are downsizing space and subleasing hundreds of thousands of square feet. Rental rates have remained relatively stable while leasing activity decreased compared to prior periods.
The Houston office market summary provides an overview of key indicators in Q3 2014. Net absorption was 420k SF, pushing the year-to-date total to 4.4M SF. The average citywide vacancy rate increased slightly to 11.9% while average rental rates rose to $26.94 per SF. Strong job and economic growth are expected to continue driving demand in the Houston market through the end of 2014.
Houston's office market saw small improvements in Q1 2019, with vacancy rates declining slightly and positive net absorption of 724,000 SF. Leasing activity decreased from the previous quarter while rental rates increased. Job growth in Houston increased by 2.4% over the year, with gains in sectors like mining support, durable goods manufacturing, and construction.
Share or view online at colliers.com/houston
Houston’s industrial market continues to expand adding 3.4M SF of new inventory in Q1 2019 with an additional 16.2M SF under construction
Houston's retail market posted strong gains in the second quarter of 2014. Net absorption was 1.2 million square feet, vacancy rates fell to a record low of 6.3%, and average rental rates increased. Notable leases signed included Whole Foods, Kroger Marketplace, and Conn's Appliances. With 1.2 million square feet under construction and strong job and economic growth forecasted, the Houston retail market is expected to continue its positive momentum.
Houston's industrial market remains strong with positive net absorption of 2.1 million square feet in Q4 2013, bringing total net absorption for the year to 7 million square feet. The average vacancy rate remained low at 5.2% as demand outpaced new supply. Rental rates increased both quarter-over-quarter and year-over-year due to low vacancy. New development is robust with 4.4 million square feet under construction to meet ongoing demand driven by job and population growth in Houston.
Austin's office market saw a large increase in sublease space availability in Q2 2020, with over 100,000 square feet added from several large companies. The sublease availability increased over 40% compared to the start of Q2, reflecting the economic challenges brought on by the COVID-19 pandemic. However, construction continued on projects like Google and Indeed's downtown towers, and Tesla announced plans for a new factory in Austin, showing signs that Austin remains an attractive market. Vacancy rates increased overall to 13.6% as net absorption turned negative, but some submarkets did see positive absorption.
Houston's office sublease market saw a small decrease in sublease space in Q2 2018, though additional sublease listings have slowed the downward trend. Most sublease spaces currently available have 1-3 years left on their leases, though some large blocks have 5+ years remaining. The sublease vacancy rate was 2.5% in Q2 2018 and the total available sublease rate was 4.3%. Sublease leasing activity and net absorption both decreased in Q2 2018 compared to previous periods. The CBD and West Houston submarkets have the most concentrated sublease availability.
Houston's office market posted positive net absorption of 673,000 square feet in Q4 2017, the first positive figure in several years. However, the 2017 yearly total was still negative at -1.7 million square feet due to previous quarters of negative absorption. Vacancy rates decreased slightly to 19.1% from 19.3% over the quarter but remained higher than the 17.5% rate from Q4 2016. Rents for Class A office space decreased slightly to $34.97 per square foot on average.
Austin's industrial market saw strong leasing activity and positive net absorption in Q3 2020 despite the effects of the COVID-19 pandemic. Net absorption was 887,476 square feet as large tenants occupied significant space. The vacancy rate decreased from 9.8% to 8.2% while average rental rates slightly decreased citywide. Construction activity also remained high with over 2.3 million square feet under construction across six projects.
The Austin office market remains fast, competitive, and expensive. Vacancy increased slightly in Q2 2018 while absorption decreased. Rental rates are trending upward, especially in the CBD and Eastside, due to high demand and rising construction costs. Several large leases were signed during the quarter, and more large deals are anticipated as new developments deliver space over the next two years.
Houston's industrial market remains healthy with low vacancy of 5%, positive net absorption of 1.3 million square feet in Q1 2013, and increasing rental rates. New construction totaling 2.7 million square feet was underway to meet continued demand from companies expanding in or relocating to the Houston area. The Houston metro area added over 118,000 jobs in the last year, lowering the unemployment rate and boosting home sales, ensuring continued economic growth for Houston.
Houston's industrial market remains healthy with low vacancy of 5%, positive net absorption of 1.3 million square feet in Q1 2013, and increasing rental rates. New construction totaling 2.7 million square feet was underway to meet continued demand driven by job and population growth. The Houston metro area added over 118,000 jobs in the last year, lowering the unemployment rate to 6.3%, which supported increased industrial leasing activity of 3.3 million square feet in Q1 2013.
Houston's industrial market remains healthy with low vacancy of 5%, positive net absorption of 1.3 million square feet in Q1 2013, and increasing rental rates. New construction totaling 2.7 million square feet was underway to meet continued demand driven by job and population growth. The Houston metro area added over 118,000 jobs in the last year, lowering the unemployment rate to 6.3%, which supported increased industrial leasing activity of 3.3 million square feet in Q1 2013.
The Houston office market continued to contract in Q4 2020 with negative absorption of 836,140 square feet. Vacancy rates increased to 21.7% as the COVID pandemic continued to impact the market. Rental rates remained steady while landlord concessions became more aggressive. The outlook remains uncertain depending on vaccine distribution and return to office trends.
Similar to Q1 2013 Houston Office Market Research Report (20)
According to the document:
- Office activity has picked up significantly in the past quarter, with demand focused on newer Class A space in the CBD, South Central, and East areas of Austin. This has driven up rental rates in these core areas.
- Sublease space has received significant attention, with many subleases being occupied or nearing lease documentation. This allows tenants to avoid long construction timelines and realize substantial cost savings versus building out their own space.
- Overall vacancy remained at 19.3% as net absorption was negative, but delivery of new supply also slowed, suggesting continued strong demand. Rental rates across Austin increased slightly but remained flat in suburban areas.
The document summarizes commercial real estate market trends in Austin, TX in Q3 2021. Key points include:
- Vacancy rates decreased slightly to 19.2% while net absorption was positive at 705K SF
- Strong demand driven by corporate expansions and relocations is fueling investment in Austin commercial real estate
- Average citywide lease rates increased slightly to $46.16/SF, with higher rates in prime locations
- Over 4.5M SF of new construction is underway to meet continuing strong demand in the market
The industrial market in Austin, TX continued to experience tight supply and strong demand in the second quarter of 2021. Net absorption was 1,006,935 SF while vacancy dropped to 6.6%. However, the large development pipeline will not provide meaningful relief on vacancy until late 2021 and early 2022 as 2.3 million SF is currently under construction. With constrained supply across all size ranges, escalating rents and limited concessions are expected to continue through the rest of the year.
This document provides an overview of the industrial real estate market in Austin, TX for the first quarter of 2021. Key points include:
- Net absorption was 207K SF with vacancy at 7.9%, continuing the positive trends seen in late 2020.
- Population growth in Austin remains very strong at 184 people per day, fueling demand for industrial space from retailers, manufacturers, and logistics companies.
- Over 1.6M SF of new industrial space is under construction, but continued strong demand is expected to absorb space as it delivers through 2022.
The industrial real estate market in Austin saw tremendous growth and demand in 2020, driven primarily by e-commerce including Amazon expanding its footprint six-fold. Additionally, Tesla's announcement of a new gigafactory in Austin increased demand from suppliers. Available big box space over 100,000 SF became scarce as large requirements competed for limited supply. Developers responded by rapidly pursuing new developments to meet rising demand.
The Woodlands office market posted negative net absorption of 130,960 SF in Q3 2020, pushing the year-to-date total to negative 915,333 SF. The average Class A rental rate decreased to $36.85 per SF while the Class B rate increased to $33.42 per SF. Sublease availability rose with 371,974 SF for Class A and 79,878 SF for Class B. Leasing activity declined 43% from the previous quarter.
The Fort Bend commercial real estate market saw modest improvements in the third quarter of 2020. The office vacancy rate declined slightly while absorption and rental rates decreased. Medical office vacancy rose slightly while rental rates increased. Industrial vacancy rose due to new inventory additions, though rental rates increased and absorption was positive. Retail vacancy and negative absorption increased while rental rates rose. Several new commercial projects are under construction.
The Austin office market saw negative net absorption in Q3 2020, with vacancy rates increasing to 15.2%. Rental rates remained relatively stable but concessions are increasing. While construction remains high and demand is decreasing in the short term, Austin is still attracting companies and is well positioned to recover more quickly than other markets due to its business environment and quality of life.
The Woodlands office submarket in Houston, Texas recorded negative net absorption of 129,342 square feet in the second quarter of 2020, pushing the mid-year 2020 total net absorption to negative 239,835 square feet. Specifically, Class A space saw negative absorption due to a tenant vacating 134,000 square feet, while Class B space recorded negative absorption of 46,053 square feet. Rental rates for both Class A and B space remained stable despite the increase in vacancy rates caused by the negative absorption.
The Fort Bend commercial real estate market saw declines across most sectors in Q2 2020. The office vacancy rate rose to 11.8% with negative absorption, while average rents fell slightly. Medical office vacancy increased to 15.3% while rents rose. Industrial vacancy remained at 9.4% despite positive absorption as new inventory was added. Retail vacancy increased to 6.9% with negative absorption, as average rents grew slightly. Several new commercial projects are under construction across sectors totaling over 1.2 million square feet.
The document discusses how the COVID-19 pandemic has negatively impacted Houston's healthcare real estate market. Healthcare systems have seen their bottom lines impacted by the cancellation of profitable elective surgeries and costs associated with treating COVID-19 patients. As a result, previously planned expansions have been put on hold or scaled back as healthcare providers reduce expenses and medical office leasing activity has slowed. Some construction projects are still moving forward but larger, more ambitious capital projects have been delayed until the effects of the pandemic subside.
Austin's industrial market posted negative net absorption in Q1 2020 due to space coming online, including at NorthTech Business Center and Amazon leasing a large space. Rental rates increased across flex/R&D and warehouse/distribution spaces. Over 1 million square feet of industrial space remains under construction, with over 800,000 square feet scheduled for delivery in Q2 2020. Vacancy increased slightly to 8.6% as large blocks of space came to the market.
The Woodlands Class A office market recorded positive net absorption of 277,596 square feet in Q1 2020, while Class B properties saw negative net absorption of 391,360 square feet. Rental rates for Class A properties were $38.58 per square foot on average in Q1 2020 compared to $32.18 for Class B. Vacancy rates for Class A were 7.3% compared to 18.6% for Class B.
The Fort Bend commercial real estate market saw improvements in the office and medical office sectors in Q1 2020. The office vacancy rate decreased while absorption and rental rates increased. Medical office saw declines in vacancy rate and rental rates. The industrial sector grew with strong absorption, but vacancy also increased significantly due to new inventory. Retail rental rates increased slightly while vacancy and absorption decreased. Several new developments are underway across property types.
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Q1 2013 Houston Office Market Research Report
1. www.colliers.com/houston
Q1 2013 | OFFICE MARKET
RESEARCH & FORECAST REPORT
HOUSTON OFFICE MARKET
HOUSTON’S OFFICE MARKET BUILDING ON A BOOM –
9.4M SF UNDER CONSTRUCTION
Houston’s strong job growth continues to boost Houston’s office market in
Q1 2013. Although leasing momentum slowed in the first quarter, vacancy
levels only increased 10 basis points between quarters, and decreased by
120 basis points on an annual basis. Absorption slowed too, due to a lack of
quality blocks of space. Houston’s office market posted only 76,000 SF of
positive net absorption in the first quarter, much less than the 1.3M SF
posted in the same quarter one year ago. Absorption will pick up
momentum again later in the year when some of the 9.4 million SF of office
space under construction is delivered.
The citywide average rental rate increased slightly from $23.70 per SF to
$23.86 per SF over the year; however, some of the top-performing Class A
rental rates increased by as much as 8.5% to 10.0%.
The Houston metropolitan area added 118,700 jobs between February 2012
and February 2013, an astounding annual increase of 4.5% over the prior
year’s job growth. Further, Houston’s unemployment fell to 6.3% from
7.3% one year ago, which bolstered annual Houston area home sales by
17.1%.
With continued expansion in the energy industry and a strong housing
market, Houston’s economy is expected to remain healthy for both the near
and long-term.
MARKET INDICATORS
Q1 2012 Q1 2013
CITYWIDE NET
ABSORPTION (SF) 1.3M 76K
)
CITYWIDE AVERAGE
VACANCY 15.1% 13.9%
CITYWIDE AVERAGE
RENTAL RATE $23.70 $23.86
CLASS A RENTAL RATE
CBD $36.43 $36.86
SUBURBAN $27.82 $28.43
CLASS A VACANCY
CBD 12.8% 11.9%
SUBURBAN 13.6% 11.2%
ABSORPTION, NEW SUPPLY & VACANCY RATES
UNEMPLOYMENT 2/12 2/13
Houston 7.3% 6.3%
Texas 7.2% 6.5%
U.S. 8.7% 8.1%
JOB GROWTH
ANNUAL
CHANGE
# OF JOBS
ADDED
Houston 4.5% 118.7K
Texas 3.3% 355.6K
U.S. 1.7% 2.2M
JOB GROWTH & UNEMPLOYMENT
(Not Seasonally Adjusted)
5.0%
7.0%
9.0%
11.0%
13.0%
15.0%
17.0%
-1,000,000
-500,000
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
Net Absorption New Supply Vacancy
2. RESEARCH & FORECAST REPORT | Q1 2013 | HOUSTON OFFICE MARKET
$26.00
$28.00
$30.00
$32.00
$34.00
$36.00
$38.00
$40.00
CLASS A OFFICE RENTS
CBD RENTS SUBURBAN RENTS
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
CBD VS. SUBURBAN
CLASS A OFFICE VACANCY
CBD VACANCY SUBURBAN VACANCY
QUOTED GROSS RENTAL RATES FOR EXISTING TOP PERFORMING OFFICE BUILDINGS
BUILDING NAME ADDRESS SUBMARKET RBA (SF)
YEAR
BUILT
LEASED
AVAIL.
SF
RENT
($/SF)
OWNER
717 Texas 717 Texas CBD 696,228 2003 100.0% 76,892 $43.79 Hines
5 Houston Center 1401 McKinney St CBD 600,000 2002 95.3% 33,843 $43.66 Wells Real Estate Funds
1000 Main 1000 Main St CBD 837,161 2003 96.2% 180,833 $42.00 INVESCO Realty Advisers, Inc.
Heritage Plaza 1111 Bagby CBD 1,089,266 1986 99.6% 40,400 $42.00 Brookfield Office Properties
BG Group Place 811 Main CBD 972,474 2011 91.1% 86,917 $45.64 CalPERS/Hines
Williams Tower 2800 Post Oak Blvd West Loop/Galleria 1,476,973 1983 98.9% 16,926 $47.12 Invesco Real Estate
Marathon Oil Tower 5555 San Felipe West Loop/Galleria 1,168,805 1983 95.0% 88,616 $36.60 Hanover Real Estate Partners
CityCentre Three 842 W Sam Houston Pky N Katy Freeway 120,211 2012 74.3% 30,950 $40.00 Midway T & C Land Investors
San Felipe Plaza 5847 San Felipe St San Felipe/Voss 980,472 1984 87.0% 135,086 $38.00 Thomas Properties Group, L.P.
One BriarLake Plaza 2000 W Sam Houston Pky Westchase 502,410 2000 98.1% 63,659 $44.55 Behringer Harvard Holdings
4 Waterway Square
Place
4 Waterway Ave The Woodlands 232,364 2008 100.0% 42,838 $41.72
The Woodlands Development
Company, L.P.
Note: Avail. SF includes direct and sublet space.
Source: CoStar Property
2COLLIERS INTERNATIONAL | P.
VACANCY & AVAILABILITY
Although Houston’s overall average vacancy
rate increased 10 basis points between
quarters, vacancy decreased by 120 basis
points to 13.9% on an annual basis. Between
quarters, the average CBD vacancy rate
increased by 30 basis points to 14.0% from
13.7%, as additional sublease space was added
to the market. On a year-over-year basis, the
average CBD vacancy rate decreased by 110
basis points from 15.1%. Between quarters, the
average suburban vacancy rate increased by 10
basis points to 13.9% from 13.8%, and
decreased 130 basis points from 15.2% over
the year.
The CBD Class A vacancy rate increased by 210
basis points to 11.9% from 9.8% between
quarters. The CBD Class B vacancy rate
decreased more significantly moving 560 basis
points to 14.6% from 20.2%. The suburban
Class A vacancy rate decreased by 20 basis
points between quarters to 11.2% from 11.4%
and suburban the Class B vacancy rate
increased by 20 basis points to 16.3% from
16.1%.
Of the 1,716 buildings in the Houston office
market, only 43 have 100,000 SF of contiguous
space available for lease or sublease. Further,
only 19 have 200,000 SF of contiguous space
available. Citywide, available sublease space
totals 3.7 million SF or 1.9% of Houston’s total
office inventory, of which 1.6 million SF is
currently vacant.
ABSORPTION & DEMAND
Absorption slowed too, due to a lack of quality
blocks of space. Houston’s office market posted
only 76,000 SF of positive net absorption in the
first quarter, much less than the 1.3M SF posted
in the same quarter one year ago. Absorption
will pick up momentum again later in the year
when some of the 9.2 million SF of office space
under construction is delivered.
CBD Class A space posted the largest loss, with
286,000 SF of negative net absorption, mostly
due to the addition of sublease space vacated by
Devon. Some of the larger tenants that moved
into new space or expanded into additional
space during the first quarter include Energy
Transfer, moving into 220,000 SF in Travis
Tower which they purchased in late 2011; Noble
Energy moved into 497,124 SF in 20555 Hwy
249; Wood Group Mustang moved into 170,000
SF in Westgate 2 and Subsea 7 Inc. moved into
100,000 SF in Westgate 1. UHY Advisors TX,
LLC relocated to 90,000 SF in 2929 Allen
Parkway from 85,000 SF in 12 Greenway Plaza.
RENTAL RATES
The average citywide rental rate increased to
$23.86 from $23.70 per square foot on an
annual basis, but decreased between quarters
from $23.97 per square foot. The CBD Class A
average quoted rental rate decreased to $36.86
from $37.02 from per square foot between
quarters, while the suburban Class A average
quoted rental rate increased to $28.43 from
$28.20 per square foot. The average CBD Class
B quoted rental rate decreased to $24.77 from
$25.00 per square foot, while the average
suburban Class B quoted rental rate increased
to $18.79 from $18.75 per square foot over the
quarter.
3. RESEARCH & FORECAST REPORT | Q1 2013 | HOUSTON OFFICE MARKET
Q1 2013 SIGNIFICANT SALES TRANSACTIONS – (100,000 SF or greater)
BUILDING NAME
SUB-
MARKET
RBA (SF)
YEAR
BUILT
BUYER SELLER
SALE
PRICE
$/SF
CAP
RATE
CLOSED
Williams Tower
West Loop/
Galleria
1,479,764 1983 Invesco RE Hines REIT $412M $278 6.0% 3/2013
Post Oak Central
West Loop/
Galleria
1,279,759
1974/
1981
Cousins Properties
JP Morgan Asset
Management JV GE
Pension Trust
$233M $182 7.5% 2/2013
800 Bell CBD 1,258,000 1962 Shorenstein Properties ExxonMobil Corp $50M $40 N/A 1/2013
3COLLIERS INTERNATIONAL | P.
SALES ACTIVITY
Houston’s office investment sales activity increased between quarters with 57 properties changing hands compared to 33 in the
previous quarter. According to CoStar Comps, total transaction sales volume for office space in Houston was approximately $892.3
million, averaging $260 per SF. Some of the more significant transactions that closed during the first quarter are listed below.
LEASING ACTIVITY
Houston’s office leasing activity reached 2.7 million SF in the first quarter, about half of the amount of activity posted in the previous
quarter. Below is a list of Q1 2013 top lease transactions.
1
Renewal
2
Expansion
3
Sublease
4
Pre-lease/proposed or under construction
Building name/address Submarket SF Tenant Lease date
10001 Richmond Ave Westchase 554,385 Western Geophysical1
Jan-13
Noble Energy Center Two FM 1960 456,000 Noble Energy4
Jan-13
Two Allen Center CBD 315,814 Chevron3
Jan-13
San Felipe Plaza San Felipe/Voss 166,136 Ensco International1
Dec-12
Waterway Plaza I The Woodlands 158,598 Huntsman International LLC1
Dec-12
Sugar Creek on the Lake E Fort Bend/Sugar Land 156,617 Undisclosed - Confidential Mar-13
16290 Katy Freeway Katy Freeway 144,000 Conoco Phillips3
Jan-13
8 West Centre Katy Freeway 106,801 Cameron International Corp.4
Jan-13
11 Greenway Plaza Greenway Plaza 86,733 Camden Property Trust4
Jan-13
BG Group Place CBD 75,737 Baker Hostetler Jan-13
3009 Post Oak Blvd West Loop/Galleria 49,000 Datacert Inc.4
Jan-13
Dairy Ashford Plaza Katy Freeway 36,832 Dow Chemical Company Jan-13
1021 Main CBD 28,000 Energy XXI Services2
Jan-13
13430 Northwest Fwy Northwest Far 26,527 RICOH Americas Corporation Jan-13
Williams Tower West Loop/Galleria 23,110 Community Bancorp1
Jan-13
America Tower Allen Parkway 22,229 Huron Consulting Services1
Feb-13
Waterway Plaza II The Woodlands 18,543 Steptoe & Johnson LLP Jan-13
Dairy Ashford Plaza Katy Freeway 17,927 Petrofac Inc Jan-13
One Westway Northwest Far 15,945 Cbeyond Jan-13
Columbia Centre Westchase 12,800 First Continental Mortgage3
Jan-13
Q1 2013 TOP OFFICE LEASES
7. RESEARCH & FORECAST REPORT | Q1 2013 | HOUSTON OFFICE MARKET
OFFICE DEVELOPMENT PIPELINE
Houston’s construction pipeline continues to expand with 9.4 million SF under construction at the end of Q1 2013. The table below includes
buildings containing 75,000 SF or greater.
HOUSTON SUBURBAN OFFICE MARKET SUMMARY - CONTINUED
Vacancy Rental Rate
Class # of Bldgs. Total (SF) (SF) Rate (%) (SF) Rate (%) Total (SF) Q4-2012 Q3-2012 Q4-2012 YTD-2012
AVG
($/SF)
West Loop/Galleria
A 35 14,733,676 1,587,777 10.8% 195,046 1.3% 1,782,823 12.1% 9.8% -77,025 170,832 $30.73
B 58 7,053,118 925,057 13.1% 14,152 0.2% 939,209 13.3% 16.6% 24,023 99,861 $22.31
C 3 147,042 3,218 2.2% 0 0.0% 3,218 2.2% 1.1% -1,656 -1,562 $19.04
Total 96 21,933,836 2,516,052 11.5% 209,198 1.0% 2,725,250 12.4% 12.0% -54,658 269,131 $27.43
Westchase
A 22 6,798,787 457,802 6.7% 44,639 0.7% 502,441 7.4% 6.0% -85,082 506,669 $34.96
B 58 6,054,268 784,174 13.0% 15,140 0.3% 799,314 13.2% 12.7% 15,413 135,450 $19.14
C 7 316,597 84,989 26.8% 0 0.0% 84,989 26.8% 27.5% 0 -32,840 $18.14
Total 87 13,169,652 1,326,965 10.1% 59,779 0.5% 1,386,744 10.5% 9.6% -69,669 609,279 $26.80
The Woodlands
A 17 3,258,826 10,968 0.3% 3,240 0.1% 14,208 0.4% 0.9% 22,477 97,842 $37.57
B 70 3,855,791 331,224 8.6% 14,801 0.4% 346,025 9.0% 9.6% -16,970 254,378 $21.13
C 6 382,156 3,600 0.9% 0 0.0% 3,600 0.9% 0.0% -3,600 918 -
Total 93 7,496,773 345,792 4.6% 18,041 0.2% 363,833 4.9% 5.2% 1,907 353,138 $25.90
Inventory Direct Vacancy Sublease Vacancy Vacancy Rate (%) Net Absorption (SF)
COLLIERS INTERNATIONAL | P. 7
Building Name Address Submarket SF Pre-Leased Developer Est. Delivery
ExxonMobil North Campus I-45 & Springwoods Village Pkwy Woodlands 3,000,000 100.00% ExxonMobil (Gilbane Building Co) Jun-14
Anadarko Tower 2 1201 Lake Robbins Dr Woodlands 550,000 100.00% Patrinely Group Inc Apr-14
Energy Center Three 935 N Eldridge Pky Katy Freeway 520,340 4.80% Principal Real Estate Investors &
Trammel Crow Company
Nov-14
Energy Tower III 11740 Katy Freeway Katy Freeway 428,831 0.00% Mac Haik Realty LLC Jan-14
Two BriarLake Plaza 2050 W Sam Houston Pky S Westchase 331,689 50.80% Behringer Harvard Mar-14
Energy Crossing II 15011 Katy Freeway Katy Freeway 321,508 64.90% LPC Aug-13
Murphy Exploration 9805 Katy Freeway Katy Freeway 320,000 100.00% MetroNational Corp Nov-13
BBVA Compass 2200 Post Oak Blvd Galleria/Uptown 306,012 68.90% Redstone and Stream Apr-13
3009 Post Oak Blvd. 3009 Post Oak Blvd Galleria/Uptown 302,536 21.40% Skanska Commercial Jul-13
Research Forest Lakeside 4 2445 Technology Forest Blvd Woodlands 300,000 50.00% Warmack Investments Apr-13
Granite Briarpark Green 3151 Briarpark Dr Westchase 299,664 2.09% Granite Properties Jul-13
3 Waterway Square Place 3 Waterway Ave Woodlands 232,693 91.50% The Woodlands Development Jun-13
8 West Centre 3505 W Sam Houston Pky N Katy Freeway 228,000 86.80% CORE Parkway Central, Ltd Jul-13
Mustang Engineering 17325 Park Row Katy Freeway 225,885 100.00% Transwestern Dec-13
One Hughes Landing 1800 Hughes Landing Blvd Woodlands 197,841 34.86% The Woodlands Development Sep-13
17320 Katy Freeway 17320 Katy Freeway Katy Freeway 186,375 100.00% Transwestern Dec-13
Texas Instruments Hwy 59 S & University Blvd E Fort Bend Co/Sugar Land 165,000 100.00% Planned Community Developers Mar-14
Sam Houston Crossing II 10344 Sam Houston Pky N Northwest Far 159,056 68.30% Duke Realty May-13
Mason Creek Office Center 21420 Merchants Way Katy Freeway 135,716 0.00% Myers, Crow & Saviers Apr-13
Blvd Place 1 1 Blvd Place Galleria/Uptown 130,916 56.57% Wulfe & Co. Oct-13
CityCentre Four 840 W Sam Houston Pky N Katy Freeway 120,052 52.75% Midway Companies Jun-13
Haliburton North Campus Bldg 3000 N Sam Houston Pky North Belt/Greenspoint 100,000 100.00% Haliburton May-13
Blvd Place 2 2 Blvd Place Galleria/Uptown 80,002 0.00% Wulfe & Co. Jun-14
4306 Yoakum Blvd 4306 Yoakum Blvd Allen Parkway (Midtown) 80,000 0.00% Hansen Properties Mar-14
128 Vision Park 128 Vision Park Blvd Woodlands 75,000 0.00% D'Agostino Companies Mar-14
8. RESEARCH & FORECAST REPORT | Q1 2013 | HOUSTON OFFICE MARKET
COLLIERS INTERNATIONAL | P.
Accelerating success.
COLLIERS INTERNATIONAL | HOUSTON
1300 Post Oak Boulevard
Suite 200
Houston, Texas 77056
Main +1 713 222 2111
8
LISA R. BRIDGES
Director of Market Research Houston
Direct +1 713 830 2125
Fax +1 713 830 2118
lisa.bridges@colliers.com