The Woodlands office market continues to struggle due to low oil prices, though it is faring better than most of Houston. Vacancy increased in Q2 2016 to 11.4% due to a new 240,000 square foot Class A building delivering fully vacant. While there is over 1.7 million square feet of vacant space, only five buildings can accommodate tenants needing 100,000 square feet or more, comprising 3.6% of Houston-wide large space availability. Rental rates are declining for Class B space as vacancy rises.

1. The Woodlands office market not isolated
from Houston’s current market conditions
Research Snapshot
THE WOODLANDS | OFFICE
Q2 2016
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) Q2 2016 Q1 2016 Q2 2016 Q1-2016 AVG ($/SF)
The Woodlands
A 38 10,724,657 1,129,766 10.5% 105,428 1.0% 1,235,194 11.5% 9.6% 11,609 -62,628 $36.88
B 70 4,399,318 413,276 9.4% 80,501 1.8% 493,777 11.2% 10.5% -29,786 47,964 $24.13
C 4 308,161 25,119 8.2% 0 0.0% 25,119 8.2% 8.2% 0 -24,119 $19.80
Total 112 15,432,136 1,568,161 10.2% 185,929 1.2% 1,754,090 11.4% 9.8% -18,177 -38,783 $30.23
INVENTORY DIRECT VACANCY SUBLEASE VACANCY VACANCY RATE NET ABSORPTION
The Q2 2016 office market in The Woodland’s continues to struggle due to the
low price of oil. The Woodlands is not isolated from Houston’s current market
conditions, but does fare better than most of Houston’s other office submarkets.
The Woodlands’ Q2 2016 office market vacancy rate increased 160 basis points
over the quarter primarily due to the completion of Havenwood Office Park, a
240,480-SF four-story Class A office building which delivered 100% vacant
in Q2. Although there are over 1.7M square feet of vacant office space in The
Woodlands submarket, only five buildings can accommodate a large tenant looking
for 100,000 square feet or greater, making up a mere 3.6 percent of Houston’s
city-wide buildings that can accomodate a tenant of that size.
Lisa Bridges Director of Market Research | Houston
Market Indicators
Class A Class B
VACANCY
NET ABSORPTION
CONSTRUCTION
RENTAL RATE
NEW SUPPLY
The Woodlands
“In The News”
Newfield Exploration recently announced
plans to relocate up to 15 percent of its
U.S. workforce to The Woodlands from
Oklahoma. Newfield currently has 450
employees in The Woodlands.

2. 2 The Woodlands Research Snapshot | Q2 2016 | 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.
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
16.00%
18.00%
$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
Q2 2016
Class A: 312,961 SF or 2.9%
Class B: 155,842 SF or 3.5%
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.

3. 3 North American Research & Forecast Report | Q4 2014 | Office Market Outlook | Colliers International
Copyright © 2015 Colliers International.
The information contained herein has been obtained from sources deemed reliable. While
every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No
responsibility is assumed for any inaccuracies. Readers are encouraged to consult their
professional advisors prior to acting on any of the material contained in this report.
Colliers International | Market
000 Address, Suite #
000 Address, Suite #
+1 000 000 0000
colliers.com/<<market>>
FOR MORE INFORMATION
Lisa Bridges
Director of Market Research | Houston
+1 713 830 2125
lisa.bridges@colliers.com
3 North American Research & Forecast Report | Q4 2014 | Office Market Outlook | Colliers International
Copyright © 2015 Colliers International.
The information contained herein has been obtained from sources deemed reliable. While
every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No
responsibility is assumed for any inaccuracies. Readers are encouraged to consult their
professional advisors prior to acting on any of the material contained in this report.
Colliers International | Market
000 Address, Suite #
000 Address, Suite #
+1 000 000 0000
colliers.com/<<market>>
3 North American Research & Forecast Report | Q4 2014 | Office Market Outlook | Colliers International
Copyright © 2015 Colliers International.
The information contained herein has been obtained from sources deemed reliable. While
every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No
responsibility is assumed for any inaccuracies. Readers are encouraged to consult their
professional advisors prior to acting on any of the material contained in this report.
Colliers International | The Woodlands
1790 Hughes Landing Blvd., Suite 250
The Woodlands, TX 77380
+1 713 830 4011
colliers.com/thewoodlands
Absorption and New Supply
Woodlands Class A Office
Woodlands Class B Office
-200,000
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
1,800,000
2,000,000
Net Absorption New Supply
-150,000
-100,000
-50,000
0
50,000
100,000
150,000
200,000
Net Absorption New Supply