The Woodlands office submarket continues to be a bright spot among Houston submarkets. Over the quarter, The Woodlands' average vacancy rate decreased by 60 basis points. Leasing activity remained steady and net absorption was positive. Construction continues on CityPlace in Springwoods Village where tech giant HP Inc. preleased 378,000 SF and American Bureau of Shipping leased 326,800 SF of office space. Completion of the buildings is expected in the latter part of 2018.

1. Market Indicators
Class A Class B
VACANCY
NET ABSORPTION
CONSTRUCTION
RENTAL RATE
NEW SUPPLY
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 continues
be bright spot among Houston submarkets
Research Snapshot
THE WOODLANDS | OFFICE
Q2 2017
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) Q2-2017 Q1-2017 Q2-2017 Q1-2017
AVG
($/SF)
The Woodlands
A 38 10,683,106 1,117,232 10.5% 139,281 1.3% 1,256,513 11.8% 11.8% 98,411 83,394 $36.74
B 70 4,429,772 496,556 11.2% 16,360 0.4% 512,916 11.6% 11.3% -11,919 -36,891 $25.33
C 5 131,696 40,714 30.9% 0 0.0% 40,714 30.9% 30.9% 0 -12,951 $24.60
Total 113 15,244,574 1,654,502 10.9% 155,641 1.0% 1,810,143 11.9% 11.9% 86,492 33,552 $32.41
INVENTORY DIRECT VACANCY
SUBLEASE
VACANCY VACANCY RATE (%)
NET ABSORPTION
(SF)
The Woodlands’ office submarket has been a bright spot among
Houston submarkets during the past several years. Most of
Houston’s submarkets have seen rising vacancy and negative net
absorption, while The Woodlands’ submarket has experienced
quite the opposite. Over the quarter, The Woodlands’ average
vacancy rate decreased by 60 basis points. Leasing activity
remained steady and net absorption was positive.
Construction continues on CityPlace in Springwoods Village
where tech giant HP Inc. preleased 378,000 SF and American
Bureau of Shipping leased 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 | Q2 2017 | 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
Q2 2017
Class A: 201,167 SF or 1.8%
Class B: 115,030 SF or 2.6%
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 © 2017 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