The Woodlands office submarket performed exceptionally well over the quarter, posting 385,264 SF of positive net absorption in Q4 2018. The average vacancy rate increased from 9.2% in Q3 2018 to 10.6%. Leasing activity continued to be robust as The Howard Hughes Corporation completed over 141,000 SF of leases and HP occupied 378,000 SF in two buildings in Springwoods Village.

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 performed
exceptionally well in Q4
Research Snapshot
THE WOODLANDS | OFFICE
Q4 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) Q4-2018 Q3-2018 Q4-2018 Q3-2018 AVG ($/SF)
The Woodlands
A 53 12,582,872 1,305,137 10.4% 67,799 0.5% 1,372,936 10.9% 9.2% 425,222 53,366 $34.34
B 69 4,493,945 426,556 9.5% 12,892 0.3% 439,448 9.8% 8.8% -43,066 52,503 $24.53
C 5 131,696 3,150 2.4% 0 0.0% 3,150 2.4% 4.8% 3,108 19,098 $24.65
Total 127 17,208,513 1,734,843 10.1% 80,691 0.5% 1,815,534 10.6% 9.2% 385,264 124,967 $31.91
INVENTORY DIRECT VACANCY SUBLEASE VACANCY VACANCY RATE (%) NET ABSORPTION (SF)
The Woodlands office submarket performed exceptionally well over
the quarter, posting 385,264 SF of positive net absorption in Q4 2018.
The average vacancy rate increased from 9.2% in Q3 2018 to 10.6%.
The Woodlands office market finished 2018 with strong absorption as
HP occupied 378,000 SF in two buildings in Springwoods Village. The
Q4 absorption total is the highest recorded in the submarket since Q2
2015.
Leasing activity continued to be robust as The Howard Hughes
Corporation completed over 141,000 SF of leases at Lake Front North
after acquiring the former CB&I buildings during Q3 2018 and re-
naming the project. Also, Havenwood Office Park reported over 61,000
SF of leasing in Q4 2018.
Lisa Bridges Director of Market Research | Houston
HOUSTONTEXAS THE WOODLANDS

2. 2 The Woodlands Research Snapshot | Q4 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
400,000
Available Sublease Space
The Woodlands
Class A Class B
Available Sublease Space
Q4 2018
Class A: 91,921 SF or 0.7% Class B: 66,503 SF or 1.5%
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
$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 © 2019 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
2,200,000
2,400,000
2,600,000
Net Absorption New Supply
-150,000
-100,000
-50,000
0
50,000
100,000
150,000
200,000
Net Absorption New Supply

4. 4 The Woodlands Research Snapshot | Q4 2018 | Office | Colliers International4
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