Overview of the office market in Texas

According to a recent Cushman and Wakefield report, the office market in the Lone Star state is robust and has been marked by a consistently high demand for Class A space and an expanding occupier base. This is particularly true of the Dallas-Fort Worth area, where a thriving job market has prompted several corporations to relocate to larger premises.

Towards the end of 2014, average vacancy rates in this area had dropped from 17.9 per cent to 16.6 per cent, thus reaching their lowest levels since 2010. By the end of Q4 2014, more than 13.8 million square feet had been leased or sold in the Dallas-Fort Worth area.

Strong demand in this area is also reflected in the speculative development pipeline, where 65 per cent of the more than 6 million square feet of office space under construction has already been pre-leased.

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For several decades, Houston has been considered one of the most successful economies in the southern United States. In fact, and according to Forbes, Houston is the third best place to do business in the country. The city’s bustling and highly diverse economic scene is largely driven by the energy industry, and other important sectors include manufacturing, research and development, aerospace, information technology, and health care.

Being one of the most important corporate centers in North America, the city of Houston is well equipped to accommodate the real estate needs of existing and prospective businesses. This article looks at the most important trends affecting the commercial property market in Houston, having a special focus on the office market.

Key trends and developments in the Houston commercial property market

Generally speaking, over the past five years the Houston commercial real estate market has been characterised by high activity and construction levels and by increasing absorption rates. By the third quarter of 2014, the local market had absorbed 4.4 million square feet of office space, and by the end of the year a further 17.3 million sq ft of space were under development. The vast majority of new office developments were geared towards the needs of the energy sector, having a significant amounts of floor space being built at the city’s ExxonMobil campus and having a large number of pre-lease transactions closed by multinationals like BHP, Shell, and Nobel Energy.

Due to increased demand, citywide rental rates have been steadily climbing, and during 2014 alone they grew by an average 10.6 per cent. Higher increases were evident in commercial properties in the city’s business district. Vacancy rates have decreased from 12.9 per cent in 2013 to 11.9 per cent in 2014. While year-on-year leasing activity levels decreased during 2014, the figures are set to increase once again during the following 12 months. Read the rest of this entry »

Since the discovery of oil in Houston, Texas in 1901, the city has relied on energy revenue for its growth and survival. That means that Houston followed the trends of energy prices, which took nose dives in the 1970’s, 1980’s and 2000’s. But each time, Houston was able to bounce back and open up new areas of energy exploration and refining that have allowed the city to grow. As time has gone by, Houston has learned to diversify its economy and a new Houston is starting to emerge from under the shadow of the energy industry.

Looking for a new job provides you with the opportunity for a fresh start in many ways. You can choose a job based upon a location in which you know you will be happy. You can also search for jobs based on salary, lifetime earning potential, benefits, prestige, work experience and office culture. However, you may want to make the location of your job one of the priorities in your job search. If you choose a location in which you can happily live, work and play, you will be less likely to suffer from job burnout or dissatisfaction in the long run. Whether you are looking for a change of scenery or want to live in an area with a thriving economy, here are ten U.S. cities that should be on your list.

1. Dallas, Texas

Kiplinger ranks Dallas, Texas, as a top place for new graduates to live and work. The median salary for college grads is about $42,900 a year, and the average apartment rent is $799 a month. About 6.3 million people live in Dallas, and the unemployment rate in the area is only 6.3 percent.

2. Washington, D.C.

Washington D.C. is an excellent place for millenials to work, live and play. The city is thriving with job opportunities in the political and corporate worlds. The median salary for college graduates is about $46,100 a year. When you live in D.C., you won’t have to worry about saving funds for an entertainment budget. Many attractions, such as national museums and the National Zoo, are free of cost.

3. Minneapolis, Minnesota

Minneapolis is quickly turning into a popular city for workers due to its low cost of living, low rent costs, smoke-free regulations, gorgeous parks and beautiful lakes. Individuals can enjoy living in a metropolitan city and also have access to natural settings on the weekend.

4. Denver, Colorado

The downtown area of Denver is a major attraction for workers. The city-wide bike sharing program can help you cut costs on transportation. Denver also has plenty of restaurants, shops, casinos and nightlife attractions for your time off. You also won’t have a problem finding a great craft brew in the city, as Denver features many pubs and bars that have been instrumental in creating craft brews.

5. Boston, Massachusetts

Boston is known for being a center of business, finance, politics, shopping, theatre and great restaurants. The city is booming with job opportunities. With attractions like the Boston Marathon and major athletic events, you will always have something to do after work hours in Boston.

6. Anchorage, Alaska

Anchorage is becoming an attractive spot for job seekers due to its high median income of $47,600 and low rent costs. Alaska also does not feature a state income or sales tax. After work, you may enjoy activities like fishing, snowboarding and touring glaciers in the region.

7. Houston, Texas

A promising job market is a major attraction for those seeking a new career in Houston. Home values are also expected to increase in the upcoming years, and individuals can find homes for sale at competitive prices in Houston.

8. Ann Arbor, Michigan

Home to the University of Michigan, individuals can enjoy living in a city that is thriving with culture and things to do. New grads and job seekers can find high-paying jobs in this college town. University of Michigan is the largest employer in Ann Arbor. Free educational and entertainment events are consistently offered throughout the town.

9. Miami, Florida

Surrounded by gorgeous beaches, Miami is a great city for work and play. The city boasts a thriving economy and is also surrounded by other job-producing cities, such as West Palm Beach and Fort Lauderdale.

10. San Francisco, California

San Francisco is an attractive city for jobseekers due to its plentiful opportunities in the tech and finance industries.

As you look for the perfect city for work and play, you should consider what matters most to you. These top cities can give you a starting point for finding a job in a location where you will feel happy and satisfied.

Sources:
1. http://www.kiplinger.com/article/real-estate/T006-C000-S002-best-cities-to-live-work-and-play.html
2. http://www.huffingtonpost.com/2014/04/15/top-young-cities-millennials_n_5152929.html

Here’s a list of top 10 businesses to work for in Texas.

Balfour Beatty Construction

While this is not an American-owned company, this British company maintains a large workforce in Texas through their national headquarters in Dallas. This company specializes in high-class construction jobs like you would see at opera halls and museums. They even constructed the 9/11 Pentagon memorial. They are praised by their employees for minimizing layoffs during this tough recession hitting the United States.

Whole Foods Market

Whether you work in the stores themselves or in the corporate headquarters in Austin, Whole Foods Market is a popular place to be. New hires get a lot of different benefits straight out of the gate, including people that work in low-level positions in the retail locations. The focus of Whole Foods Market is to promote healthy bodies and communities, and part of that mission means treating employees well. Read the rest of this entry »