February 11th, 2022
Notable Office Market Insights
- Ongoing recovery is the main theme, continuing the trend seen in most office markets throughout 2021.
- Positive absorption indicators.
- Slight increase in rental rates.
- Marked differences in occupancy levels, vacancy rates and general performance from city to city.
- Remote working practices are still commonplace in key markets, such as San Francisco.
- 142 million square feet of office space currently under construction.
Lease Rates & Asking Rents
Recent data from Commercial Edge outlines a nationwide rental listing rate average of $38sq/ft in January 2022. These figures may be seen as somewhat inflated due to the number of high quality spaces currently listed due to being vacant, with Class A workspaces being listed at much higher prices.
According to Avison Young, Q4 average rental prices per square foot in gateway markets were as follows:
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March 28th, 2017
In line with global trends, demand for creative space is also on the rise in Texas’ largest city. Houston’s creative sector has been described as a ‘sleeping giant’ due to its enormous potential to become one of the leading sources of income and employment in the Lone Star state. Currently, over 113,000 Houston companies are involved in this sector, which generates $25b in sales and employs nearly 180,000 people across the state.
In view of these figures, it is hardly surprising to see that companies in virtually every business sector are considering adding creative space to their business accommodation offerings. This is the case despite the dominance of the energy and engineering sectors, which typically are not as innovative as others, although they are beginning to understand the value of creative workspace and to realize that conventional office space presents some obstacles to innovation and creativity.
Below are some examples that showcase the most inspiring creative office spaces in Houston.
GreenStreet is a 570,000-square feet mixed-use commercial development that is home to several units that offer collaborative space in one of the city’s top locations. Creative space ranges from small floor plates to large work areas of up to 37,000 square feet, all of which are designed and furnished to facilitate collaboration and innovation. Units feature open plan space, private and shared offices, training and meeting rooms, kitchen, and dedicated break and wellness areas.
There is a great deal of creative space springing in Houston’s Midtown and Uptown, although over the past 5 years warehouse-to-office conversions have also become common along Washington Avenue, Montrose, and east of downtown. In Midtown, Wi+CoWork offers shared space to the local creative community on a membership basis. Office space at Wi+CoWork includes access to conference rooms, community events, and office support services. Read the rest of this entry »
January 12th, 2015
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 »
August 2nd, 2012
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 »
May 30th, 2012
Whatever variety of corporate entertainment an organization desires is available in Dallas, TX’s. An elegant evening meal and dance to present awards and recognition or a fun and entertaining team building venue can be booked any time of year for visiting VIPs or local firms.
One of Dallas’s newest event centers for both corporate and social occasions is Ashton Gardens. Their event specialists assist with theme suggestions, meal planning, audio/visual needs, and set-up for the venue. The experience their people provide keeps the event moving smoothly, impressing all in attendance with the excellent food, the quality technology available and always first-class service.
Ashton Gardens culinary team prides itself in preparation of original recipes consisting of the highest quality, fresh ingredients. Then their service staff takes over with 5-star pampering for every guest and anticipating their every need ensuring the event’s success. They have all-inclusive pricing packages that eliminate surprises for the corporate budget. Read the rest of this entry »