In the Houston area, a rapidly declining unemployment rate and a swelling economy has transformed the city from a stalwart of the energy industry (which it still remains) to one that is able to support companies in a diverse cross-section of industries.
All businesses new to Houston require at least two vital resources to thrive - an ideal retail or Houston office lease and a deep talent pool to draw from as new jobs are created.
This week's featured NYC office space is the home of Enterproid, the creators of an enterprise mobile platform called Divide. It is literally the greenest office I have ever been in. Their company color is green and it is everywhere from the walls to the bean bag chairs to the color of the cotton candy. In case there was any doubt how serious they are about their color scheme, everyone who works there is given a green watch. Nice company schwag!
Long-time Houstonians likely remember Magic Johnson as the Los Angeles Lakers Hall of Fame point guard who, despite his impressive resume, lost twice to the hometown Rockets during the 1980s. Since his retirement, Johnson has continued to support the city of Los Angeles, as evidenced by his recent ownership stake in Major League Baseball's Dodgers, but now Houston too may be benefiting from Johnson's leadership.
Houston's office rental market could soon receive a boost in the form of a new multi-use facility just outside of downtown, near Buffalo Bayou in the East End.
The rate of absorption in the Houston office market continued to improve in the second quarter of this year, led in part by strong activity in the metro area's burgeoning energy industry. The market's vacancy rate also fell as more energy firms sought office space for rent in Houston.
Houston's economic success is thought to be attributable in large part to its energy industry, but when any economy grows 8.6 percent in one year, there must be many other factors responsible for those gains.
For 20 years, Houston's Town & Country Mall went through alternating periods of boom and bust, before finally closing in the mid-2000s. Since being torn down and replaced by the CityCentre shopping mall in 2009, the area has undergone a resurgence, led in part by the availability of retail and office space for lease.
Does it make sense for business owners who rent office space in Houston to keep renewing short term office space leases when the city continues to remain one of the fastest-growing metropolitan areas in the country, and a long-term investment is likely to be just as beneficial? Following Forbes Magazine's recent naming of Houston as the "America's Coolest City," its profile continues to tick upward.
The Houston office space market just became less certain following news that one of the city's most recognizable buildings is available for sale.
In the spirit of the 2012 London olympics, we at TheSquareFoot wanted to come up with our own version of office space olympics.
This week we show you the studio of m Architects. We'll let them take it from here:
Think companies based in retail space for lease in a shopping center are always relying heavily on walk-in traffic? Think again. 2nd MD, a web based health care service that allows users to have face to face video consultations with medical specialists, is currently located in the shopping center at 2538 Briar Ridge Drive, Houston TX 77057 just west of the Galleria.
We're excited to show you the offices of Chaione, Houston's premier mobile app development shop and active contributor to the local start up scene. Located in the 4900 Woodway Building, this 5000 plus square foot office space has some of the best views of downtown and the Galleria the city has to offer.
Many prospective tenants who contact us ask us about open space office plans and whether it's the right fit for their business. Usually they are only focused on one key element: cost cutting. Although this is one of the considerations when thinking about moving to an open space office plan, there are other benefits as well. Of course, there are cons as well, but that is a post for another day.
This week we show you the Jacksonville headquarters of Hashrocket, some of the developers behind TheSquareFoot and many other awesome Ruby On Rails websites. Known as one of the premier development firms of its kind nationally, Hashrocket's Jacksonville, Florida office sits right on the beach (in Jacksonville Beach) and has a ton of natural light and wide open spaces. This is a great example of an office space fitting the company and its ethos perfectly.
In the rapidly evolving commercial real estate world, we’re seeing more and more startup companies trying to streamline the industry. From making it easier for tenants to search and find available office spaces that match their specific needs - giving landlords and listing agents tools to help manage their client base and internal data more efficiently - to bringing the space tour online with 3D movable floor plans and interactive panoramic views of spaces. There are so many interesting ideas sprouting up all trying to bring the industry that hasn’t changed in 30 years into the 21st century in different ways. A lot of them are popping up around coworking.
Another high-end department store is set to join the ranks of Saks Fifth Avenue by taking advantage of Manhattan retail space. Nordstrom has searched for a perfect Manhattan retail spacefor two decades and finally settled on a deal with Extell Development this week to open a 7-story, 300,000 square-foot retail monster, on the north side of 57th Street, east of Broadway.
After reading Method Method by the co-founders of Method, we became obsessed with the strategies and principles used by Method to become a successful company. For anyone who has not read the book, it is not only inspiring, but teaches entrepreneurs many lessons about launching a successful start up. And now, we are grateful to be able to feature Method's San Francisco office space as our office space of the week.
Trevi Retail, an 8-month-old real estate investment firm, acquired its 13th property this week for $13.5 million in an all-cash deal. Located at 189 Eighth Avenue and West 20th Street, the 9,000 square feet of New York City retail space also has a $6 million commercial mortgage-backed security loan, which Trevi Retail also acquired.
San Francisco-based company Salesforce.com is reportedly negotiating for 100,000 square feet of office space for lease at 685 Third Avenue, which was formerly inhabited by Pfizer. The transaction would more than sextuple the cloud computing company's New York presence, further confirming what this blog has already touched on in multiple occasions - the city's increasing attractiveness to technology firms.
Normandy Partners, a New Jersey-based real estate firm, added some more New York City office space to its portfolio, with its purchase at 575 Lexington Avenue, between 51st and 52nd streets in the Plaza District. The 35-stories of Midtown East office space was redeveloped in 1990 by the Koeppel Companies and was bought by Normandy and New York Life for about $360 million, according to sources.
A question we get quite frequently at TheSquareFoot is, "How much office space do I need?" It is why we created our office space calculator to help prospective tenants gauge the amount of office space appropriate for their business needs. Typically we find that most small businesses and entrepreneurs think they need more space than they really do and our goal is get them into the right amount space for their business. Given all the discussion around the amount of space a company needs (general consensus traditionally was around 200 - 250 square feet per person), we created this infographic showing how much space different levels of seniority in the workplace use:
The Tribeca revival story was one that even its residents didn't think was possible, especially after the September 11 terrorist attacks. New businesses are finding ways to carve a niche into Tribeca office space and residential buildings are being added into the historic area, even with the neighborhood being low-density and having limited inventory.
The former location of a Syms store is the new home for City National Bank (CNB), a Los Angeles-based institution. CNB was eager to sign a 15-year lease for the Midtown office space, totalling 45,000 square feet at Waterman Interests' 400 Park Avenue.
Two family-owned buildings, across the street from one another, signed on new tenants to take advantage of the Midtown office space for lease, totaling 71,000 square feet. Located just three blocks from Grand Central Terminal, the two buildings, which are both in the midst of renovations set to include a new lobby and elevators, will be ideal locations for each of their respective new businesses.
Additional Brooklyn retail space to come online as part of a new hotel and residential complex that is slated for construction adjacent to Pier 1, just south of the Brooklyn Bridge. Early this week, the Brooklyn Bridge Park Corporation is expected to vote to select Toll Brothers City Living and Starwood Capital Group as the development team for the 1.3-mile-long New York commercial space.
Prestige Properties knows that it is a risk to break ground for the first suburban-style fashion mall to be built in New York City in nearly 40 years, but it's one that they are willing to take. Indoor malls have received mixed reviews, with shops at The Time Warner Center thriving, while outlets at the South Sea Seaport have struggled.
As previously reported on in this blog, New York is the new place to be for technology companies, and Sony has no intentions of being left behind in the search for New York City office space as it hopes to bounce back from a record $5.7 billion loss in the last fiscal year, which ended in March.