Energy industry sparks surge in Houston commercial real estate

As regular readers of TheSquareFoot know, Houston's economic success is tied closely to the growth of the energy industry. In fact, that market's resilience during the recession is one of the primary reasons that Houston has been able to emerge from a national period of economic struggles far better than many other cities.

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Employment figures, culture help Houston win Forbes coolest title, impacts market to rent Houston office space

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.

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The Search For Commercial Space Is Coming Online

Well now it's official.  You've known it was coming for years, but you weren't sure who exactly would be looking and through what vehicles the search would be carried out in.  Commercial Real Estate is a funny business.  For an industry so lucrative with billions of dollars switching hands every year, it seems to be very slow to adapt to change and technology.  Most experts (real estate professionals who understand digital marketing and the technology behind online advertising) say that the residential side of real estate adopts changes in technology faster than the commercial side, and is about 3-8 years ahead of commercial when it comes to adopting technology and using it to increase productivity and source prospects.  

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Co-Working Has Experienced Explosive Growth - But Can There Be Downsides?

After reading a recent article on the dark side of co-working, we thought we would chime in. It comes as no surprise that co-working is starting to see some backlash among small businesses and contractors. As a relatively new solution to traditional office space in the U.S., co-working has taken off like a wildfire. If you are on either the west coast or east coast and involved in commercial real estate or you are looking for real estate – you certainly have seen all the cool, open, innovative co-working solutions. It is starting to pick up everywhere else, but it seems the coasts have taken the lead.

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5 Mistakes Businesses Make When Leasing Space

When visiting with small business owners about how their company’s office space plays a role in the business growth and culture, there’s typically a common theme that rears it’s ugly head: too many mistakes are made in the leasing process.  Owners and decision makers often make several key mistakes that can end up costing companies significantly down the line and can even cripple their growth rate.  Because office rent is the second highest expense the vast majority of companies incur, doing things the wrong way leading up to signing on the dotted line can be devastating and can make any  business owner go crazy!

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TheSquareFoot Agent Lance Gillam in GlobeSt

One of our Houston retail brokers, Lance Gillam of UCR moodyrambin PAGE, was quoted in GlobeSt yesterday talking about current trends in Houston retail space leasing.  It is interesting to see the dichotomy between class A retail space--where there can often be a waiting list--and class B and C space where vacancies abound.

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Kuwait Finance House to Invest $600 million in Health Care Real Estate

From GlobeSt, Kuwait Finance House in a partnership with Grosvenor is set to invest more than half a billion dollars in private-pay senior living facilities and medical office buildings.  Although the fund will target mostly the coasts, we can assume that due to their interest in medical office buildings, Houston will surely get a look or two as it is home to one of the largest stocks of medical office space to lease in the world.

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We Landed On The Moon And High Speed Data Is Good For Business!

Wow, we all know that commercial real estate can often times be slow to adopt to new trends in technology.  So much of the industry is driven by personal relationships, referrals, and physical networking that commercial real estate providers and specialists aren't always as open minded about changes in technology as professionals in other industries are.  Don't get us started down that road today, but what about on the consumer side of the business?

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Lloyd Goldman of BLDG on 1372 Broadway and New York Leasing

On Monday in my Real Estate Transactions class we had the pleasure of having Lloyd Goldman, CEO of BLDG and EVP Scott Zecher come to discuss their distressed purchase of 1372 Broadway in the Garment District in 2008.  As the case states, they are “one of New York City’s savviest and most seasoned real estate investors” so it was very interesting to hear them discuss the ins and outs of that deal as well as hear their general thoughts on the industry.  BLDG is both an investor and operator so they also had thoughts on the New York office and retail leasing markets.

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Forum Energy Technologies signs industrial lease in Houston Texas

Here at TheSquareFoot, we haven’t spent too much time yet talking about industrial and warehouse space.  This is a tad surprising since the Houston industrial space market is one of the larger and more robust in the country.  We will endeavor to make up for lost time…starting now.

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Should You Use A Tenant Broker When Negotiating A Lease Renewal?

While talking to businesses all over the city about finding office, retail, or warehouse space for their company, a question that regularly pops up is whether or not the services of Houston commercial real estate brokers are needed when negotiating lease renewals. The short answer is ABSOLUTELY!

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Commercial Leasing Definitions - Building Class

Building Class for commercial real estate in Houston refers to the quality of property.  Class A office buildings are Generally 100,000 sq. ft. or larger (five or more floors), concrete and steel construction, built after 1980, business/support amenities, and well located with great traffic access.  These properties are usually very well-managed with on site support day in and day out.  Class B buildings are typically renovated and in good locations. Newer buildings are smaller in size, could be wood frame construction, and/or in non-prime location. They still have high quality management and tenants.  Class C buildings refer to older, un-renovated and of any size in average to fair condition.  Building infrastructure and technology is outdated.  You'll often notice older/slower elevators, low ceilings, smaller bathrooms not in pristine condition, and poor parking conditions when touring a C class building.

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Commercial Real Estate and Accounting Mix Like Oil and Vinegar

As a CPA, tech, and CRE geek (I am the life of the party...), I found the recent article on Globe Street pertaining to the new commercial real estate leases accounting rules particularly interesting. The article points out the uncertainty surrounding when the new lease accounting rules will come into place. Having experience in the accounting world, uncertainty and drafts constantly changing is nothing new. What is interesting is the type of personalities at play between folks in the commercial real estate in Houston world versus the accounting world. From dealing with both sides, I will let you guess who would be more fun to converse with in a social setting...

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Commercial Real Estate Lease Legalese - Submitting a LOI and RFP

Written By: a Houston based associate of an international law firm representing clients in a broad range of developments, financings, dispositions and acquisitions of a variety of commercial projects, including the sale, acquisition, leasing, financing and development of mixed-use, office, retail, industrial and energy facilities.

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Commercial Real Estate Lease Legalese - Make Sure You Are Protected

Written By: a Houston based associate of an international law firm representing clients in a broad range of developments, financings, dispositions and acquisitions of a variety of commercial projects, including the sale, acquisition, leasing, financing and development of mixed-use, office, retail, industrial and energy facilities.

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Is Houston Commercial Office Space a Commodity?

After reading a very informative post on CRE outsider about the future of CRE data, I began to think about an often-debated question among my friends (we are geeks, what can I say).  This question revolves around if Houston commercial office space (or anywhere for that matter) is just another commodity (like wheat, coffee, airline tickets, etc.) or if this definition oversimplifies the Houston commercial real estate business. A commodity is defined by Webster’s as “a good or service whose wide availability typically leads to smaller profit margins and diminishes the importance of factors other than price “.

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