The Houston sublease office market realized growth in 2012 on the back of a strong local economy. Professionals looking to relocate, renew a lease or establish a new position in the Houston sublease office market should take the time to research recent developments and projects expected to initiate or complete in the near-term as well. Some of the first places to start looking in the area should be Houston’s most active Class A office submarkets:
The Houston branch of UHY Advisors has told us they are relocating from their office in Greenway Plaza to America Tower in February of 2013. The firm's new space is around 90,000 square feet and occupies floors 17 through 20.
Everyone knows Houston's strong economy bucks the trend from the nation and Houston commercial real estate is no exception. Tenants and businesses in Houston are leasing commercial real estate at high levels. Some highlights from the info-graphic -
Office subleases in downtown Houston can be very difficult to find, but there are no shortage of them. Many companies lease large office spaces in Downtown Houston and end up with more space than they need.
Bellaire, Texas is a city with its own mayor and is located in the Southwest portion of Houston less than 10 miles away from Downtown Houston. It sits in Harris County and is part of the Houston MSA. Bellaire is adjacent to Meyerland and West University. Bellaire, is mainly residential, however there is Bellaire Texas office space along the U.S. 610 Loop.
The combination of Halloween and Christmas help make this time of the year fairly profitable for temporary retail space. In many cases, an ideal scenario would be for retailers to remain open only during the times when their sales are highest, and then close up shop when they aren't.
Large, sprawling commercial developments like The Galleria often rely on high-end department stores to function as anchor locations and draw consumers to the area. The developers of a new Galleria office space building set on Post Oak Boulevard, in the heart of Uptown Park, are going a slightly different route, opting instead to use high-quality restaurants to attract customers.
What happens when you cross the Knights of the Roundtable, Dr. Strangelove, a New York City warehouse, a stock exchange trading floor and astroturf? If you work for London-based energy industry recruitment company Spencer Ogden, you'd see all of these contrasting and diverse influences in your new Houston office space.
The promotional slogan of Uptown Park Houston- "Where You Can Have It All" - is entirely attainable, given the abundance of Houston executive suites and office spaces, along with residences and businesses in the area. As one of the premier business districts in Texas, Uptown Houston is a destination spot for business professionals and consumers alike.
As we wrote yesterday, improving cash flow is the Holy Grail for recently launched business ventures. Cost savings provide financial flexibility to business owners, but as with anything, trimming costs always produces secondary issues that must be addressed.
In the 1920s, the son of a former Texas governor bought 200 acres of land adjacent to a Houston-area country club, helping to sow the initial seeds of the development of the River Oaks community. With these luxurious roots, it's not surprising that River Oaks has evolved into one of the most affluent neighborhoods in the country.
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.
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.
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.
The commercial real estate market in Houston has attracted businesses far and wide, in part because of the region's favorable jobs market and steady economy. At the same time, new construction has not progressed to meet increasing office space demand, creating a dearth of available properties at a time when more businesses seek office space in Houston.
The burgeoning oil and gas market in the Houston area continues to push ongoing commercial real estate development and encourage new investments in local infrastructure. Now, one real estate team has announced plans to construct a 20-story tower west of Houston to house additional office space to serve this sector and others.
Office leasing activity among businesses around the United States continued to improve during the first quarter of 2012, although larger gains were reported in certain key markets, such as Houston.