It is often said that unconventional thinkers - the dreamers, the creatives, the visionaries - have their heads in the clouds. A study published last year in The Journal of Psychology suggests that when it comes to freeing the mind and thinking creatively, having your head in the clouds (and in rooms with high ceilings) is best.
Houston is one of the largest cities in the United States and is also an anchor to one of its largest metropolitan areas, with its suburbs expanding well beyond the Downtown Houston area. This allows business owners an abundance of opportunities to grow into new Houston retail space for lease.
Following up on our story about the possible future of the former site of Astroworld, we thought it was worth mentioning another tidbit of news we found exciting. This could be huge. Several commercial real estate insiders have told us that Top Golf, the awesome golf driving range concept with stateside locations in Dallas, Chicago, and Northern Virginia is on its way to the Greater Houston area in the near future. They also have several locations in the United Kingdom.
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.
When real estate developer Kevin Williamson arrived in Austin 14 years ago, the West Sixth Street district was not much to write home about - a deli and a steakhouse were the main attractions. They were, at least, until Williamson helped pioneer the expansion of several businesses that have transformed the area into a vibrant destination spot, which has positively effected Austin office space.
While traditional commercial real estate owners in Houston continue to buy up properties to lease to members of the city's growing business community, one notable property remains dormant, unused and unlikely to attract any attention from a commercial real estate perspective.
Real estate observers in New York City were encouraged by recent reports that financial services corporation Morgan Stanley would expand its commercial real estate lease at One New York Plaza in Manhattan. While that company's expansion may have been a sign of an improvement environment for New York office space leasing activity, experts say the local market has still been stifled by the challenges faced by several Wall Street businesses.
Demand for rental space for lease in Austin continues to climb, according to a report, as the city now represents the state's strongest market for commercial retail space.
Once known as one of the nation's most prominent music gatherings, the annual South by Southwest festival has now become one of the world's premier digital media events. Accordingly, its effect on the Austin commercial real estate sector has been significant, according to reports.
Noble Energy just signed a 497,000 square foot lease in the former Hewlett Packard building in northwest Houston. That is almost 11.5 acres and they will occupy all 10 floors with plans to expand in the future.
After reading this article on leasing trends in commercial real estate, we began to think about what the metrics meant for tenants. Loopnet put together a very good info-graphic (below) on lease versus buy trends and I thought a few statistics were interesting from a prospective tenants viewpoint as they lease new or renew space for their business -
It's always interesting to compare commercial real estate leasing trends from market to market. Different cities and regions produce unique leasing landscapes and a tenant leasing office space in Houston Texas may value certain amenities differently than a tenant leasing space somewhere on the East Coast. According to a recent article in Globe Street, CBRE sent an anonymous survey to decision makers of more than 100 large tenants across the state of New Jersey ranking the most important "must-have" amenities in an office building.
We love connecting with old friends who have been involved in the startup world and chatting about their experiences with office space, and how it factored into the growth of their companies. TheSquareFoot caught up with Shion Deysarkar, CEO at Datafiniti. Datafiniti is a search engine for data.
TheSquareFoot got the chance to chat with Nick Ducoff, CEO & Co-Founder of Infochimps and an old friend, about how office space factored into the growth of his company from an Austin startup based in an apartment to commercial space on West 6th Street. Infochimps is a data platform for apps and analytics.
TheSquareFoot got a chance to chat with Misti Morales - Marketing Director at The Dinerstein Companies, a fully integrated real estate development company with a focus on apartment homes and student housing across the U.S. She shed some light on how social media is changing the commercial real estate world right before our eyes.
In our attempt to show the world all of the different office leasing options in Houston, we came across another great concept that's perfect for entrepreneurs, start-ups, or anyone looking for their own desk or Houston coworking spaceaway from home.
In this blog post on Globe St, Tony LoPinto (their recruiting expert) discusses recent decisions by Google and Twitter to locate their employees in city locations. He notes that this a new trend, different from days past where technology companies choose offices in suburban locations. Google's purchase of 111 Eight Ave at the end of last year was the largest purchase of commercial real estate by a tenant in US history. Sorry Chevron.
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...
I've now seen two separate articles in the last several days about how available large blocks of Texas office space are decreasing. Our friend Coy Davidson was commenting on the Houston market over the weekend (does he ever sleep?!?) noting how the increased leasing velocity in the city has led to fewer options for tenants needing large spaces. This lovely graph shows the decreasing availability quarter-over-quarter for the last 3 quarters. In all three buckets, the number of available spaces has decreased by about 20%. This is great news for the landlords but it leaves fewer options for tenants looking for Texas office space
A few months back, I wrote about the current executive office search options in Houston. I thought it was time to give one of them a try.