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mattyt36

Downtown Commercial Vacancy Rates

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Thought there was a generic downtown thread but I guess not.

 

Below are vacancy rates of most major office buildings downtown from HAR as printed in the HBJ.  Some notable exceptions like Wells Fargo Plaza.

 

Address/Bldg name/Total space/Avail space/Vacancy rate

 

800 Bell Old Exxon 1,314,350 1,314,350 100%
Texas Tower New Hines 1,106,581 705,774 64%
1001 Fannin Old First City 1,365,801 586,811 43%
1600 Smith Old CO 1,227,182 489,881 40%
600 Travis Old Chase 1,916,394 456,600 24%
601 Travis Old Chase garage 407,912 29,877 7%
1021 Main  One City Centre 554,953 424,260 76%
700 Louisiana TC Energy Ctr 1,321,033 295,682 22%
1100 Louisiana Enterprise Plaza 1,391,152 288,812 21%
1415 Louisiana Wedge Int'l Tower 536,626 275,179 51%
811 Louisiana Old Two Shell Plaza 577,735 236,380 41%
1201 Fannin  Greenstreet 656,994 230,532 35%
1000 Main Reliant Energy Plaza 850,294 175,321 21%
808 Travis Esperson 298,513 156,839 53%
1010 Lamar  Younan Sqaure 258,776 143,727 56%
910 Louisiana One Shell Plaza 1,231,896 137,364 11%
712 Main  The Jones on Main 794,186 128,817 16%
800 Capital Bank of America Tower 754,000 93,725 12%
919 Milam Old Bank of the SW 723,130 89,550 12%
811 Main BG Group Place 973,861 80,006 8%
1001 McKinney Old City National Bank 378,101 78,997 21%
801 Travis   417,693 75,675 18%
601 Jefferson KBR Tower 1,087,974 69,888 6%
1301 Fannin Houston Data Center 766,950 65,000 8%
609 Main   1,057,658 64,109 6%
801 Louisiana Goodrich Petroleum 105,145 38,670 37%
1801 Main Amegy Bank 238,886 33,964 14%
917 Main   140,000 8,757 6%
         
711 Louisiana Pennzoil Place South 712,081 308,153 43%
700 Milam Pennzoil Place North 712,081 227,193 32%
  Total Pennzoil Place 1,424,162 535,346 38%
         
1221 McKinney LyondellBasell Tower/1 HC 1,103,424 193,009 17%
909 Fannin St 2 Houston Center 1,102,279 276,353 25%
1301 McKinney Fulbright Tower/3 HC 1,311,133 401,701 31%
1221 Lamar 4 Houston Center 1,526,323 404,282 26%
1401 McKinney 5 Houston Center 606,786 198,238 33%
  Total Houston Center 5,649,945 1,473,583 26%
         
500 Dallas One Allen Center 930,730 140,781 15%
1200 Smith Two Allen Center 1,075,210 361,621 34%
333 Clay Three Allen Center 1,282,908 207,036 16%
  Total Allen Center 3,288,848 709,438 22%
Edited by mattyt36
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Couple of things that jump out:

 

Esperson at 53% vacant is getting murdered. Doesn't say much for our Class B office market if a building that beautiful can't succeed. Maybe if the hospitality market improves this will become a hotel.

 

Pennzoil at 38% is also doing terrible. Wasn't expecting that.

 

I remember a graphic on here back in 2013 or 2014 that showed a cross section of all the Class A buildings and only a few floors were vacant in all of downtown. What a gut punch we've taken since then.

 

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17 hours ago, H-Town Man said:

Couple of things that jump out:

 

Esperson at 53% vacant is getting murdered. Doesn't say much for our Class B office market if a building that beautiful can't succeed. Maybe if the hospitality market improves this will become a hotel.

 

Pennzoil at 38% is also doing terrible. Wasn't expecting that.

 

I remember a graphic on here back in 2013 or 2014 that showed a cross section of all the Class A buildings and only a few floors were vacant in all of downtown. What a gut punch we've taken since then.

 

 

When were the last times that Pennzoil and Esperson were renovated? These are landmark buildings downtown. I would assume that with the revitalization of other buildings right now they surely we will get an interior facelift at some point.

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Esperson takes a special type of tenant.  It has really weird floor plates that are pretty narrow - as in, if you're not taking down an entire floor or at least from the elevators over to the end wall there's no room for a private hallway, particularly in the Niels.  In other words, the public hallway is less than 15 feet from the glass.

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17 hours ago, Luminare said:

 

When were the last times that Pennzoil and Esperson were renovated? These are landmark buildings downtown. I would assume that with the revitalization of other buildings right now they surely we will get an interior facelift at some point.

 

I know Esperson's been done in the past 20 years. I don't really want Pennzoil to be renovated. It's perfect as it is, with that modernist solemnity. I get nervous when people start trying to add little splashes of new to things.

 

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17 minutes ago, H-Town Man said:

 

I know Esperson's been done in the past 20 years. I don't really want Pennzoil to be renovated. It's perfect as it is, with that modernist solemnity. I get nervous when people start trying to add little splashes of new to things.

 

 

Agree - Pennzoil is beautiful. Little disheartening to see the vacancy so high. 

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IIRC Pennzoil took a giant tenancy hit when Shell and/or some of its affiliates moved out. 

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On 10/31/2019 at 5:15 PM, Luminare said:

 

When were the last times that Pennzoil and Esperson were renovated? These are landmark buildings downtown. I would assume that with the revitalization of other buildings right now they surely we will get an interior facelift at some point.

 

This. Doesn't this all funnel into the conversations in the other office space threads where we talk about how alot of these buildings are still wayyyy behind the ball when it comes to catering to the new standard of beer fridges, colliding spaces, bike racks, bike rooms, innovative floor plans, group spaces, etc. Its cool that a building looks cool, and I don't know much about who keeping up with the market rests upon (the owner of the building or the management company), but I do know alot about lease agreements and client expectations. Space is expensive. WeWorks is only sort of expensive, and offers all the "start-up energy" one could ever want. Just saying, if your space can't beat a run of the mill coworking place, then what are you doing. 

 

Law firms, many of which call Dtown home, are even jumping on the updated floorplans and startup layouts, and law firms are notorious fuddy-duddies. If these building's floorplans are more than 15 years old, then I would expect them to take the loss when a big regional or national company is looking to house their employees (of which half are potentially younger than 40, or come from companies in NY/CHI/SF/BOS where the sexy interior space revolution has happened or is happening).

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I mentioned the issues with Esperson's floor plates a day or two ago.

 

However, a lot of the lease space in Pennzoil is cleared out glass to glass, so one can build out however one wishes.  The elevator cabs are recently redone, and there is a gym in the building - about all that's really lacking is some sort of bicycle facility (if there isn't one already - I don't spend much time lurking in parking garages).

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