Office Demand Still Strong

[Subdude]

From Houston Business Journal

 

New space spoken for; office demand still strong in Q3

Despite an increase in office construction at several of Houston’s hot submarkets, it is unlikely that supply will catch up with demand in the short term, according to Jones Lang LaSalle’s Houston office.

Which means, it's still a landlord's market for the time being.

Much of the office space being built in tight areas, such as the Katy Freeway Corridor in West Houston, is already spoken for with pre-leases, according to Chicago-based JLL’s Houston Q3 Office Highlights report.

“With limited available new construction coming to the market over the next 12 to 18 months, Houston remains poised to be a landlord-favorable market in the short term,” JLL’s report states.

 

http://www.bizjournals.com/houston/blog/breaking-ground/2013/10/with-new-space-spoken-for-office.html

 

 

 

[LTAWACS]

Sounds like good news. Hopefully we'll get a few cool looking towers.

[livincinco]

On a related note, CBRE has recognized a couple of new submarkets on the west side to track increasing capacity.

 

http://www.bizjournals.com/houston/blog/breaking-ground/2013/10/new-submarkets-emerge-as-houston.html

 

On the new Far West market

 

The current product in this area is limited. However, with five proposed buildings and nearly 7,600 acres of available land for future developments, CBRE Research predicts this submarket will continue to grow in light of its close ties with the neighboring Energy Corridor.

“We look at trends and where new construction is happening in the market. And if we see an area that’s up and coming with new projects and development, we determine if it’s going to be a long-standing trend,” said Analee Micheletti, research anaylist for CBRE’s Houston office. “The Energy Corridor boundary kept getting pushed further west and with the inclusion of Cinco Ranch, this new market just sort of developed.”

[august948]

On a related note, CBRE has recognized a couple of new submarkets on the west side to track increasing capacity.

 

http://www.bizjournals.com/houston/blog/breaking-ground/2013/10/new-submarkets-emerge-as-houston.html

 

On the new Far West market

 

The current product in this area is limited. However, with five proposed buildings and nearly 7,600 acres of available land for future developments, CBRE Research predicts this submarket will continue to grow in light of its close ties with the neighboring Energy Corridor.

“We look at trends and where new construction is happening in the market. And if we see an area that’s up and coming with new projects and development, we determine if it’s going to be a long-standing trend,” said Analee Micheletti, research anaylist for CBRE’s Houston office. “The Energy Corridor boundary kept getting pushed further west and with the inclusion of Cinco Ranch, this new market just sort of developed.”

 

The Far West sub market isn't too surprisinig.  Things have been popping up there rapidly.  Looks like it might have a more medical slant with TMC West Campus and some other medical-related offices and hospitals nearby.