Montrose1100 Posted June 7, 2006 Share Posted June 7, 2006 Here are some fun facts from www.houstondowntown.com: Downtown is home to 15 hotels totaling over 5,000 rooms and suitesThere is over 1 million square feet of meeting and convention space in Downtown included the George R. Brown Convention Center Currently there are 3,068 residential units in Downtown accommodating more than 3,800 people Downtown Houston has the second largest underground tunnel system that is 6.3 miles long, having started out years ago as a tunnel between two downtown movie theaters. Total businesses 5,150 (2,125 company headquarters) There is over 43 million square feet of office space in Downtown Houston Largest employers (by number of employees, 2006) 1 Shell Oil Company - 5,950 2 Harris County - 5,400 3 Chevron* - 4,400 4 City of Houston - 4,000 5 JPMorgan Chase - 4,000 6 ExxonMobil - 3,600 7 Continental Airlines - 2,700 8 El Paso Corp. - 2,065 9 US Government - 1,970 10 US Post Office - 1,950 11 Christus St. Joseph Hospital - 1,900 12 Reliant Energy - 1,600 13 CenterPoint Energy - 1,400 14 Kellogg Brown & Root - 1,240 15 Deloitte & Touche L.L.P. - 1,225 16 Lyondell Petrochemical Co. - 1,100 17 PricewaterhouseCoopers, L.L.P. - 1,000 18 Vinson & Elkins - 920 19 Fulbright & Jaworski L.L.P. - 905 20 EPCO** - 900 21 Ernest & Young - 900 22 Waste Management, Inc. - 900 23 Devon - 875 24 Amerada Hess Corporation - 800 25 Express Jet Holdings - 800 26 Houston Chronicle - 800 27 University of Houston Downtown - 720 28 Kinder Morgan - 700 29 Baker Botts - 660 30 KPMG Peat Marwick - 660 31 Amegy Bank - 550 32 Hilton Americas(Houston) - 550 33 Andrews Kurth - 525 34 Burlington Resources - 475 35 Bank of America - 460 * Chevron will relocate an additional 700 employees to downtown in the second half of 2006 ** Enterprise Products will employ approximately 900 people downtown by October 2006 So here are my questions: A) How many people work Downtown? (total?) How many people work in each skyscraper? C) How much Office/Total Space does each building have? D) How much of that is vacant? C) What company has the most space in each building? E) What other companies are in the buildings? What I have figured: *Shell has offices in 1 & 2 Shell Plaza. *Chevron(Chevron/Texaco) is in The New Enron Building, (Texaco)Heritage Plaza, and Fullbright Tower(Chevron Tower). *JP Morgan Chase is in 3, JP Morgan Chase Tower, the Annex, and the Chase Bank (gulf)Building. *Exxon Mobile is in their building. (Along with the Petroleum Club in the old Observation Tower) *Continental is in their building (do they still have offices in America Tower?) *El Paso in the old Tenneco Building. *Christus St. Joseph Hospital in their buildings next to 45. *Reliant Energy in their new (2003) HQ on Main Street. *CenterPoint Energy in the old Reliant Energy Plaza *Kellogg Brown & Root In the Kellogg Building next to Continental Center 1 (& Cullen Center) *Fulbright & Jaworski L.L.P. in the Fulbright Tower (Chevron Tower) *Waste Management (HQ) in First City Tower *Express Jet Holdings I'm guessing would be in with Continental. *Houston Chronicle in the Chronicle Building *University of Houston Downtown (self explanitory) *Amegy Bank I think in 1100 Louisiana, No? *Hilton Americas (self explanitory) *Bank of America in the Bank of America Center, right? ----------------- I'm just interested to know the facts and current happenings in Offices Downtown. Thanks (in advance) to anyone who knows any of my questions/and or a resource. Quote Link to comment Share on other sites More sharing options...
travelguy_73 Posted June 7, 2006 Share Posted June 7, 2006 (edited) *Chevron(Chevron/Texaco) is in The New Enron Building, (Texaco)Heritage Plaza, and Fullbright Tower(Chevron Tower).*Continental is in their building (do they still have offices in America Tower?)*Express Jet Holdings I'm guessing would be in with Continental.Continental has space in Continental Center I and II (aka, Cullen Center), but gave up all space in America Tower sometime in '99.Chevron will become the major tenant in Continental Center I by the end of the year.ExpressJet Holdings will be moving out of Continental Center I (relocating near IAH) by end of the year to make way for Chevron. Edited June 7, 2006 by travelguy_73 Quote Link to comment Share on other sites More sharing options...
Montrose1100 Posted June 7, 2006 Author Share Posted June 7, 2006 Continental has space in Continental Center I and II (aka, Cullen Center), but gave up all space in America Tower sometime in '99.Chevron will become the major tenant in Continental Center I by the end of the year.ExpressJet Holdings will be moving out of Continental Center I (relocating near IAH) by end of the year to make way for Chevron.Thanks! Why is Chevron getting space in Continental Center? Do they occupy the Entire "new" Enron Building? Quote Link to comment Share on other sites More sharing options...
travelguy_73 Posted June 7, 2006 Share Posted June 7, 2006 AFAIK, Yes, they occupy all of their new building, plus need extra space nearby (but not another entire building) for the other people that you noted are moving into downtown. Quote Link to comment Share on other sites More sharing options...
RedScare Posted June 7, 2006 Share Posted June 7, 2006 Amegy Bank is at 1801 Main, across Fannin from the new Cathedral. They have a brach in the Pennzoil Building.Exxon has a large computer center on roughly six floors of the old First City Tower at 1301 Fannin. This is the white tower seen in the Houston Pavillions renderings.Houston CBD, as of the first quarter of 2006, had 42,150,628 square feet of office space, with a vacancy rate of 17.79%. This represented an improvement of 120,207 square feet. Of this, 28,823,263 was Class A space.CBD employment is variously stated from 156,000 to 180,000, up from 127,000 in 1990, but down from roughly 225,000 during the "Boomtown" years of 1980. Quote Link to comment Share on other sites More sharing options...
The Great Hizzy! Posted June 7, 2006 Share Posted June 7, 2006 Amegy Bank is at 1801 Main, across Fannin from the new Cathedral. They have a brach in the Pennzoil Building.Exxon has a large computer center on roughly six floors of the old First City Tower at 1301 Fannin. This is the white tower seen in the Houston Pavillions renderings.Houston CBD, as of the first quarter of 2006, had 42,150,628 square feet of office space, with a vacancy rate of 17.79%. This represented an improvement of 120,207 square feet. Of this, 28,823,263 was Class A space.CBD employment is variously stated from 156,000 to 180,000, up from 127,000 in 1990, but down from roughly 225,000 during the "Boomtown" years of 1980.That's very good news. Remember when the DT vacancy rate was over 20% (20.4%, I believe) in 2002?As a rule of thumb, when your vacancy rate hits under 13%, you're in good shape to take on another tower of decent size (in the 1.2 - 2.0 million square feet range). Of course, the Pavillions will include some office space that will need to be absorbed but in general, the Enron effect seems to finally be over. Quote Link to comment Share on other sites More sharing options...
Subdude Posted June 7, 2006 Share Posted June 7, 2006 Have you tried the Downtown District? http://www.downtowndistrict.org/Home/.They may be able to provide some detailed occupancy information, or at least point you in the right direction. Quote Link to comment Share on other sites More sharing options...
elecpharm Posted June 7, 2006 Share Posted June 7, 2006 downtown et al. in addition to the websites mentioned, central houston provides some useful information. a commuter calculator is even available for those who commute.Houston Office Market is HotVacancy in the Houston office market has dropped to 17.3 percent, the lowest level in three years, according to Grubb & Ellis.Greenway and Uptown/Galleria led the pack with first quarter declines of approximately 2 percent.During the first quarter of 2006,Houston Quote Link to comment Share on other sites More sharing options...
The Great Hizzy! Posted June 7, 2006 Share Posted June 7, 2006 17.3%? That's even better than Red Scare's earlier report of 17.79%.Can we get a 16.8%? Looking for 16.7%? Anybody out there with 16.5%?Sold! Quote Link to comment Share on other sites More sharing options...
Double L Posted June 8, 2006 Share Posted June 8, 2006 It's amazing to think where downtown would be if it didn't have to compete with Uptown/The Galleria area and our other edge cities. Quote Link to comment Share on other sites More sharing options...
firstngoal Posted June 8, 2006 Share Posted June 8, 2006 Thanks! Why is Chevron getting space in Continental Center? Do they occupy the Entire "new" Enron Building? Yes, ChevronTexaco occupies all of the former "new" Enron Building. I suggest referring to it as the new ChevronTexaco Bulding now and put Enron in the rearview mirror. I'm glad you mentioned this though, because, in fact, I would contend that the occupancy level is in fact significantly higher downtown. Included in the vacancy totals is the "old" Enron Building... which, even if you wanted to lease space in it, you couldn't. The owner died in a plane crash a few months ago and the whole thing is a mess (managment issues, parking problems, etc..). That is 1.1 million square feet of empty space - that frankly should not be included in total inventory right now. ChevronTexaco took space in the Continental Center because they were out of space, and with the recent acquisition of Unocal, needed a good chunk of space for their newest employees (who are moving downtown). Quote Link to comment Share on other sites More sharing options...
The Great Hizzy! Posted June 8, 2006 Share Posted June 8, 2006 It thus seems that two of the hottest office markets in Houston are Downtown and the Energy Corridor. I hear The Woodlands, Bay Area/Clear Lake and Greenspoint are doing pretty well too.The TMC is in a world of its own.Uptown/Greenway seems to be struggling a little bit or at least stagnant. Am I wrong? Quote Link to comment Share on other sites More sharing options...
Houston19514 Posted June 8, 2006 Share Posted June 8, 2006 It thus seems that two of the hottest office markets in Houston are Downtown and the Energy Corridor. I hear The Woodlands, Bay Area/Clear Lake and Greenspoint are doing pretty well too.The TMC is in a world of its own.Uptown/Greenway seems to be struggling a little bit or at least stagnant. Am I wrong?See Post #8 Quote Link to comment Share on other sites More sharing options...
Trophy Property Posted June 8, 2006 Share Posted June 8, 2006 See Post #8Greenway took a hit when El Paso moved out of 9 Greenway to their own building downtown the last few years. I believe they occupied nearly 900k SF of space in Greenway before the move. I think there lease is still in place, but they are not occupying the space. A deal was struck a few months ago, but I do not know the specifics. Another hot area is Westchase. At least in terms of class A. The Occupancy levels are very strong in that market with the big question being BMC who last I heard was trying to unload it's real estate and lease it back on their terms*Their terms are not exaclty what investors are looking for. Quote Link to comment Share on other sites More sharing options...
firstngoal Posted June 8, 2006 Share Posted June 8, 2006 Greenway took a hit when El Paso moved out of 9 Greenway to their own building downtown the last few years. I believe they occupied nearly 900k SF of space in Greenway before the move. I think there lease is still in place, but they are not occupying the space. A deal was struck a few months ago, but I do not know the specifics. Another hot area is Westchase. At least in terms of class A. The Occupancy levels are very strong in that market with the big question being BMC who last I heard was trying to unload it's real estate and lease it back on their terms* Their terms are not exaclty what investors are looking for. Well, they were what TPG/CalSTRS were looking for... Company Adds 1.5 Million Square Feet of Premium Space to Its Houston Portfolio HOUSTON--(BUSINESS WIRE)--June 7, 2006--Thomas Properties Group, Inc. (Nasdaq:TPGI - News), through its joint venture with the California State Teachers' Retirement System, TPG/CalSTRS, LLC, has entered into a $295 million definitive agreement with BMC Software, Inc. to acquire its four-building, 1.5-million-square-foot campus and 24 acres of adjacent developable land. The properties are all strategically located in the Westchase District of Houston and within the same CityWest development as Thomas Properties' adjacent 25-story office tower located at 2500 CityWest Boulevard. Upon the closing of this transaction, expected to occur in June 2006, Thomas Properties Group will own interests in and/or manage a portfolio of approximately 12 million square feet of commercial real estate in the United States, including approximately four million square feet in the Houston market. Quote Link to comment Share on other sites More sharing options...
Montrose1100 Posted June 9, 2006 Author Share Posted June 9, 2006 I can only note the company my father works for, Smith International. They had offices all over town, Including the earliest I remember going to, Greenway Plaza. They then moved to Louisiana Place, and now have built their own Building/s outside the beltway, I am not sure if It would be counted as "West Chase", but their land is on the southwest corner of the Beltway & Westpark Tollroad. (5950 North Course Dr.)I found this site looking up Houston Pictures on Google: http://www.citywideofficespace.com/I figure I'll share some of their information on here, incase anyone else is interested.DowntownContinental Center 1:Price/SF: $17.75 Total SF: 1,108,479SF/Floor: 20,154Available Space(SF): 148,0733 Allen Center:Price/SF: $17.75 Total SF: 1,191,254SF/Floor: 23,500Available Space(SF): 408,771Wells Fargo Plaza:Price/SF: $28 Total SF: 1,721,242SF/Floor: -1Available Space(SF): 67,1981400 Smith Street:Total SF: 1,248,841SF/Floor: 24,977(They don't have too much info, probibly what firstngoal has something to do with it)1 Shell Plaza:Price/SF: $27.91 - $33.41Total SF: 1,228,597SF/Floor: 24,599First City Tower:Price/SF: $27.00 - $28.00Total SF: 1,333,312SF/Floor: 27,541Available Space(SF): 71,260JP Morgan Chase Tower:Price/SF: $27.42 - $32.92Total SF: 1,683,000SF/Floor: 22,500Available Space(SF): 71,164(Amazing, I thought they had the most Square Feet, but Wells Fargo Plaza is wider I believe)1100 LouisianaPrice/SF: $18.00 - $18.50Total SF: 1,279,477SF/Floor: 23,000Available Space(SF): 64,848Center Point Energy Plaza:Total SF: 1,084,230SF/Floor: 23,069Wedge International Plaza:Price/SF: $24.00 Total SF: 520,000SF/Floor: 18,700Available Space(SF): 11,661Pennzoil Placa (Doesn't say if its 1, or 2, or both)Price/SF: $18.00 - $18.50Total SF: 1,409,713SF/Floor: 20,500Available Space(SF): 16,522Exxon Building:Total SF: 1,107,864SF/Floor: 24,0841 Houston Center:Price/SF: $23.00 Total SF: 991,425SF/Floor: 26,613Available Space(SF): 131,426Greenway Plaza:Phoenix Tower:Price/SF: $24.00 Total SF: 618,578SF/Floor: 24,000Available Space(SF): 40,9335 Greenway Plaza:Price/SF: $22.00 Total SF: 879,244SF/Floor: 26,800Available Space(SF): 56,467Uptown/Galleria:Williams Tower:Price/SF: $27.20 - $28.70Total SF: 1,545,011SF/Floor: 24,141Available Space(SF): 68,703Marathon Oil Tower:Price/SF: $22.25 - $24.00Total SF: 1,032,000SF/Floor: -1Available Space(SF): 84,000San Felipe Tower:Price/SF: $22.50 - $23.50Total SF: 959,000SF/Floor: 21,000Available Space(SF): 109,850I didn't know that the "Price/SF" was generally lower Downtown... Except for the Giants (JP, Wells Fargo)This topic also brings up other questions, such as, Who really owns the Buildings? Quote Link to comment Share on other sites More sharing options...
mainvoice Posted June 20, 2006 Share Posted June 20, 2006 (edited) I read over the weekend that Baker Hughes leased 114,000 sf at America Tower in AIG Center on Allen Parkway just barely outside of downtown. Also read last week that Allen Center sold . Definately believe the rental rates are getting ready to spike downtown in A space, but this usually means that other class buildings start raising their rates also. I can usually tell when the market is strengthening at a glance when I start seeing rates quoted by the base rental amount ONLY vs. the gross amount, because the rental rates start looking extraordinarily low...ie: $12. or $14./sf/year. This instead of base rental & operating expenses which would look like this:$12.(Base Rental) & 10. (operating expenses) = $22./sf/year gross rental rate. Also seems like there are fewer blocks of space in Westchase that are 15,000 sf + which might start pushing companies towards different areas of the city. Edited June 20, 2006 by mainvoice Quote Link to comment Share on other sites More sharing options...
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