Houston Office Space Construction the Highest It's Been in Decades
October 27, 14
If you're looking for Houston office space, you definitely have some options. Or do you? The Houston Business Journal recently reported that new office space construction is at the highest level that it's been since the 1980s and has increased by 54 percent in the last 12 months.
However, the article cautioned, if you want the best of the new buildings plus expansion rights for future growth, you need to secure your lease well ahead of the lease expiration on your current space and likely before the building is even built. Currently, more than half of the 19 million square feet under construction is already leased or committed, the article stated. Further, about 36 percent of the new construction is corporate owned, including the new Exxon Mobil and Phillip's 66 offices.
Still, the market is expected to see the addition of 5.4 million square feet of office space by the end of the year. As a comparison: By the end of 2013, 3.2 million square feet of Houston area new office construction had been delivered.
Do you have your heart set on leasing brand new office space? Are you open to considering other options as well, including renovated existing space. Where your office is located and the space in which you settle are important considerations. Let LandPark Commercial help. We have years of experience in all aspects of commercial realty and in all parts of the greater Houston area. We also have an extensive network to turn to in order to find the perfect place for your business. For more information, contact us.