Houston Office Space: What's Happening at The Woodlands?
March 24, 15
When it comes to Class A Houston office space, the Woodlands leads the pack. But the uncertainty surrounding the price of crude oil may cause cautiousness. Here is some information from The Woodlands Villager about what's going on there.
The Woodlands' 10 million square feet of existing Class A space accounts for 5.5 percent of the total Houston market. There are 32 existing Class A office buildings in The Woodlands. Class A buildings are those which command the highest rents and offer high quality finishes, and the best accessibility available.
In 2014, The Woodlands accounted for about 33 percent of the available leased space in the Greater Houston Area.
The price of office space in The Woodlands averages about $35 per square foot per year and that price is expected to remain steady throughout 2015. However, there may be deals to be had with subleases on existing office space.
There are currently six new office buildings under construction in The Woodlands, with 14 more buildings proposed.
Because of the uncertainty of oil, The Woodlands Villager reported, many of the proposed buildings will be put on hold, while those already under construction will likely be completed.
Five of the six buildings currently under construction are scheduled to be completed this year. The sixth has a 2016 completion date. These six buildings have about 1.4 million square feet of rentable space.
One of the buildings under construction -- the 12-story 1735 Hughes Landing -- is already 100 percent leased, while another one -- the 13 story 1725 Hughes Landing -- still has available space.
If you're interested in Class A office space in The Woodlands, or in the Greater Houston Area, contact us. We are familiar with the region and will take the time to learn your desires and to find multiple options for you to choose from