Office Space for Lease: Where Have Rents Increased the Most?
August 07, 14
They're not the areas with the highest office space rents in the city, but Houston's Westchase, Greenway, and The Woodlands have the distinction of being the areas where office rents have shown the biggest increase over the past year. According to an article from the Houston Business Journal, Westchase's rents have increased 18.5 percent since last year, for a current average of $38.11 per square foot, as of mid-July.
Greenway's year-over-year rent increase was up 18.3 percent, the article stated, with a July average of $36.24 per square foot. With the third highest increase in rents, The Woodlands saw rents jump by 11.3 percent, with average rents of $37.88 per square foot. Westchase, Greenway, and The Woodlands are all landlord markets, with a lack of new construction available and a limited supply of large blocks of space, the article stated.
Another market to watch, the Houston Business Journal reported, is the Clay Road/ West Belt 8 area, where five new buildings -- nearly 1 million square feet -- are under construction. Rents in the West Belt area, where there are 53 buildings totalling 4.7 billion square feet, are currently at $19.21 per square foot, providing a cost effective option for companies needing a lot of space and parking.
The area with the highest rents remains Houston's Central Business District, with an average price of $42.22 per square foot, the article noted.
Whether you have office space for lease or you're looking for office space to lease, LandPark Commercial can help. Put our extensive knowledge of the area and our experience with all parts of commercial real estate to work for you. For more information, contact us.