Houston Office Market

The downtown Houston office market is a hot topic these days. Recent months have seen a flurry of activity, whether it be leases, move-outs, or acquisitions. It?s no secret that the downtown market continues to be plagued by average vacancies painfully close to 20% and stagnant rents. With the thought that things will improve in the near future, investors have been purchasing properties in earnest. The fourth quarter news was encouraging, notably EPCO, Inc.?s acquisition of 1100 Louisiana, a building in which they have subsequently occupied 300,000 square feet. Also, Wells Real Estate Funds paid the highest per-square-foot price in the Houston office market?s history ($286 psf) for 5 Houston Center. Rumor has it that ChevronTexaco is interested in purchasing the remaining vacant former Enron building, while other energy companies have begun to reclaim shadow space downtown.

Unfortunately, the Central Business District?s recovery is anything but a slam dunk. Two major tenants, Burlington Resources and Bank One, are expected to vacate CBD space in 2006 after acquisitions by ConocoPhillips and Chase, respectively. In the same building Burlington is expected to vacate, Calpine Corp. reduced the amount of space they lease and subsequently lost naming rights to the former Calpine Center, now known by its address, 717 Texas.

Questions still remain about when the downtown office market will see a substantial improvement. It did not happen with the recent influx of New Orleans office tenants, as some thought it would. However, strong job growth has many experts predicting a healthy 2006 for the Houston office market overall, and with the positive fourth quarter numbers, it appears the market is moving in the right direction. The office market had a relatively strong showing in the fourth quarter, absorbing 414,678 square feet (SF), the market?s highest quarterly absorption figure since the third quarter of 2004. Classes A and C reported positive absorption for the quarter, while all classes reported positive annual absorption, bringing overall annual absorption to 737,259 SF.

Posted by Michael Heminger on December 13, 2008 at 12:00 AM

About Michael Heminger
Michael Heminger is affliated with Prudential Residential One, which is located in Marysville, OH. For further assistance please use the contact information located on the right.

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Local Information for Marysville, OH

Latitude: 40.233881 -- Longitude: -83.366353

ZIP Codes for Marysville, Ohio	43040 43041
Area Code for Marysville, Ohio	937
Time zone for Marysville, Ohio	EST

Other Area Cities: Marysville, OH Delaware, OH Dublin, OH Hilliard, OH

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There were 5,563 households out of which 38.4% had children under the age of 18 living with them, 53.8% were married couples living together, 10.8% had a female householder with no husband present, and 31.9% were non-families. 26.5% of all households were made up of individuals and 8.5% had someone living alone who was 65 years of age or older. The average household size was 2.51 and the average family size was 3.05. In the city the population was spread out with 26.2% under the age of 18, 9.1% from 18 to 24, 38.9% from 25 to 44, 16.8% from 45 to 64, and 9.1% who were 65 years of age or older. The median age was 32 years. For every 100 females there were 76.9 males. For every 100 females age 18 and over, there were 67.4 males. -- Source: Wikipedia.com

Ohio 2000 Census Population Profile Map

	Marysville	Ohio	United States
Population	15,942	11,353,140	281,421,906
Median age	31.9	36.2	35.3
Median age for Male	30.3	34.9	34
Median age for Female	33	37.5	36.5
Households	5,563	4,445,773	105,480,101
Household population	13,988	11,054,019	273,643,273
Average household size	2.51	2.49	2.59
Families	3,788	2,993,023	71,787,347
Average family size	3.05	3.04	3.14
Housing units	5,976	4,783,051	115,904,641
Occupied units	5,563	4,445,773	105,480,101
Vacant units	413	337,278	10,424,540

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Houston Office Market

Local Information for Marysville, OH

Latitude: 40.233881 -- Longitude: -83.366353

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