Home > Uncategorized > Houston’s Office Market – Q1 of 2011

Houston’s Office Market – Q1 of 2011

Houston’s Office Market Sees Positive Net Absorption in Q1 2011

Net absorption for the overall Houston office market was positive 1,266,273 square feet in the first quarter 2011. That compares to positive 1,108,991 square feet in the fourth quarter 2010, positive 197,078 square feet in the third quarter 2010, and negative (465,695) square feet in the second quarter 2010.

Tenants moving out of large blocks of space in 2011 include: Chevron moving out of 480,147 square feet at Continental Center I; Clear Channel Entertainment Inc. moving out of 83,500 square feet at 2000 West Loop; and Universal Ensco Inc. moving out of 52,863 square feet at Koch Bldg.

Tenants moving into large blocks of space in 2011 include: NRG Texas moving into 232,962 square feet at Houston Pavilions; KBR Inc. moving into 208,592 square feet at Eldridge Oaks Phase 1; and Kellogg Brown & Root LLC moving into 200,216 square feet at KBR Tower.

The Class-A office market recorded net absorption of positive 988,482 square feet in the first quarter 2011, compared to positive 915,901 square feet in the fourth quarter 2010, positive 264,898 in the third quarter 2010, and negative (478,324) in the second quarter 2010.

The Class-B office market recorded net absorption of positive 200,080 square feet in the first quarter 2011, compared to positive 101,048 square feet in the fourth quarter 2010, negative (38,929) in the third quarter 2010, and positive 69,263 in the second quarter 2010.

The Class-C office market recorded net absorption of positive 77,711 square feet in the first quarter 2011 compared to positive 92,042 square feet in the fourth quarter 2010, negative (28,891) in the third quarter 2010, and negative (56,634) in the second quarter 2010.

Net absorption for Houston’s central business district was positive 212,281 square feet in the first quarter 2011. That compares to positive 19,107 square feet in the fourth quarter 2010, negative (106,087) in the third quarter 2010, and negative (65,705) in the second quarter 2010.

Net absorption for the suburban markets was positive 1,053,992 square feet in the first quarter 2011. That compares to positive 1,089,884 square feet in fourth quarter 2010, positive 303,165 in the third quarter 2010, and negative (399,990) in the second quarter

Reprint from CoStar.com

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