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NASA/Clear Lake Building Owners Posting For Sale Signs

CLEAR LAKE, TX-Seventeen of 86 office buildings in the NASA/Clear Lake submarket are up for sale. It's problematic because the area historically does not attract institutional investors, but rather entrepreneurial ones. In today's economy, that's a real problem.

By Jennifer Brenner Andrade | Updated on October 27, 2002

CLEAR LAKE, TX-Practically one-fourth of the office inventory is up for sale in the NASA/Clear Lake submarket, where the US space program is the primary economic engine.

Seventeen of 86 office buildings are on “to go” rosters. It’s problematic because “NASA/Clear Lake is not on the radar screen for institutional investors,” Coy Davidson of the Houston office of Colliers International, tells GlobeSt.com. “Therefore, building owners are looking for entrepreneurial investors to buy these buildings.”

Davidson calculates 35% to 40% of all office tenancy comes from the US space program. The market is maintaining its occupancy for the most part, but it certainly isn’t in line for any major expansions. When it come to selling, the submarket’s dependency on government contracts historically has been a red flag for potential buyers or even developers.

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