Search
 

Despite Challenges, Office Market Has Opportunities

HOUSTON—Although the office market has challenges due to the oil downturn, some tenants have found opportunities in the uncertainty, such as a sublease at 717 Texas Ave. in Houston's CBD.

By Lisa Brown | lisabrown | Updated on December 08, 2016

717 Texas The 696,228-square-foot 717 Texas building was completed in 2003.

HOUSTON—According to JLL Research, Houston’s CBD has approximately 27 million square feet of class-A office space and approximately 2.5 million square feet of sublease space. Despite additional leasing activity during the third quarter of 2016, the CBD’s total vacancy for class-A office buildings increased to 15.4%, up from 13.7% in the second quarter. The average size of sublease transactions in 2016 was approximately 6,200 square feet.

Despite the ongoing trials and tribulations facing the office market due to the oil downturn, some tenants have found opportunities in the uncertainty. Case in point being Black Falcon Energy‘s 16,579-square-foot office sublease at 717 Texas Ave. in Houston’s CBD/downtown theater district.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.