HOUSTON—The West Loop/Galleria office submarket has largely mirrored activity in the overall Houston market due to its high concentration of energy occupiers. Deal velocity was down in 2017 compared to previous years and sublease expirations will weigh on the market through 2021, according to CBRE.
One exception to that rule is the recent 353,944-square-foot lease renewal for Williams—one of the nation's leading natural gas infrastructure operators—at Williams Tower, a 64-story tower in the Galleria submarket. Although the Galleria is generally known for its smaller deal size relative to CBD occupiers, recent long-term commitments by several large tenants—including Amegy, BHP, Stage Stores and now Williams—are evidence that the Galleria submarket is still capable of attracting and retaining large users, GlobeSt.com learns.
Williams has nearly 700 employees based in the Williams Tower, the highest employee total in any location outside of its headquarters in Tulsa. The company's subsidiary, Transcontinental Gas Pipeline, has been the lead tenant in the 1.5-million-square-foot building since the tower was developed in 1983.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
