Houston Workplace Market
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The downtown Houston workplace market place is a hot subject these days. Recent months have noticed a flurry of activity, whether it be leases, move-outs, or chicago sales jobs acquisitions. Its no secret that the downtown marketplace continues to be plagued by average vacancies painfully close to 20% and stagnant rents. With the believed that issues will boost in the near future, investors have been getting properties in earnest. The fourth quarter news was encouraging, notably EPCO, Inc.s acquisition of 1100 Louisiana, a constructing in which they have subsequently occupied 300,000 square feet. Also, Wells Genuine Estate Funds paid the highest per-square-foot price tag in the Houston office markets history ($286 psf) for 5 Houston Center. Rumor has it that ChevronTexaco is interested in purchasing the remaining vacant former Enron constructing, although other power firms have begun to reclaim shadow space downtown.
Sadly, the Central Enterprise Districts recovery is anything but a slam dunk. Two key tenants, Burlington Resources and Bank One particular, are expected to vacate CBD space in 2006 after acquisitions by ConocoPhillips and Chase, respectively. chicago teaching jobs In the same constructing Burlington is expected to vacate, Calpine Corp. reduced the quantity of space they lease and subsequently lost naming rights to the former Calpine Center, now known by its address, 717 Texas.
Queries nevertheless remain about when the downtown workplace industry will see a substantial improvement. It did not take place with the recent influx of New Orleans workplace tenants, as some thought it would. Nonetheless, powerful job growth has several professionals predicting a healthful 2006 for the Houston workplace industry tampa sales jobs general, and with the positive fourth quarter numbers, it appears the market is moving in the correct direction.
The office market place had a reasonably powerful showing in the fourth quarter, absorbing 414,678 square feet (SF), the markets highest quarterly absorption figure since the third quarter of 2004. Classes A and C reported positive absorption for the quarter, even though all classes reported positive annual absorption, bringing overall annual absorption to 737,259 SF.
