Savills Studley Releases Q2 2016 Findings for Houston
Leasing Volume Rises and Asking Rents Drop Despite Growing Availability Rate
Houston, TX (August 1, 2016)
Savills Studley, the leading global commercial real estate services firm specializing in tenant representation, has released its 2016 Q2 Houston edition of the Savills Studley Office Market Report.
The quarterly report is an in-depth compilation of office leasing statistics and trends, major transactions, submarket comparisons, employment trends and investment and development trends specific to the Houston region.
Highlights from the 2016 Q2 Houston Office Market Report include:
After failing to see any significant decline since the dramatic softening of the office market at start of 2015, overall office and Class A asking rent decreased from Q1 to Q2 2016. Katy Freeway and Westchase submarkets saw the largest percentage drops in asking rent, with CBD staying close to flat.
Leasing volume increased in Q2, up 75 percent from Q1 but still 17.6 percent below the long-term trend. Of the ten largest transactions of the quarter, only one was signed by an energy company.
Sublease availability has continued to surge in the Energy Corridor as two 500,000-square-foot plus buildings were listed for sublease in Q2. Energy companies ConocoPhillips, Shell, BP, BHP Billiton and Noble Energy all hold sublease listings totaling over 300,000 square feet a piece.
ExxonMobil’s departure and the energy downturn continues to hurt the Greenspoint submarket, where now nearly two-thirds of Class A stock is available.
The 2016 Q2 Savills Studley Houston Office Market Report can be found on Savills Studley’s webpage, as well as a national report and reports for each of the 29 major U.S. markets.
About Savills Studley
Savills Studley is the leading commercial real estate services firm specializing in tenant representation. Founded in 1954, the firm pioneered the conflict-free business model of representing only tenants in their commercial real estate transactions. Today, supported by high quality market research and in-depth analysis, Savills Studley provides strategic real estate solutions to organizations across all industries. The firm’s comprehensive commercial real estate platform includes brokerage, project management, capital markets, consulting and corporate services. With 28 offices in the U.S. and Canada, and a heritage of innovation, Savills Studley is well known for tenacious client advocacy and exceptional service.
The firm is part of London-headquartered Savills plc, the premier global real estate service provider with over 30,000 professionals and over 700 locations around the world. Savills plc is listed on the London Stock Exchange (SVS.L).
For more information, please visit www.savills-studley.com and follow us on Twitter @SavillsStudley and LinkedIn.