NAI Partners’ Nick Terry recently spoke with Bisnow on how Transocean’s recent 300,000-sq.-ft. full-building lease at Enclave Place affects Houston’s office market and the Energy Corridor.
Bisnow: What does this deal tell you about Houston’s office market?
Terry: “It is yet another indicator that the struggling market is trying to enter recovery. At some point in the Houston office market, the effects of increasing commodity pricing, record job growth and strong national economy have to translate into positive absorption, which we saw in Q3 ’18. While there is a long way to go to reach equilibrium, it’s a noted improvement. The flight to quality continues. Tenants still have the upper hand in negotiations. Relocating to a newer building allows them to shrink their footprints with building efficiencies and negotiate aggressive rates well below quoted rents which have a combined reduction in occupancy costs.”
About NAI Partners
Houston | Austin | San Antonio
NAI Partners is the 5th-largest Houston-Area Commercial Real Estate Brokerage, the #1 Mover of Square Feet among leasing and sales brokerages, the largest independently owned and among the largest owner-operated commercial real estate firms in Houston, Texas, per The Houston Business Journal. NAI Partners was founded and is headquartered in Houston and has offices in San Antonio and Austin; offers the geographic expertise to complete real estate transactions throughout the state of Texas; and can leverage the power of the NAI Global network to arrange deals in any location throughout the world. NAI Partners employs more than 100 real estate professionals, and arranges more transactions than any of its competitors, completing over 500 commercial lease and sale arrangements every year. NAI Partners is a full-service firm offering client leasing and sales solutions in the areas of office tenant representation, office landlord representation, industrial tenant representation, industrial landlord representation, landlord services, retail services, property management, investment sales, an investment fund, and project management, among other services. The company has been named a Best Place to Work by both the Houston Chronicle and Houston Business Journal, and is among the University of Houston’s Cougar 100 Fastest-Growing Companies.
Commercial real estate in Houston, Austin and San Antonio. NAI Partners offers full-service commercial real estate solutions to Houston, Austin and San Antonio, and has been serving the Houston commercial real estate needs of its clients for more than 20 years. We specialize in finding office space, industrial space and retail space, and can arrange an office lease, industrial lease or retail lease for your company. Our brokers help tenants and landlords or property owners of any size find the perfect real estate space or location for their business needs. For more information, contact us today.