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1. Woodlands/Conroe ranked #1, absorbing 7.6% of the available space in its submarket. It was also a top 3 submarket last quarter, ranking second at 13.0%. Nine of the 23 submarkets in the metro recorded overall positive net absorption in the second quarter, with The Woodlands/Conroe absorbing the second-highest total (177,861 sq. ft.). This was due in part to Med-Data moving into 50,717 sq. ft. in Havenwood Office Park; a deal the company inked in November 2018.
2. Bellaire absorbed 6.3% of the available space in its area, claiming the #2 spot. The submarket has the fifth-lowest overall availability rate at 14.2%. Chevron’s departure from its campus on Fournace Street in 2018—a move in which the major oil company vacated nearly 500,000 sq. ft. to consolidate in the CBD—more than doubled the submarket’s vacancy rate overnight.
3. West Belt came in at the #3 position, absorbing 5.4% of the available space in its submarket. This activity is a welcome change as the submarket has one of the highest overall availability rates at 26.4%. A significant transaction this quarter involved Exterran Energy Solutions moving into 58,857 sq. ft. at 11000 Equity Drive. The company signed on as the anchor tenant in August 2018.
Director of Research
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