8 Largest Blocks of Class-A Office Coming Available This Year
Two weeks ago, we brought you seven immediately available large blocks of Class-A office available. As the year goes by, that number will more than double.
With help from Colvill director of market research Sherra Gilbert, we rounded up eight blocks of Class-A office larger than 200k SF that will come available over the remainder of the year. Every one is somehow related to development—either through a delivery of vacant space, or by a building losing a tenant to new construction.
1. Three Westlake Park
Available Block: 382k SF
When Available: September
Submarket: Energy Corridor West
Type: Sublease
Leasing Broker: Stream’s Ryan Bishop and Adam Jackson
As ConocoPhillips moves into its own building in September, it’s offering up its former 242k SF space in WestLake as sublease through February 2019. (It should be totally out of the building within the next 12 months.) Meanwhile, BP has 140k SF on the sublease market—its lease ends in February 2016, but most of its people have already vacated. The block is one of the largest subleases available in Houston, but Ryan tells us given the quality and strategic location of Westlake Park, he's confident Stream will be able to backfill with quality tenants.
2. Enclave Place
Available Block: 301k SF
When Available: August
Submarket: Energy Corridor West
Type: New Construction
Leasing Brokers: Colvill’s Damon Thames, Richard Barbles and Connor Saxe
Piedmont’s development is nearing completion but no tenants have been announced yet.
3. Two Greenspoint Place
Available Block: 276k SF
When Available: November
Submarket: Greenspoint
Type: Direct Vacancy
Leasing Brokers: Richard Barbles and Damon Thames
Exxon is moving out of Two Greenspoint and into Springwoods Village, and the building recently lost a tenant to its sister—Swift Energy relocated out of Two Greenspoint into 120k SF in Five Greenspoint.
4. Three Hughes Landing
Available Block: 273k SF
When Available: November
Submarket: The Woodlands
Type: New Construction
Leasing Brokers: Colliers’ Bob Parsley and Norm Munoz
Hughes Landing has been a leasing success (One Hughes Landing opened at 92% pre-leased, and Two Hughes Landing around 65%), but the energy market has affected its most recent 321k SF building, which is anticipated to open at approximately 15% pre-leased. Bob says Hughes Landing is still getting activity—recent leases are pushing Two Hughes' occupancy over 92%. Although he's not seeing large, multi-floor tenants in the market today, interest in Three Hughes is increasing as the completion date nears.
5. Havenwood Office Park
Available Block: 249k SF
When Available: Summer 2016
Submarket: The Woodlands
Type: New Construction
Leasing Broker: J Beard’s Jeff Beard
Havenwood is one of only a few spec office buildings under construction in The Woodlands/I-45 Corridor. It was slated to deliver this November, but rain has delayed construction. (It'll complete sometime next year but we're keeping it on the list because tenants can begin building out interior spaces at the end of this year.) The team hasn't announced any tenants yet, but we're told Jeff's got several large prospects working.
6. 3737 Buffalo Speedway
Available Block: 239k SF
When Available: September
Submarket: Greenway
Type: New Construction
Leasing Brokers: Wade Bowlin and John Spafford
PMRG’s 400k SF building is already 23% pre-leased, and rumor is it’s in negotiations with a tenant to take two floors, which would knock 3737 Buffalo Speedway off this list.
7. Northborough Tower
Available Block: 204k SF
When Available: September
Submarket: Greenspoint
Type: Direct Vacancy
Leasing Broker: Jason Presley
Noble Energy is vacating for its new building on Highway 249.
8. Remington Square Building
Available Block: 200k SF
When Available: October
Submarket: West Belt
Type: New Construction
Leasing Broker: Stream’s Ryan Bishop
Remington Square’s existing two office buildings are 96% leased, but no tenants for its upcoming third facility have been announced yet.
