Office Space In Houston

Read Our Review On Houston Commercial Office Space:

Houston is the fifth largest office space market in the country, and with over a million square feet of additional inventory added recently, the city is seeing an increase in vacancies. Currently, in the Central Business District, vacancies stand at 19.2%, with rates averaging $38.41 per square foot. Despite this, there are two large projects underway in downtown Houston. Main Place, scheduled to open in early 2011, will add 975,000 square feet of office space and 25,000 square feet of retail and will cost an estimated $360 million in relation to office spaces in Houston. Over 100,000 square feet is already earmarked for KPMG LLP. The second project is Discovery Tower, which will open next to the twelve acre Discovery Green Park, which opened in 2008. The Discovery Tower, which should be completed in 2010, will add 870,000 square feet of office space. We also offer office buildings and executive suites in Dallas, Austin, and nearby cities.

Economic Future and Local Status In Houston:

The optimism regarding Houston’s economic future is also demonstrated by the Texas Children’s Hospital $1.2 billion expansion project, which includes a pediatric hospital of more than 500,000 square feet and a new maternity center, set to open in 2011. With an unemployment rate of 6.1% (well below the national average), Houston is one of the few major cities to see an increase, albeit a mere 0.9%, in job growth. The city also has a cost of living that is 14.5% below the national average. The fourth largest city in the country, Houston has a current population of 2.2 million, representing a 9.77% increase since 2000. As is the case with most cities of this size, Houston’s crime rate is high. On a scale from 1 (low) to 10 (high), Houston ranks a 6 for violent crime and a 7 for property crimes, while the national ranking is a 3 for both categories.

Houston Attractions, Downtown and Social Climate:

As is also par for a city of more than two million (finding a good deal on office space in Houston is tough), Houston has a plethora of attractions. It is one of the only five cities in the country to maintain a permanent company in each of the major entertainment areas (theater, ballet, opera, and symphonic), and only New York City offers more theater seats downtown. If you need to locate an office in another city we can help. The 17-block Theater District in the heart of downtown allows visitors to choose from restaurants, movie houses, and stage plays. Sam Houston Park features a number of restored homes, including a cabin built around 1825, and Houston’s oldest brick dwelling, the Kellum-Noble House constructed in 1847. The youngest house in the park dates from 1905, and several are listed on the Library of Congress’ rolls of historic buildings. Accessibility to the downtown area is enhanced by the Metrorail, an eight mile stretch of street level light rail that will soon be extended to other parts of Houston. The rail offers an economical commute to the Museum District, Hermann Park, the Houston Zoo, and Rice University. In the revitalized area of downtown, you will find the Toyota Center (home to the Houston Rockets basketball team) and Minute Maid Park, where the Houston Astros baseball team plays. Not far from the downtown is Reliant Stadium, where the NFL’s Houston Texans play. With its abundance of cultural amenities, low unemployment and cost of living rates, Houston seems poised to continue to be one of the premier cities in the nation. To find more data and news on commercial real estate in major cities check out our commercial office space articles.