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Research Snapshot

THE WOODLANDS | OFFICE


Q3 2018

The Woodlands office submarket snapshot


Lisa Bridges Director of Market Research | Houston

The Woodlands office submarket performed well over the quarter,


posting 124,966 SF of positive net absorption in Q3 2018. The average
Market Indicators
vacancy rate continued to decrease, dropping from 9.8% in Q2 2018 to Class A Class B
9.1%. VACANCY

There has been increased leasing activity in the Woodlands market and NET ABSORPTION
we expect that there will continue to be more activity through the end
CONSTRUCTION
of the year. Worksuites, a coworking company, leased 30,355 SF and
moved into 2001 Timberloch Place during the third quarter. RENTAL RATE

NEW SUPPLY
Construction continues on City Place 1 (1700 City Plaza Dr.) in
Springwoods Village. The 5-story, 141,700 SF building with 122,600 sf
of office space is estimated to be completed in Q2 2019. The Howard
Hughes Corporation acquired the former CB&I campus and renamed
the property Lake Front Circle.

STATISTICAL SUMMARY

NET ABSORPTION RENTAL


INVENTORY DIRECT VACANCY SUBLEASE VACANCY VACANCY VACANCY RATE (%) (SF) RATE

Class # of Bldgs. Total (SF) (SF) Rate (%) (SF) Rate (%) Total (SF) Q3-2018 Q2-2018 Q3-2018 Q2-2018 AVG ($/SF)

The Woodlands
A 50 11,876,005 1,034,852 8.7% 60,566 0.5% 1,095,418 9.2% 9.7% 53,365 -34,305 $33.12
B 69 4,498,034 385,807 8.6% 10,575 0.2% 396,382 8.8% 10.0% 52,503 13,746 $26.29
C 5 131,696 6,258 4.8% 0 0.0% 6,258 4.8% 19.3% 19,098 15,718 $25.08
Total 124 16,505,735 1,426,917 8.6% 71,141 0.4% 1,498,058 9.1% 9.8% 124,966 -4,841 $31.24
Willis
149 105 Lake
Conroe

WOODLANDS SUBMARKET MAP 105


Cleveland

Conroe 105

149

TEXAS HOUSTON 1488


242 THE WOODLANDS
1488 Magnolia 321 1488
The Woodlands
Res Needham Rd.
ear 242
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Tomball Par dlands
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Cypress Humble Atascocita


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Houston
1314
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Gosling Rd.

Crosby

The Woodlands
’s M
ill R

Mont Belvieu
d.
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Katy CBD
n

Brookshire
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2920 Spring Stuebner


hl

Ship 330
Channel
249
Baytown
Bellaire 225
To Houston CBD

Pasadena
La Porte
146
HOU
Sugar Land 35
EFD

Richmond Clear Lake


Pearland Galveston
Bay
35

League City

Alvin

Texas
City

Hitchcock
The average quoted rental rates are a mix of direct and sublet rates and are based on a blend of gross and NNN. The graphs below are
only intended to show rental rate trends. Actual gross rates are higher than the average rate shown in the graph.

Class A Rental Rate and Vacancy Percentage


The Woodlands, TX
Class A Rents Class A Vacancy
$39.00 18.0

16.0
$37.00
14.0
$35.00
12.0

$33.00 10.0

$31.00 8.0

6.0
$29.00
4.0
$27.00 2.0

$25.00 0.0

*Vacancy percentage includes direct and sublease space.

Class B Rental Rate and Vacancy Percentage


The Woodlands, TX
Class B Rents Class B Vacancy
$28.00 18.0

$27.00 16.0

$26.00 14.0
$25.00
12.0
$24.00
10.0
$23.00
8.0
$22.00
6.0
$21.00
4.0
$20.00
$19.00 2.0

$18.00 0.0

*Vacancy percentage includes direct and sublease space.

Available Sublease Space


Available Sublease Space Q3 2018

The Woodlands Class A: 112,471 SF or 0.9% Class B: 32,055 SF or 0.7%

400,000 Class A Class B

350,000

300,000

250,000

200,000

150,000

100,000

50,000

2 The Woodlands Research Snapshot | Q3 2018 | Office | Colliers International


Absorption and New Supply
Woodlands Class A Office

Net Absorption New Supply


2,600,000
2,400,000
2,200,000
2,000,000
1,800,000
1,600,000
1,400,000
1,200,000
1,000,000
800,000
600,000
400,000
200,000
0
-200,000

Woodlands Class B Office

Net Absorption New Supply


200,000

150,000

100,000

50,000

-50,000

-100,000

-150,000

FOR MORE INFORMATION


Lisa Bridges
Director of Market Research | Houston
+1 713 830 2125
lisa.bridges@colliers.com

Colliers International | The


Market
Woodlands
000 Address,
1790 Hughes Landing
Suite # Blvd., Suite 250
000 Woodlands,
The Address, Suite
TX 77380
#
+1 713
0008300004011
0000
Copyright © 2018
2015 Colliers International.
The information contained herein has been obtained from sources deemed reliable. While colliers.com/<<market>>
colliers.com/thewoodlands
every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No
responsibility is assumed for any inaccuracies. Readers are encouraged to consult their
3
professional advisors prior to acting on any of the material contained in this report.
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4 The Woodlands Research Snapshot


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