Welcome to the Tenavox Weekly News Roundup!
We're sending out a weekly collection of great articles and newsworthy content in the commercial real estate industry with a special-tilt towards businesses and tenants.
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Sublease Space in Downtown Houston Will Likely See Major Absorption
Sublease space has been a drag on the Downtown Houston office sector for a long time, but there is hope for the market as it appears sublease space in downtown is in line for some major absorption. Three major sublease assignments (One Shell, BG Group Place, and Hess), which represent about 1.3M SF of sublease space, are expected to be absorbed by the end of the year. With Downtown responsible for 2.3M SF of that sublease space total, completing deals on those spaces could have an outsized effect, reducing Downtown’s sublease availability by over 56%. These deals are not closed, but when they are finalized Downtown’s sublease availability will be reduced by over 56%. Read the full story here.
Latest Development News
With the addition of a new office tower, the Domain neighborhood in Austin will continue to expand its footprint. The new office tower, named Domain III, is a 24-story project that will include 318,000 SF of space. In other news, a pair of new large industrial developments are officially coming to Texas. In the DFW suburb of Burleson, a 400,000 SF cold storage facility will begin construction next year, while a 500,000 SF industrial center in Harris County near Humble is scheduled to be completed in the fourth quarter of 2020.
Latest Leases Signed
In Houston’s Westchase area, LJA Engineering signed a more than 90,000 SF Lease, while JMJS Inc., a Pennsylvania-based wholesale distributor of office furniture, has inked a 251,754 SF lease in northwest Houston's Highland Grove Industrial Park. In the Houston suburb of Pearland, the Pearland Town Center is building a 48K SF office building for a national credit tenant whose name has yet to be released.
Is it Better to Buy or Rent?
Should your company buy or rent space? We get this question quite often. On the commercial side of real estate, space is more expensive, so commitments are much longer, and liabilities are that much greater. Because of this, you should never put something under contract without a complete review and understanding of the full dynamics of what a purchase means for your business.
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