Office

23Q4
Houston

Reflecting back on 2023, the Houston office market experienced a rollercoaster of a

year, with absorption being challenged throughout the year but finishing overall positive
for 2023 after a strong 4th quarter.
As the market and overall industry continue to adjust to the changes brought on
heavily by the pandemic, observable trends have taken shape. Tenant migration and
overall demand have narrowed in on the western and northern corridors of Houston,
specifically in the Katy Freeway, Westchase and The Woodlands submarkets.
As we progress into 2024, overall economic conditions, especially the jobs market
that directly corelates to office space, have remained resilient, fending off potential
recessionary limitations. Interest rate hikes have paused providing the investment market
better clarity of the road ahead. Although many unknowns remain, the outlook for 2024
is of cautious optimism for the Houston office market after a strong finish to 2023.

Danny Rice | President

Accelerating success.
 Office Key Takeaways

Houston
23Q4
• Office vacancy rate nudges down
• Sublease space continues decline
• Net absorption positive for Q4 and year
• Leasing volume decreases

YOY YOY Under YOY Overall Class A Asking YOY

Vacancy Rate Net Absorption Construction Lease Rates (FSG)

22.5% FORECAST
753.3K SF FORECAST
721.5K SF FORECAST
$35.90/SF FORECAST

Houston Highlights
Houston’s office market posted positive net absorption of 753,312 SF during the fourth quarter, reversing the negative totals from the third
quarter and ending 2023 with a positive 301,014 SF. The overall average vacancy rate decreased marginally to 22.5% from 22.6% the previous
quarter. Leasing activity declined to 1.8m SF for fourth quarter to end the year with 9.8m SF, representing a 27.9% drop from 2022. The Katy
Freeway submarket accounted for 29% of that annual total while three other submarkets including The Woodlands, West Loop and CBD leased
more than 1m SF each. The under-construction pipeline remains limited at 721,503 SF, while four buildings totaling 515,694 SF were delivered
during the fourth quarter. Houston’s overall average gross rental rates nudged up to $30.11 from the previous quarter but declined from the
same period last year. Houston’s Class A average rental rate decreased marginally to $35.90 per square foot from $35.96 in Q3 2023.

Market Indicators Market Fundamentals

3.8% 2.3% $72 2,000,000 25.0%
Houston Houston annual WTI Spot Price,
1,500,000
Unemployment % change in U.S. benchmark 20.0%

Rate employment for light sweet 1,000,000

crude 500,000
15.0%

Historic Comparison 0
10.0%

(500,000)
22Q4 23Q3 23Q4 5.0%
(1,000,000)

Total Inventory
236.9 237.6 236.9 (1,500,000) 0.0%
(in Millions of SF) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2018 2019 2020 2021 2022 2023

New Supply
97.2 355.2 515.7 Absorption New Supply Total Vacancy
(in Thousands of SF) Absorption New Supply Total Vacancy

Net Absorption
(188.2) (844.0) 753.3 Net absorption reversed third quarter’s negative course to record
(in Thousands of SF)
positive absorption for both the fourth quarter and the year. New
supply has been limited but popular for those seeking quality
Overall Vacancy 22.2% 22.6% 22.5% space while overall leasing activity experienced a slowdown.

Under The overall vacancy rate decreased marginally due to a couple

Construction 1,685.9 1,237.2 721.5 large move-ins but will likely continue rising within the next year
(in Thousands of SF) as tenants occupy their new downsized offices and leave larger
spaces vacant. Sublease space declined 23.3% from the same
Overall Asking quarter last year.
$30.69 $30.06 $30.11
Lease Rates (FSG)

Recent Transactions *Colliers Transaction

Lease* Relocation* Lease* Sale* Sale*

Air Liquide Center South Williams Tower Imperial Plaza 17 S Briar Hollow Lane 263 N Sam Houston
Katy Freeway West Loop E Fort Bend Co/SugarLand West Loop North Belt/Greenspoint
24k SF 21k SF 14k SF 45k SF 235k SF
Houston
Office

23Q4

Commentary
By Patsy Fretwell, Research Director

Houston’s office market demonstrated resilience by ending 2015 collectively report an 11.4% availability compared to the
the year with positive absorption in both the fourth quarter overall Houston availability average of 25.2%.
and the entire year, overcoming the negative net absorption
LyondellBasell Industries and Fluor Corporation topped the list
experienced in the third quarter. Notable contributors to this
for largest leases signed during the year, with LyondellBasell
positive trend included Bechtel Energy’s move and expansion
taking 318,504 square feet at 2800 Post Oak for a January
in two CityWestPlace properties, along with new properties
2025 move-in, and Fluor taking 308,186 square feet at 737 N.
coming online with preleasing.
Eldridge for a May 2024 occupation.
MetroNational’s fully leased newest building at 9753 Katy
Larger blocks of newer, quality space are becoming limited
Freeway has BW Energy occupying 67,815 square feet in fourth
in several submarkets and only two Class A office buildings
quarter and Callon Petroleum moving into 107,171 square feet
100.000+ square feet are currently underway. West Houston’s
later this year. Other notable absorption this quarter includes
Katy Freeway submarket led all leasing activity in 2023,
Intuitive Machines occupying its new 125,000-square-foot
accounting for 2.8 million square feet, or 29%. Three other
building in the NASA/Clear Lake submarket, and Fugro moving
submarkets reported more than 1 million square feet each of
into 75,000 square feet in the Katy Freeway submarket.
leases: the Central Business District finalized 1.6 million square
Despite tenant advantages due to ample availability and feet, the West Loop submarket reported slightly more than 1.1
current economic conditions, firms are navigating optimal million square feet and The Woodlands completed 1.1 million
office-space scenarios, addressing employee requests for square feet. The four submarkets represented 69% of the
hybrid work. Sublease space, which historically offers tenants annual total. The Katy Freeway submarket also leads in totals
favorable options, decreased by 23.4% to 5.6 million square for net absorption during the fourth quarter and for the year.
feet in 2023, with most space either returning as direct or
This leasing trend could jumpstart new construction in specific
being taken off the market. Available sublease blocks greater
submarkets. CityCentre Six, a proposed 308,000-square-foot
than 100,000 square feet dropped by 36.4% since last quarter.
building, announced its start date to April 2024 following a
Companies working out their required in-office schedules confidential signed lease of 258,363 square feet.

The vacancy rate stabilized, dipping 10 basis points to 22.5%. Challenges continue while landlords manage substantial hikes
Houston and two other Texas cities, Austin and Dallas/Fort in insurance and taxes while tenants seek more free rent and
Worth, consistently top the return-to-office rate among all increased concessions. Local economists anticipate a slower
cities cited in the Kastle Index. growth rate in 2024 due to tighter lending standards and
reduced job growth, impacting the Houston office market with
The flight-to-quality trend persisted as Class A properties
a gradual softening and eventual improvement as companies
accounted for 67.7% of 2023’s total 9.8 million square feet of
adapt to changing office dynamics and return-to-office criteria.
leasing activity. This year’s total fell from the previous year’s
13.6 million square feet of leasing activity. Properties built after

Colliers | Houston | 23Q4 | Office Report

Houston
Office

23Q4
Top Performing Office Buildings
Net Absorption

Year Built/ Net Absorption Available

Building Submarket RBA Renovated (SF) % Leased (SF)
TMC3 Collaborative Building South Main/Medical Center 250,000 2023 250,000 100.0% 0
CityWestPlace Building 3 Katy Freeway 205,000 1998 205,000 100.0% 0
13401 North Freeway North Belt/Greenspoint 143,410 1983 143,410 100.0% 0
Timberway II Katy Freeway 184,965 1982 104,337 86.6% 36,011
1160 Dairy Ashford Katy Freeway 187,900 1979 86,454 100.0% 0
CityWestPlace Building 4 Katy Freeway 540,025 2000 80,634 93.2% 139,204
Republic Square Katy Freeway 324,546 1980 72,659 69.2% 99,855
9753 Katy Freeway Katy Freeway 188,553 2023 67,815 64.0% 10,070
One Eldridge Katy Freeway 245,315 1985 64,802 86.5% 33,231
Reserve at Westchase Westchase 194,919 1998 55,030 78.8% 41,373

Large Sublease Availabilities

Houston Office Historical Available Sublease Space

100,000 SF or Greater Historical Available

Class A Sublease
Class B SpaceHouston Total

Building Term Submarket SF

8,000,000

Pennzoil Place North 7,000,000

Nov 2026 CBD 189,000
Tower 6,000,000

Energy Center V May 2036 Katy Freeway 165,835

5,000,000

1735 Hughes Landing

Nov 2027 The Woodlands 164,136 4,000,000
Blvd
3,000,000
1200 Enclave Parkway Jan 2024 Katy Freeway 143,295
2,000,000

Jefferson Towers Jun 2030 CBD 123,040

1,000,000

Williams Tower Mar 2024 West Loop 113,398 0

Houston Office Historical Available Sublease Space
2 Houston Center Sep 2036 CBD 104,348
Class A Class B Houston Total

8,000,000

Construction Activity Delivery Timeline 7,000,000

Class A 100,000 SF or Greater

6,000,000
Source: CoStar

1550 on the Green 5,000,000 Asian City Plaza

1550 Lamar St 4,000,000
6865 W Sam Houston South Pky
CBD Southwest
3,000,000
March 2024 June 2024
386,323 SF 2,000,000 157,437 SF
Skanska USA Asian City Development
1,000,000

2024 2025

Colliers | Houston | 23Q4 | Office Report

Houston
Office

23Q4
Market Statistics
Total Direct Sublease Total Previous Net Net Avg Direct
Submarket/ Inventory Availability Availability Availability Vacancy Vacancy Absorption Absorption Under Deliveries Asking Rate
Class SF Rate Rate Rate Rate Rate Current YTD Construction YTD (FSG)

CBD

A 35,875,479 25.4% 3.5% 28.8% 24.0% 24.4% 108,899 92,511 386,323 0 $46.20
B 7,045,459 39.0% 0.9% 39.9% 35.2% 35.3% 4,256 (50,707) 0 0 $32.28
C 593,730 6.6% 0.0% 6.6% 14.2% 14.2% 0 (784) 0 0 $0.00

TOTAL 43,514,668 27.3% 3.1% 30.3% 25.7% 26.0% 113,155 41,020 386,323 0 $43.08

Suburban

A 103,592,024 24.7% 13.2% 27.8% 23.9% 24.1% 692,607 686,553 189,637 456,694 $31.10

B 78,657,668 20.2% 5.8% 21.1% 21.0% 22.0% (9,233) (410,894) 145,543 689,018 $21.14

C 11,135,508 9.2% 0.3% 9.2% 7.5% 7.6% (44,935) (5,041) 0 0 $17.02

TOTAL 193,385,200 22.0% 10.1% 24.0% 21.8% 22.6% 638,439 270,618 335,180 1,145,712 $26.70

Houston Total

A 139,467,503 24.9% 13.4% 28.0% 23.9% 24.3% 801,506 779,064 575,960 456,694 $35.90

B 85,703,127 21.8% 5.3% 22.7% 22.1% 22.0% (4,977) (461,601) 145,543 689,018 $25.04

C 11,729,238 9.0% 0.3% 9.1% 7.9% 7.6% (43,217) (16,449) 0 0 $17.40

TOTAL 236,899,868 23.0% 10.4% 25.2% 22.5% 22.6% 753,312 301,014 721,503 1,145,712 $30.11

Submarkets by Class
Total Direct Sublease Total Previous Net Net Avg Direct
Submarket/ Inventory Availability Availability Availability Vacancy Vacancy Absorption Absorption Under Deliveries Asking Rate
Class SF Rate Rate Rate Rate Rate Current YTD Construction YTD (FSG)

Allen Parkway (Midtown)

A 2,571,861 14.3% 5.3% 19.6% 17.2% 17.8% 13,485 (13,331) 0 0 $34.83

B 2,875,762 15.5% 0.1% 15.6% 14.4% 14.3% (553) (66,572) 0 0 $31.36
C 604,038 7.0% 0.0% 7.0% 5.7% 5.9% 1,095 (6,155) 0 0 $27.12

TOTAL 6,051,661 14.1% 2.3% 16.4% 14.7% 14.9% 14,027 (86,058) 0 0 $31.57

Baytown

B 152,382 28.4% 0.0% 28.4% 28.4% 18.5% (15,123) (10,193) 0 0 $24.54

C 21,026 0.0% 0.0% 0.0% 0.0% 0.0% 0 10,513 0 0 $0.00

TOTAL 173,408 25.0% 0.0% 25.0% 25.0% 16.3% (15,123) 320 0 0 $24.54

Bellaire

A 978,032 18.8% 7.6% 26.4% 27.5% 26.3% (11,694) (12,615) 0 0 $26.46

B 1,800,655 17.5% 3.1% 20.7% 18.8% 18.7% (1,184) (71,310) 0 0 $20.66

C 304,533 28.1% 0.0% 28.1% 26.3% 25.8% (1,676) (18,144) 0 0 $18.43

TOTAL 3,083,220 19.0% 4.3% 23.2% 22.3% 21.8% (14,554) (102,069) 0 0 $24.13

Conroe and Outlying Montgomery County

A 84,913 0.0% 0.0% 0.0% 0.0% 0.0% 0 0 0 0 $0.00

B 409,865 22.7% 0.0% 22.7% 22.7% 22.7% 0 13,564 0 0 $31.33

C 266,936 0.0% 0.0% 0.0% 0.0% 0.0% 0 0 0 0 $0.00

TOTAL 761,714 12.2% 0.0% 12.2% 12.2% 12.2% 0 13,564 0 0 $31.33

E. Fort Bend Co./Sugar Land

A 3,601,120 19.8% 0.5% 20.3% 19.2% 21.4% 80,470 84,623 0 0 $32.03

B 2,284,037 18.9% 2.1% 21.0% 18.6% 18.9% 6,680 8,010 0 0 $25.64
C 46,239 0.0% 0.0% 0.0% 0.0% 0.0% 0 0 0 0 $0.00
TOTAL 5,931,396 19.3% 1.1% 20.4% 18.8% 20.3% 87,150 92,633 0 0 $29.95

Colliers | Houston | 23Q4 | Office Report

Houston
Office

23Q4
Submarkets by Class (continued)

Total Direct Sublease Total Previous Net Net Avg Direct

Submarket/ Inventory Availability Availability Availability Vacancy Vacancy Absorption Absorption Under Deliveries Asking Rate
Class SF Rate Rate Rate Rate Rate Current YTD Construction YTD (FSG)

FM 1960

A 2,808,261 59.3% 0.8% 60.2% 24.7% 24.2% (15,170) (124,373) 0 0 $26.13

B 5,793,911 22.1% 0.4% 22.5% 20.3% 19.8% (32,724) (59,613) 0 0 $16.16
C 681,665 10.9% 0.0% 10.9% 10.4% 6.4% (27,506) (31,271) 0 0 $16.65

TOTAL 9,283,837 32.5% 0.5% 33.0% 20.9% 20.1% (75,400) (215,257) 0 0 $18.68

Greenway Plaza

A 7,282,085 26.9% 1.7% 28.7% 24.0% 24.6% 41,108 137,752 0 0 $36.77

B 3,015,010 22.1% 0.3% 22.5% 20.7% 19.7% (32,363) (33,290) 0 0 $29.31

C 467,250 11.9% 0.0% 11.9% 11.5% 10.7% (3,427) (5,630) 0 0 $23.01

TOTAL 10,764,345 24.9% 1.3% 26.2% 22.6% 22.6% 5,318 98,832 0 0 $34.65

Gulf Freeway/Pasadena

A 387,893 34.3% 0.0% 34.3% 34.3% 34.3% 0 24,520 0 101,000 $26.53

B 3,330,502 11.8% 1.2% 13.0% 18.0% 16.8% (40,488) (82,519) 100,000 60,000 $23.37

C 1,049,384 0.6% 0.0% 0.6% 6.8% 6.4% (3,755) (33,351) 0 0 $18.21

TOTAL 4,767,779 11.2% 0.9% 12.0% 16.9% 15.9% (44,243) (91,350) 100,000 161,000 $23.48

I-10 East

B 522,163 17.1% 0.0% 17.1% 17.1% 17.4% 1,800 20,065 0 0 $19.14

C 85,124 19.0% 0.0% 19.0% 19.0% 19.0% 0 0 0 0 $21.53

TOTAL 607,287 17.4% 0.0% 17.4% 17.4% 17.7% 1,800 20,065 0 0 $19.51

Katy Freeway

A 23,373,872 19.0% 3.7% 21.8% 20.8% 20.8% 280,748 179,129 0 355,694 $31.18

B 9,764,798 24.3% 2.1% 24.9% 19.8% 20.9% 111,699 306,478 0 150,000 $22.01

C 1,105,160 3.2% 0.0% 3.2% 2.1% 4.2% 22,801 13,123 0 0 $21.69

TOTAL 34,243,830 20.0% 3.1% 22.1% 19.9% 20.3% 415,248 498,730 0 505,694 $28.51

Katy/Grand Parkway West

A 1,598,427 12.6% 10.3% 22.9% 17.4% 18.5% 17,435 46,853 0 0 $28.69

B 1,022,461 2.7% 0.0% 2.7% 2.8% 2.0% (8,800) 17,569 0 23,170 $21.42

C 153,232 0.0% 0.0% 0.0% 0.0% 0.0% 0 0 0 0 $0.00

TOTAL 2,774,120 8.2% 5.9% 14.2% 11.1% 11.4% 8,635 64,422 0 23,170 $27.83

Kingwood/Humble

B 1,305,199 8.4% 0.0% 8.4% 8.2% 8.0% (2,168) 8,934 0 0 $21.12

C 120,762 2.4% 0.0% 2.4% 2.8% 8.0% (450) (1,690) 0 0 $20.83

TOTAL 1,425,961 7.9% 0.0% 7.9% 7.7% 8.0% (2,618) 7,244 0 0 $21.11

NASA/Clear Lake

A 1,974,761 20.6% 3.0% 23.6% 16.6% 14.6% (38,697) (22,949) 0 0 $27.56

B 2,823,734 8.0% 1.6% 9.6% 8.8% 8.8% 114,839 197,710 0 231,000 $19.83

C 488,154 10.0% 0.0% 10.0% 8.1% 7.8% (1,318) 2,253 0 0 $19.91

TOTAL 5,286,649 12.9% 2.0% 14.9% 11.6% 10.9% 74,824 177,014 0 231,000 $25.17

North Belt/Greenspoint

A 5,607,012 47.8% 1.1% 48.9% 50.8% 50.4% (20,908) 76,059 0 0 $20.40

B 5,126,661 33.4% 1.8% 35.2% 39.7% 41.4% 86,423 (10,461) 0 0 $14.75

C 1,394,176 23.6% 0.0% 23.6% 13.2% 13.1% (660) 111,734 0 0 $14.86

TOTAL 12,127,849 38.9% 1.3% 40.2% 41.8% 42.3% 64,855 177,332 0 0 $17.81

Colliers | Houston | 23Q4 | Office Report

Houston
Office

23Q4
Submarkets by Class (continued)

Total Direct Sublease Total Previous Net Net Avg Direct

Submarket/ Inventory Availability Availability Availability Vacancy Vacancy Absorption Absorption Under Deliveries Asking Rate
Class SF Rate Rate Rate Rate Rate Current YTD Construction YTD (FSG)

Northeast Near and Northeast Outlier

A 651,175 0.4% 0.0% 0.4% 0.4% 0.4% 0 (2,725) 0 0 $0.00

B 165,644 5.9% 0.0% 5.9% 5.9% 3.9% (3,382) (1,992) 0 0 $23.89

C 142,651 22.3% 0.0% 22.3% 22.3% 22.3% 0 (6,856) 0 0 $18.00

TOTAL 959,470 4.6% 0.0% 4.6% 4.6% 4.3% (3,382) (11,573) 0 0 $22.19
Northwest and Northwest Outlier
A 1,955,916 27.9% 3.4% 31.3% 28.3% 28.2% (2,713) 61,733 0 0 $24.17

B 6,468,239 14.0% 0.5% 14.5% 13.0% 12.5% (35,409) 81,798 0 121,848 $18.34

C 1,195,834 9.0% 0.3% 9.3% 6.0% 6.0% 0 (642) 0 0 $15.86

TOTAL 9,619,989 16.2% 1.1% 17.3% 15.2% 14.9% (38,122) 142,889 0 121,848 $20.21

Richmond/Fountainview

B 760,342 19.0% 0.0% 19.0% 18.3% 18.1% (1,806) (17,866) 0 0 $17.06

C 319,716 2.4% 0.0% 2.4% 2.4% 1.7% (2,320) 1,542 0 0 $18.85

TOTAL 1,080,058 14.1% 0.0% 14.1% 13.6% 13.2% (4,126) (16,324) 0 0 $17.15

San Felipe/Voss

A 3,131,909 26.5% 0.9% 27.4% 27.0% 27.2% 4,973 (38,394) 0 0 $31.94

B 2,999,226 25.9% 1.0% 26.9% 26.4% 26.3% (2,941) (106,460) 0 0 $23.62

TOTAL 6,131,135 26.2% 0.9% 27.1% 26.7% 26.7% 2,032 (144,854) 0 0 $28.44

South
B 325,964 3.7% 0.0% 3.7% 7.4% 6.0% (4,364) 3,600 0 0 $25.66
C 135,387 8.0% 0.0% 8.0% 8.0% 8.0% 0 0 0 0 $0.00
TOTAL 461,351 4.9% 0.0% 4.9% 7.6% 6.6% (4,364) 3,600 0 0 $25.66

South Main/Medical Center

B 956,528 16.6% 0.7% 17.3% 15.6% 12.4% (30,605) (39,807) 0 0 $20.05

C 275,624 3.3% 0.0% 3.3% 2.4% 0.6% (4,960) (5,210) 0 0 $20.96

TOTAL 1,232,152 13.6% 0.6% 14.2% 12.7% 9.8% (35,565) (45,017) 0 0 $20.11
Southeast
B 1,766,646 1.3% 0.0% 1.3% 0.6% 0.4% (2,500) 13,224 0 0 $17.73
C 431,920 0.0% 0.0% 0.0% 0.0% 1.1% 4,900 0 0 0 $0.00

TOTAL 2,198,566 1.1% 0.0% 1.1% 0.5% 0.6% 2,400 13,224 0 0 $17.73

Southwest

A 1,348,129 24.6% 3.1% 27.7% 24.4% 24.4% 737 (12,802) 157,437 0 $18.95

B 5,890,701 17.6% 0.0% 17.7% 21.5% 19.3% (131,489) (485,724) 0 0 $20.20

C 1,239,391 8.3% 0.0% 8.3% 8.3% 6.2% (25,941) (28,731) 0 0 $15.92

TOTAL 8,478,221 17.4% 0.5% 17.9% 20.0% 18.2% (156,693) (527,257) 157,437 0 $19.40

Southwest Far and Southwest Outlier

A 668,435 7.8% 0.0% 7.8% 3.0% 3.0% 0 0 32,200 0 $0.00

B 652,479 6.9% 0.0% 6.9% 3.3% 3.3% 0 (21,243) 23,800 0 $23.75

C 113,648 21.1% 0.0% 21.1% 1.8% 1.8% 0 0 0 0 $0.00

TOTAL 1,434,562 8.4% 0.0% 8.4% 3.0% 3.0% 0 (21,243) 56,000 0 $23.75

The Woodlands

A 14,092,024 9.6% 3.4% 13.0% 13.4% 13.2% (27,919) 68,087 0 0 $35.58

B 3,524,046 21.7% 2.1% 23.9% 19.9% 21.5% 82,659 141,323 21,743 83,000 $26.79

C 128,690 10.0% 0.0% 10.0% 10.0% 10.0% 0 (10,291) 0 0 $0.00

TOTAL 17,744,760 12.0% 3.1% 15.1% 14.7% 14.8% 54,740 199,119 21,743 83,000 $30.06

Colliers | Houston | 23Q4 | Office Report

Houston
Office

23Q4
Submarkets by Class (continued)

Total Direct Sublease Total Previous Net Net Avg Direct

Submarket/ Inventory Availability Availability Availability Vacancy Vacancy Absorption Absorption Under Deliveries Asking Rate
Class SF Rate Rate Rate Rate Rate Current YTD Construction YTD (FSG)

West Belt

A 3,965,850 32.0% 6.6% 38.7% 29.4% 31.0% 65,660 113,343 0 0 $29.01

B 2,124,599 30.6% 3.4% 32.8% 26.5% 21.2% (113,580) (148,521) 0 0 $22.15

C 87,629 0.0% 0.0% 0.0% 0.0% 0.0% 0 0 0 0 $0.00

TOTAL 6,178,078 31.1% 5.4% 36.5% 28.0% 27.2% (47,920) (35,178) 0 0 $18.49

West Loop/Galleria

A 17,823,845 32.5% 3.1% 35.6% 28.5% 28.4% (20,751) (132,983) 0 0 $36.45

B 5,741,086 21.3% 0.3% 21.6% 31.8% 31.7% (5,253) (55,473) 0 0 $27.43

C 166,294 9.8% 0.0% 9.8% 9.8% 9.8% 0 (6,859) 0 0 $18.75

TOTAL 23,731,225 29.7% 2.4% 32.0% 29.2% 29.1% (26,004) (195,315) 0 0 $34.68

Westchase

A 9,686,504 27.2% 4.6% 31.7% 26.6% 29.9% 325,843 254,626 0 0 $34.79

B 7,055,028 27.8% 2.3% 30.2% 28.2% 28.9% 51,399 (12,125) 0 20,000 $19.80

C 111,046 0.0% 0.0% 0.0% 0.0% 0.0% 0 0 0 0 $0.00

TOTAL 16,852,578 27.3% 3.6% 30.9% 27.1% 29.3% 377,242 242,501 0 20,000 $28.00

Submarket Map

Northeast
Outlier

1. CBD
2. Northwest
3. Allen Parkway
(Midtown)
4. Greenway Plaza Northwest
Kingwood/Humble
Outlier
5. West Loop/ Galleria
6. San Felipe/ Voss
7. Richmond/
Fountainview
8. Southwest/ Hillcroft
9. Westchase
Northeast
10. Southwest
Outlier
11. Bellaire
12. South Main/
Medical Center
13. Katy Freeway
Gulf Freeway/
14. FM 1960 Pasadena
15. West Belt
16. North Belt

Colliers | Houston | 23Q4 | Office Report

501 offices in Market Contacts:
Patsy Fretwell

66 countries on Research Director

Houston

6 continents
+1 713 830 2125
[email protected]

Danny Rice
President
United States: 156 Houston
Canada: 45 +1 713 830 2134
Latin America: 20 [email protected]
Asia Pacific: 99
William Uhalt
EMEA: 112 Research Manager
Houston
+1 713 830 2137
[email protected]

$4.5B
in revenue

2B Colliers statistical criteria includes all general-

purpose, multi- and single-tenant and owner-
occupied office buildings 20,000 SF or greater.
square feet under management
Copyright © 2024 Colliers
The information contained herein has been obtained from
sources deemed reliable. While every reasonable effort has

19,000 +
been made to ensure its accuracy, we cannot guarantee it. No
responsibility is assumed for any inaccuracies. Readers are
encouraged to consult their professional advisors prior to acting
on any of the material contained in this report.
professionals and staff

About Colliers
Colliers is a leading diversified professional services and investment management
company. With operations in 66 countries, our 19,000 enterprising professionals 1233 West Loop South, Suite 900
work collaboratively to provide expert real estate and investment advice to Houston, TX 77027
clients. For more than 28 years, our experienced leadership with significant inside
ownership has delivered compound annual investment returns of approximately +1 713 222 2111
20% for shareholders. With annual revenues of $4.5 billion and $98 billion of assets colliers.com
under management, Colliers maximizes the potential of property and real assets to
accelerate the success of our clients, our investors and our people. Learn more at
corporate.colliers.com, X @Colliers or LinkedIn.