Jun 8, 2016
The Woodlands office market reacts to low oil prices
THE WOODLANDS - With the realization that the price of oil will remain lower for longer, businesses are trying to cut rents, consolidate workforces and downsize to balance the books. In...
THE WOODLANDS – With the realization that the price of oil will remain lower for longer, businesses are trying to cut rents, consolidate workforces and downsize to balance the books.
In The Woodlands, the high-end office market is hovering below a 10 percent vacancy rate or 1.1 million sf of space, which is in contrast to the area’s five-year vacancy rate average of 6.9 percent.
There are 48 Class A buildings with 11.8 million sf of existing office space and nearly half-a-million sf currently under construction.
"While suburban markets and Houston as a whole are struggling with increased office vacancies, The Woodlands has managed to maintain inventory, keep tenants, and stay competitive", said Gil Staley, CEO of The Woodlands Area Economic Development Partnership.
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