Oil slump spurs shortage of energy office tenants

​​HOUSTON – Office consolidations, headquarter relocations and the looming oil slump drove several energy and engineering companies to generate the largest office vacancies in second quarter 2016 (2Q2016), according to a PM Realty Group report. 

Houston-based National Oilwell Varco vacated 97,900 sf at 10000 Richmond Ave. in the Westchase District.

Norway-based Statoil, which has Texas offices in Houston and Austin, vacated 77,262 sf in building four of CityWest Place.

Statoil moved into roughly 323,000 sf in building two of CityWest Place in 2015; of that space, Statoil put 103,018 sf of space on the sublease market. 

Houston’s Newfield Exploration Co. vacated roughly 150,000 sf at Greenspoint’s 363 North Belt building. ​

Mustang Engineering vacated nearly 175,000 sf of space at 17000 Katy Fwy., according to the PMRG report. The company had been in the Katy building since 2013; its lease expired during 2Q2016.