Devon, GenOn departure could ease downtown space crunchDevon, GenOn departure could ease downtown space crunchhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=92512012-10-22T11:13:00Z2012-10-22T00:00:00Z

HOUSTON - More than 700,000 sf of office space is opening up in the Central Business District in 2013. Devon Energy Corp and GenOn Energy Inc. have both recently said they were leaving the area, which would free up about 560,000 sf in the Allen Center complex and about 145,000 sf in 1000 Main St., respectively.

Devon could move out as soon as first quarter 2013, while GenOn is expected phase out its office space throughout 2013.

Overall downtown Houston rental rates averaged around $34.42 per sf in 3Q 2012, up from $32.88 in 2Q 2012, according to CBRE. Some experts say overall rental rates could stabilize or even drop after the space hits the market.

Houston Business Journal
Houston-The Woodlands-Sugar Land
http://www.bizjournals.com/houston/print-edition/2012/10/19/devon-genon-departure-could-ease.htmlRead more at {Source}

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