Office

23Q3
Houston

Houston’s office market fundamentals reversed course during the

third quarter with decreased leasing activity and rising vacancy.

Tenants continue to evaluate their office space needs, with

numerous downsizing and consolidating and a few adding sizable
sublease space to the market.

Landlords are also feeling pressure as the costs of capital and

construction continue to climb, challenging their ability to offer
aggressive concessions to stay competitive.

Danny Rice | President

Accelerating success.
 Office Key Takeaways

Houston
23Q3
• Office vacancy rate increases 50 basis points
• Sublease space rises after recent decline
• Net absorption negative for first time in 2023
• Leasing volume drops

YOY YOY Under YOY Overall Class A Asking YOY

Vacancy Rate Net Absorption Construction Lease Rates (FSG)

22.3% FORECAST
-1.0M SF FORECAST
1.6M SF FORECAST
$35.96/SF FORECAST

Houston Highlights
Houston’s office market posted negative net absorption of 1.0 million square feet during the third quarter, reversing the positive totals
from the first half of the year. This dropped net absorption to a negative 485,701 square feet year-to-date. The overall average vacancy rate
increased to 22.3% from 21.8% at both midyear and year-over-year. Leasing activity plunged 54.7% from second quarter, with only 1.7 million
square feet counted during the third quarter. Year-to-date activity totals 8.4 million square feet, with the Katy Freeway submarket accounting
for 29% of that total. Three other submarkets, The Woodlands, West Loop and CBD, each accounted for 10% to 12% of the total; the four
submarkets collectively represented 62% of the overall total. The under-construction pipeline remains limited at 1.6 million square feet as
proposed projects remain on hold, while five buildings totaling 329,170 square feet were delivered during the third quarter. Houston’s overall
average gross rental rates nudged up to $30.06 from the previous quarter’s $29.87 but declined from the same period last year. Houston’s
Class A average rental rate increased to $35.96 per square foot from $35.46 in Q2 2023.

Market Indicators Market Fundamentals

4.9% 2.7% $91 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)

22Q3 23Q2 23Q3 (1,000,000)

5.0%

Total Inventory (1,500,000) 0.0%

236.7 237.0 237.3
(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

2018 2019 2020 2021 2022 2023

New Supply
210.7 227.8 329.2 Absorption New Supply Total Vacancy
(in Thousands of SF) Absorption New Supply Total Vacancy

Net Absorption
(484.2) 225.1 (1,005.4)
(in Thousands of SF)
Net absorption reversed a positive course during third quarter
Overall Vacancy 21.8% 21.8% 22.3% to offset the gains made in the first half of the year for negative
absorption year-to-date. New supply has been limited but popular
for those seeking quality space while overall leasing activity
Under
experienced a slowdown.
Construction 1,996.5 1,905.7 1,576.5
(in Thousands of SF)
The overall vacancy rate increased and will likely continue rising
Overall Asking within the next year as tenants occupy their new downsized
$30.25 $29.87 $30.06 offices and leave larger former spaces vacant.
Lease Rates (FSG)

Recent Transactions
*Colliers Transaction

Lease Lease* Lease* Sale* Sale*

Wells Fargo Plaza Westgate I Woodbend Plaza Fugro Center Wells Fargo
CBD | 90k SF Katy Freeway | 41k SF FM 1960 | 50k SF Southwest | 137k SF North Belt/Greenspoint | 174k SF
Houston
Office
23Q3
Commentary
By Ray Lopez, Vice President, Office
In the third quarter of 2023, the Houston office market
continued to grapple with various challenges amid positive
emerging signs. Consolidations have affected the sublease
market throughout the last year, although there were
improving signs prior to the third quarter when the total
increased to 6.7 million square feet. National Oilwell Varco
added about 337,000 square feet of sublease space from
several buildings in the firm’s Parkwood campus as they
consolidated into Millennium Tower.
Sublease options do offer tenants a valuable alternative to
direct spaces and oftentimes prevent direct-space landlords
from aggressively raising rents. But there is concern that
tenants consolidating their offices will be adding more space
to the market, which already boasts one of the highest vacancy
rates in the country.
Put into perspective, sublease availability is down from 7.2
million square feet a year ago and is not close to reaching
the record 10 million-square-foot levels seen in 2016. But
there are currently 11 sublease blocks greater than 100,000
square feet available. There has been limited leasing activity
in both this year and in 2022, when Enbridge signed its
257,800-squarefoot deal at 915 N. Eldridge.
Reductions, flight-to-quality and economic challenges
The current workplace remains a hybrid of remote work and
in-office presence. The return-to-office trend has stabilized at
60% for Houston, which is the highest percentage of all cities
cited in the Kastle Index.
Another trend in Houston is the continued reduction of
tenants’ footprints as they determine their space needs,
Colliers | Houston | 23Q3 | Office Report
especially within the Central Business District. One example is
the latest lease announcement by NRG Energy, which is taking
245,000 square feet in Houston Center but will be leaving
behind more than 478,000 square feet at 910 Louisiana.
Companies searching for office space should consider that
high-demand properties may not offer the same incentives as
struggling ones. The flight-to-quality trend is a constant factor
in Houston, as newer office properties continue to perform
well while older buildings struggle to attract tenants despite
potential cost savings. Properties built after 2015 collectively
report an 11.1% availability compared to properties built
before 2015, which report availability of 27.1%, much closer to
the overall Houston availability average of 25.6%.
Landlords are motivated to strike deals, but their ability to
provide tenant incentives such as improvement packages and
rent abatements can be constrained by underlying building
loans or financial limitations, especially considering today’s
challenging economic conditions. Soaring taxes and insurance
costs are also boosting operating expenses dramatically, and
tenants should be aware of a landlord’s possible limitations
when negotiating lease terms.
While the Houston office market is evolving in response to
changing work patterns and economic conditions, companies
and landlords must remain flexible and adaptive to navigate
the market conditions successfully.
The Houston office market’s bright spot has been its job
growth, with a record 176,000 jobs added in 2022. As
companies continue to adapt to changing office footprints and
return-to-office criteria, we anticipate future softening and
then a gradual and steady improvement in the office market.
Houston
Office

23Q3
Top Performing Office Buildings
Net Absorption
Year Built/ Net Absorption Available
Building Submarket RBA Renovated (SF) % Leased (SF)
Energy Center Katy Freeway 306,721 2008 137,734 92.3% 35,944
CityWestPlace Bldg 2 Katy Freeway 443,551 1993 86,957 100.0% 43,598
Phoenix Tower at
Greenway Plaza 630,594 1984 71,903 82.9% 122,478
Greenway Plaza
JPMorgan Chase & Co.
CBD 1,656,529 1981 37,445 84.4% 299,543
Tower
Three Memorial City Plaza Katy Freeway 327,982 1998 33,541 98.2% 16,331
Wells Fargo Plaza CBD 1,721,242 1982 30,620 74.0% 519,879
Sugar Creek Tower II E Fort Bend/Sugar Land 206,732 2009 27,517 70.9% 79,572

Large Sublease Availabilities Houston Office Historical Available Sublease Space

100,000 SF or Greater Historical Available Sublease Space
Class A Class B Houston Total
Building Term Submarket SF
8,000,000

Noble Energy Center II July 2030 FM 1960 470,623

7,000,000

Parkwood Circle Bldg November 2037 Southwest 193,000 6,000,000

Pennzoil Place North

November 2026 CBD 189,000 5,000,000
Tower
4,000,000
Energy Center V May 2036 Katy Freeway 165,835
1735 Hughes Landing 3,000,000
November 2027 The Woodlands 164,136
Blvd 2,000,000

1200 Enclave Parkway January 2024 Katy Freeway 143,295

1,000,000

Jefferson Towers June 2030 CBD 123,040 0

Williams Tower March 2024 West Loop 113,398

Construction Activity Delivery Timeline

Class A 100,000 SF or Greater
Source: CoStar
Asian City Plaza
Town Centre Two 1550 on the Green
6865 W Sam Houston
730 Town & Country Blvd 1550 Lamar St
South Pky
Katy Freeway CBD
Southwest
December 2023 December 2023
June 2024
167,141 SF 386,323 SF
157,437 SF
Moody Rambin Skanska USA
Asian City Development

2023 2024
9753 Katy Fwy TMC Collaborative Bldg Axiom HQ
Katy Freeway Old Spanish Trl 13200 Space
December 2023 South Main/Medical Center Center Blvd
188,553 SF December 2023 NASA/Clear Lake
MetroNational 250,000 SF December 2023
Corporation Texas Medical Center 400,000 SF

Colliers | Houston | 23Q3 | Office Report

Houston
Office

23Q3
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 35,760,129 25.9% 3.3% 29.0% 24.5% 24.0% (155,003) (90,031) 386,323 0 $46.25
B 7,164,895 37.3% 2.1% 39.4% 34.8% 33.0% (124,404) (41,786) 0 0 $31.82
C 593,730 6.6% 0.0% 6.6% 14.2% 14.2% 0 (784) 0 0 $0.00

TOTAL 43,518,754 27.7% 3.1% 30.7% 26.0% 24.3% (279,407) (132,601) 386,323 0 $43.12

Suburban

A 103,557,478 24.3% 4.1% 28.0% 23.8% 24.6% (403,744) 20,961 945,331 101,000 $31.22

B 79,292,895 20.4% 1.5% 21.8% 20.6% 20.2% (411,955) (450,214) 244,843 504,018 $21.12

C 10,978,878 8.9% 0.1% 9.0% 6.5% 9.1% 89,664 76,153 0 0 $17.10

TOTAL 193,829,251 21.8% 2.8% 24.4% 21.5% 22.1% (726,035) (353,100) 1,190,174 585,018 $26.90

Houston Total

A 139,317,607 24.8% 3.9% 28.4% 23.9% 24.1% (558,747) (69,070) 1,331,654 101,000 $35.66

B 86,457,790 21.8% 1.5% 23.3% 21.7% 20.9% (536,359) (492,000) 244,843 504,018 $25.02

C 11,572,608 8.8% 0.1% 8.8% 6.9% 8.2% 89,664 75,369 0 0 $17.43

TOTAL 237,348,005 22.9% 2.8% 25.6% 22.3% 22.1% (1,005,442) (485,701) 1,576,497 585,018 $30.06

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 14.8% 2.1% 16.9% 15.4% 15.1% (8,113) 33,901 0 0 $34.82

B 2,884,115 14.3% 0.1% 14.4% 13.5% 13.9% 11,520 (42,871) 0 0 $31.22
C 626,038 6.3% 0.0% 6.3% 6.4% 5.9% (2,785) (9,750) 0 0 $27.26

TOTAL 6,082,014 13.7% 1.0% 14.6% 13.6% 12.3% 622 (18,720) 0 0 $32.70

Baytown

B 122,525 23.0% 0.0% 23.0% 23.0% 23.0% 0 (6,223) 0 0 $24.54

C 21,026 0.0% 0.0% 0.0% 0.0% 50.0% 10,513 10,513 0 0 $0.00

TOTAL 143,551 19.6% 0.0% 19.6% 19.6% 27.0% 10,513 4,290 0 0 $24.54

Bellaire

A 983,663 17.8% 10.5% 28.3% 26.4% 26.8% 3,660 (3,476) 0 0 $26.12

B 1,816,228 18.1% 3.1% 21.3% 18.5% 18.9% 6,531 (70,126) 0 0 $24.02

C 278,379 30.1% 0.0% 30.1% 28.2% 25.3% (7,931) (16,468) 0 0 $18.43

TOTAL 3,078,270 19.1% 5.2% 24.3% 21.9% 21.2% 2,260 (90,070) 0 0 $24.28

Conroe and Outlying Montgomery County

A 84,913 0.0% 0.0% 0.0% 0.0% 2.4% 0 0 0 0 $0.00

B 409,865 22.7% 0.0% 22.7% 22.7% 23.6% 3,742 13,564 0 0 $32.27

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% 12.5% 3,742 13,564 0 0 $30.27

E. Fort Bend Co./Sugar Land

A 3,601,120 21.3% 1.7% 23.0% 21.5% 21.8% 9,913 1,649 0 0 $32.04

B 2,264,037 19.8% 2.1% 21.9% 19.2% 18.4% (20,008) (3,342) 0 0 $25.73
C 46,239 0.0% 0.0% 0.0% 0.0% 0.0% 0 0 0 0 $0.00
TOTAL 5,911,396 20.6% 1.8% 22.4% 20.5% 19.3% (10,095) (1,693) 0 0 $30.09

Colliers | Houston | 23Q3 | Office Report

Houston
Office

23Q3
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 2,799,119 41.8% 17.7% 59.4% 25.0% 22.6% (68,736) (130,760) 0 0 $27.05

B 5,876,725 22.6% 0.2% 22.8% 20.3% 20.0% (17,163) (33,186) 0 0 $16.20
C 626,382 9.1% 0.0% 9.1% 7.0% 7.8% 5,566 (3,765) 0 0 $16.30

TOTAL 9,302,226 27.4% 5.4% 32.9% 20.8% 18.5% (80,333) (167,711) 0 0 $18.87

Greenway Plaza

A 7,282,085 26.3% 2.3% 28.6% 24.8% 26.0% 87,583 97,132 0 0 $36.48

B 3,015,010 21.9% 0.3% 22.3% 19.9% 19.7% (7,038) (9,305) 0 0 $29.29

C 415,960 12.0% 0.0% 12.0% 11.9% 9.4% (10,202) (7,402) 0 0 $22.79

TOTAL 10,713,055 24.5% 1.7% 26.2% 23.0% 22.4% 70,343 80,425 0 0 $34.34

Gulf Freeway/Pasadena

A 387,893 34.3% 0.0% 34.3% 34.3% 25.8% 41,876 24,520 0 101,000 $26.53

B 3,120,349 14.0% 1.3% 15.3% 18.0% 15.1% (38,524) (43,153) 100,000 60,000 $22.96

C 1,049,384 8.7% 0.0% 8.7% 2.6% 2.6% 350 10,556 0 0 $17.60

TOTAL 4,557,626 14.8% 0.9% 15.7% 15.8% 11.6% 3,702 (8,077) 100,000 161,000 $23.08

I-10 East

B 522,163 17.3% 0.0% 17.3% 17.4% 18.1% 3,457 18,265 0 0 $19.13

C 85,124 19.0% 0.0% 19.0% 19.0% 19.0% 0 0 0 0 $23.70

TOTAL 607,287 17.5% 0.0% 17.5% 17.7% 16.4% 3,457 18,265 0 0 $22.67

Katy Freeway

A 23,394,148 19.7% 4.3% 22.6% 20.5% 18.7% (408,878) (186,877) 355,694 0 $30.73

B 10,236,702 25.3% 0.6% 25.9% 20.3% 19.5% (81,196) 7,221 0 0 $21.75

C 1,155,160 5.3% 0.1% 5.4% 4.0% 3.0% (12,053) (9,678) 0 0 $21.48

TOTAL 34,786,010 21.1% 3.1% 23.2% 19.9% 18.1% (502,127) (189,334) 355,694 0 $26.71

Katy Grand Parkway West

A 1,598,429 12.9% 14.8% 27.7% 10.5% 10.3% (3,806) 29,418 0 0 $28.72

B 998,398 2.9% 0.0% 2.9% 2.0% 1.4% 16,730 26,369 0 23,170 $24.72

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

TOTAL 2,750,059 8.6% 8.6% 17.2% 6.8% 6.3% 12,924 55,787 0 23,170 $28.34

Kingwood/Humble

B 1,304,482 8.7% 0.0% 8.7% 8.1% 8.1% (708) 9,893 0 0 $21.26

C 120,762 2.4% 0.0% 2.4% 2.4% 2.0% (537) (1,240) 0 0 $21.42

TOTAL 1,425,244 8.1% 0.0% 8.1% 7.7% 7.6% (1,245) 8,653 0 0 $21.26

NASA/Clear Lake

A 1,974,761 16.7% 1.5% 18.2% 14.6% 15.1% 9,379 15,748 400,000 0 $27.32

B 2,791,126 7.2% 1.6% 8.8% 7.8% 7.8% 112,875 207,412 27,000 231,000 $23.98

C 463,424 15.0% 0.0% 15.0% 12.9% 11.1% (8,419) 1,610 0 0 $16.50

TOTAL 5,229,311 12.7% 1.6% 14.3% 10.8% 10.3% 113,835 224,770 427,000 231,000 $26.50

North Belt/Greenspoint

A 5,607,012 46.5% 1.4% 47.9% 50.3% 50.6% 17,209 103,415 0 0 $20.40

B 5,347,236 32.3% 1.8% 34.1% 38.6% 36.5% (111,247) (110,622) 0 0 $14.97

C 1,280,504 14.6% 0.0% 14.6% 8.1% 16.9% 112,887 127,231 0 0 $14.46

TOTAL 12,234,752 36.9% 1.5% 38.4% 40.8% 40.0% 18,849 120,024 0 0 $17.86

Colliers | Houston | 23Q3 | Office Report

Houston
Office

23Q3
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 642,223 0.4% 0.0% 0.4% 0.4% 0.4% 0 (2,725) 0 0 $0.00

B 165,644 3.9% 0.0% 3.9% 3.9% 3.9% 0 1,390 0 0 $23.58

C 142,651 22.3% 0.0% 22.3% 22.3% 22.5% 275 (6,856) 0 0 $18.00

TOTAL 950,518 4.3% 0.0% 4.3% 4.3% 0.4% 275 (8,191) 0 0 $22.19
Northwest and Northwest Outlier
A 1,955,916 27.0% 4.7% 31.8% 27.1% 26.3% (15,483) 60,430 0 0 $24.01

B 6,587,063 14.8% 0.6% 15.4% 12.6% 13.2% 38,052 131,235 0 121,848 $18.40

C 1,201,334 8.9% 0.3% 9.2% 6.1% 6.3% 2,600 (1,942) 0 0 $16.68

TOTAL 9,744,313 16.5% 1.4% 17.9% 14.7% 21.3% 25,169 189,723 0 121,848 $22.20

Richmond/Fountainview

B 760,342 18.6% 0.0% 18.6% 18.3% 15.7% (19,698) (17,826) 0 0 $17.01

C 319,716 1.7% 0.0% 1.7% 1.7% 1.9% 796 3,862 0 0 $16.01

TOTAL 1,080,058 13.6% 0.0% 13.6% 13.4% 10.0% (18,902) (13,964) 0 0 $16.98

San Felipe/Voss

A 2,292,418 36.4% 1.2% 37.6% 36.8% 36.3% (11,876) (41,543) 0 0 $34.74

B 2,966,334 25.8% 1.3% 27.2% 25.3% 25.1% (7,808) (67,156) 0 0 $23.68

TOTAL 5,258,752 30.5% 0.0% 31.7% 30.3% 29.9% (19,684) (108,699) 0 0 $30.29

South
B 325,964 9.7% 2.5% 12.2% 6.0% 8.6% 8,262 7,964 0 0 $25.66
C 135,387 8.0% 0.0% 8.0% 8.0% 8.0% 0 0 0 0 $20.00
TOTAL 461,351 9.2% 1.7% 10.9% 6.6% 7.6% 8,262 7,964 0 0 $24.48

South Main/Medical Center

B 956,528 15.3% 0.7% 16.0% 12.4% 12.1% (2,744) (9,016) 37,300 0 $20.38

C 275,624 1.5% 0.0% 1.5% 0.6% 0.6% 0 (250) 0 0 $19.74

TOTAL 1,232,152 12.7% 0.6% 13.3% 9.7% 7.2% (2,744) (9,266) 37,300 0 $20.29
Southeast
B 1,801,646 0.6% 0.0% 0.6% 0.5% 1.3% 15,413 14,335 0 0 $17.73
C 322,220 0.0% 0.0% 0.0% 0.0% 0.0% 0 0 0 0 $0.00

TOTAL 2,123,866 0.5% 0.0% 0.5% 0.4% 1.2% 15,413 14,335 0 0 $17.73

Southwest

A 1,334,274 22.3% 2.8% 25.0% 24.7% 24.8% 1,518 (13,539) 157,437 0 $18.96

B 5,914,119 15.0% 5.7% 20.7% 19.4% 13.4% (355,154) (366,479) 0 0 $20.17

C 1,355,746 6.0% 0.0% 6.0% 6.0% 6.1% 739 (1,774) 0 0 $15.75

TOTAL 8,604,139 15.1% 4.4% 19.5% 18.1% 13.3% (352,897) (381,792) 157,437 0 $19.50

Southwest Far and Southwest Outlier

A 668,435 7.4% 0.0% 7.4% 3.0% 3.0% 0 0 32,200 0 $0.00

B 652,479 6.7% 0.0% 6.7% 3.3% 1.0% (15,010) (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% 1.9% (15,010) (21,243) 56,000 0 $23.75

The Woodlands

A 14,092,024 10.1% 3.3% 13.4% 12.7% 12.2% (60,249) 175,516 0 0 $35.68

B 3,483,887 20.7% 2.0% 22.7% 21.3% 21.3% (1,153) 60,742 56,743 48,000 $26.93

C 159,033 24.4% 1.2% 25.6% 15.0% 14.1% (1,351) (11,635) 0 0 $22.92

TOTAL 17,734,944 12.4% 3.1% 15.4% 14.4% 14.0% (62,753) 224,623 56,743 48,000 $30.18

Colliers | Houston | 23Q3 | Office Report

Houston
Office

23Q3
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 3,950,850 26.4% 6.4% 32.7% 29.4% 29.6% 9,918 117,638 0 0 $29.33

B 2,125,356 31.9% 3.4% 34.1% 20.6% 21.1% 12,481 (22,296) 0 0 $21.74

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

TOTAL 6,163,835 27.9% 5.2% 32.7% 25.9% 17.8% 22,399 95,342 0 0 $26.75

West Loop/Galleria

A 17,638,119 32.7% 3.3% 36.0% 28.4% 28.3% (5,405) (112,858) 0 0 $35.54

B 5,784,028 21.0% 0.2% 21.2% 31.6% 32.2% 32,339 (59,110) 0 0 $27.57

C 166,294 9.8% 0.0% 9.8% 9.8% 9.4% (784) (6,859) 0 0 $18.75

TOTAL 23,588,441 29.7% 2.5% 32.2% 29.0% 28.8% 26,150 (178,827) 0 0 $33.93

Westchase

A 10,698,215 25.8% 4.6% 30.4% 26.1% 26.1% (2,254) (146,628) 0 0 $33.66

B 7,060,544 28.5% 3.1% 31.5% 29.0% 28.9% 4,094 (66,650) 0 20,000 $19.83

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

TOTAL 17,869,805 26.7% 4.0% 30.7% 27.1% 25.9% 1,840 (213,278) 0 20,000 $26.82

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 | 23Q3 | Office Report

501 offices in Market Contacts:
Patsy Fretwell

66 countries on Research Director

Houston

6 continents
+1 713 830 2125
patsy.fretwell@colliers.com

Danny Rice
President
United States: 156 Houston
Canada: 45 +1 713 830 2134
Latin America: 20 danny.rice@colliers.com
Asia Pacific: 99
William Uhalt
EMEA: 112 Research Manager
Houston
+1 713 830 2137
william.uhalt@colliers.com

Contributor:
Ray Lopez
Vice President
$4.5B Houston
+1 713 830 2116
in revenue
ray.lopez@colliers.com

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 © 2023 Colliers
The information contained herein has been obtained from
sources deemed reliable. While every reasonable effort has

18,000 +
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 18,000 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
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