HOUSTON—As GlobeSt.com reported earlier in the month, Cassidy Turleyhas brought Bill Wolff on as executive managing director of officetenant representation. We caught up with Wolff to get his take onthe Houston office market and what this new job has in store forhim.

|

GlobeSt.com: Can you share your thoughts about thecurrent state of the Houston office market?

|

Wolff: The Houston office market isthe strongest I have ever seen in over 30 years. Theinteresting component to me is that I believe it is not a generalrising tide for all boats sort of situation. The hot marketssuch as The Woodlands, Energy Corridor, Westchase are absolutely asstrong as possible. The more mature markets with 30+ year oldbuildings are not as strong, although many owners are pushing rentsto the highest levels we have ever seen. It will beinteresting to see how the next 12 to 18 months works out forthem.

|

GlobeSt.com: You're tasked with starting a newservice line for Cassidy Turley, how do you plan to dothat?

|

Wolff: Cassidy Turley already has agreat organization with strong corporaterelationships. We plan on helping service those relationshipsin the Houston market. We also believe we arebuilding the best real estateservices providers in the world and hopeto develop many new relationships with firms looking fora another choice.

|

GlobeSt.com: What do you think is the key to beingsuccessful at office tenant representation?

|

Wolff: I don't want to sound trite butI really believe the key to success is doing “whatever it takes” toget the right result for your client. I also think that trulycaring about the result is very important. A lease relationship isnot like most other transactions; the landlord and tenant need tolive with each other on a daily basis for many years. A goodtenant representative has got to take that factor into account inall the dealings with the parties.

|

GlobeSt.com: What about this new position are youmost looking forward to?

|

Wolff: Getting to work again with someof my best friends and colleagues who are with Cassidy Turley

|

GlobeSt.com: What are office tenants looking for ina class A property these days? How has that changed over theyears?

|

Wolff: I think the biggest change thatI have seen is that the savvy office tenantknows the ultimate success of their business revolvesaround their ability to recruit and retain talent. What we seetoday is those companies are much more concerned aboutbeing in the right location than saving $3 - $4.00 per squarefoot. The other major trend is that even more traditionalusers are now trying to develop a more flexible and efficient useof space. We see very few “traditional” build-outs and weexpect that to continue.

|

GlobeSt.com: How do you think the market will bedifferent in five years?

|

Wolff: I thinkthat transportation, or lack thereof, is going to be the nextmajor thing to really impact Houston. We have just finished ahuge amount of new construction and will shortly finish the work onHighway 290 and the Grand Parkway extension to I-45. Thesehave all been great things. But the era of companies trying torun away from the problem has also “run” its course. I thinkthat concentrating on the Central Business District/Midtown areawith its growing infrastructure and the new light rail lines northand east of the CBD will become even more important to the city inthe next five years.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.