HOUSTON—Sentiment in the Houston office market is becoming more optimistic as signs point to the beginning of a recovery. Factors such as positive job creation through a challenging 2016 and stabilizing crude prices are heading in the right direction.

Office sublease space is continuing to contract, according to Q10 Kinghorn, Driver, Hough. This, along with several large lease transactions of greater than 50,000 square feet spread throughout the Houston submarkets show a market continuing to rebound from the recent downturn.

That being said, enthusiasm should be tempered as recovery will be a slow process that won't always move in an upward trajectory, according to Transwestern. There are several areas limiting the speed of recovery.

Overall job growth for 2017 is projected to be well below healthy market norms, the petrochemical boom on the east side is waning and while stabilizing in the high $40s to low $50s, short-term energy forecasts show limited potential for additional increases through 2017, GlobeSt.com learns. Additionally, the market has approximately 54 million square feet of space marketed as available with 32 million occurring in class-A properties–a four- to five-year supply with job creation at typical levels of 60,000 per year, according to Transwestern.

As part of that turnaround effort in office space marketing, 111 Realty OPO LLC has retained Transwestern to provide leasing services for Oak Park Office Center III, a 151,000-square-foot office building located at 6001 Rogerdale in Houston's Westchase submarket. Transwestern's executive vice president David Baker, vice president Jude Filippone and associate Jack Scharnberg are leasing the property.

Oak Park Office Center III sits on a 11.3 acre site fronting West Belt and Rogerdale. The property offers ingress and egress from the Sam Houston Tollway and Westpark Tollway, as well as to William P. Hobby and Bush Intercontinental Airports. A variety of hotels, restaurants, daycare facilities, technical schools and recreational facilities are located nearby.

“Oak Park offers potential tenants the greatest value per employee in West Houston,” said Baker. “The building has the best parking ratio in the market to accommodate the needs of the user. Additionally, the building floor plates are extremely efficient for a single-tenant, high-density occupant.”

Instant Insights /

Inch by Inch, Signs of Improvement are Evident

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