Little by Little, Office Occupancies Rise
Despite a challenged submarket with total availability increasing past 30% during the first quarter, leasing activity for One Park 10 has been strong and recent transactions have taken occupancy to more than 65%.
HOUSTON—Incrementally, a number of office submarkets are getting occupancy levels back in line. An example of one property that has done it at a quicker pace is One Park 10, a 162,909-square-foot class-A office building at 16225 Park Ten Place in the sought-after Energy Corridor submarket.
There have been 30,715 square feet of new office leases at One Park 10 since mid-2017. That is when Accesso Partners LLC retained Transwestern vice president Evelyn Ward and senior associate Amanda App to lease the building, which was approximately 60% occupied at the time.
“Despite a challenged submarket that saw total availability increase past 30% during the first quarter, leasing activity for One Park 10 has been strong,” said Ward. “These recent transactions take occupancy over 65%, with pending leases pushing the building over 70%.”
Gulf Island Fabrication Inc. renewed and expanded its current lease of 8,045 square feet to 17,156 square feet, Gateway Gathering and Marketing Co. leased 3,585 square feet, LJB Inc. leased 3,507 square feet, Titan Delta leased 3,133 square feet, PureWay Compliance Inc. leased 2,190 square feet and PhaseIQ LLC leased 1,144 square feet.
“Some of the reasons for the challenges in the submarket were a couple of big subleases hit the market, specifically, 375,000 square feet for Technip and 21,000 square feet for Phoenix,” Ward tells GlobeSt.com. “Also, Wood Group moved out of 57,000 square feet.”
The One Park 10 building currently has 48,872 square feet available for lease. The property has 20,500-square-foot floorplates and a design that creates 17 corner offices per floor, a prized tenant feature. The building has an onsite property management office, a deli and a four-level 560-space attached garage, GlobeSt.com learns. One Park 10 will soon offer an updated lobby and a large conference facility.
The building occupies 3.27 landscaped acres within the office park and is in close proximity to the Katy Freeway, just off Interstate 10 near Highway 6.