Houston, TX Office Overview
The Houston office market encompasses the Greater Houston, South Houston, Southwest Houston and the Northwest Houston submarkets. With a metropolitan population of over 6.6 million people, the major industries of energy, aerospace and defense, and bio-science continue to boost a strong economy and increasing demand for space in the Houston TX commercial real estate market.
As of mid-2017, the Houston office market encompasses over 195 million square feet of existing office space, in properties larger than 50,000 square feet. The office scene in Houston continues to flourish, due to its broad industrial and business base.
Houston, TX Office Inventory Description
Houston is home to almost as many large public companies as is New York City, and the existing office inventory in Houston reflects that fact. Nearly 60% of Houston office space is Class a product, while Class B office properties make up nearly 39% of Houston TX's office inventory.
Downtown Houston commercial real estate boasts Houston’s densest office scene. Bordered by the I-45, I-10 and I-69 freeways this submarket is home to Class A office buildings such as the CenterPoint Energy Tower, the JPMorgan Chase Tower and Wells Fargo Plaza.
Other Houston office submarkets seeing high demand include the Medical Center market that runs along Main Street and is adjacent to the Texas Medical Center and the University of Texas Health Science Center, and the nearby University Place submarket.
Houston, TX Commercial Inventory Breakdown
Total: 231,183,305 SF
By square footage range:
- 50k to 100k SF: 28,507,458 SF / 12.33% of total office
- 100k to 500k SF: 123,830,317 SF / 53.56% of total office
- 500k to 1M SF: 40,421,919 SF / 17.48% of total office
- > 1M SF: 38,423,611 SF / 16.62% of total office
- Class A+: 13,764,537 SF / 5.95% of total office
- Class A: 114,319,525 SF / 49.45% of total office
- Class B: 83,106,905 SF / 35.95% of total office
- Class C: 2,291,234 SF / 0.99% of total office
Top 10 Largest Office Buildings
|Office building||Address||Sqft||Year built|
|Hewlett Packard Enterprise Campus||11445 Compaq Center West Drive, 77070||2,000,000||1984|
|Wells Fargo Plaza||1000 Louisiana Street, 77002||1,721,242||1983|
|Chevron Tower - 1600 Louisiana Street||1600 Louisiana Street, 77002||1,700,000||n/a|
|Williams Tower||2800 Post Oak Blvd, 77056||1,482,384||1983|
|Pennzoil Place||711 Louisiana Street, 77002||1,409,713||1975|
|800 Bell||800 Bell Street, 77002||1,383,910||1962|
|Mid Campus Building 1||7007 Bertner Avenue, 77030||1,368,600||2010|
|800 Bell - Redevelopment||800 Bell Street, 77002||1,300,000||n/a|
|Chevron Building - 1400 Smith Street||1400 Smith Street, 77022||1,252,762||1984|
|Fulbright Tower||1301 McKinney Street, 77010||1,247,050||1982|
Most Recently-Built Office Buildings
|Office building||Address||Sqft||Year built|
|The Post Oak||1600 West Loop South Fwy, 77027||680,000||2018|
|The Kirby Collection Tower One||3200 Kirby Drive, 77098||251,510||2018|
|Lockton Place||3657 Briarpark Drive, 77042||186,000||2018|
|BakerRipley Central||4450 Harrisburg Blvd, 77011||88,000||2018|
|18211 Katy Fwy||18211 Katy Fwy, 77094||86,255||2018|
|7800 Washington Avenue||7800 Washington Avenue, 77007||66,060||2018|
|609 Main at Texas||609 Main Street, 77002||1,057,658||2017|
|Amegy Bank Tower||1717 West Loop South, 77027||350,000||2017|
|Cemex Building||10100 Katy Fwy, 77055||273,763||2017|
|Redemption Square - Phase I - 250 Assay Street||250 Assay Street, 77044||86,523||2017|
Houston, TX Green Office Space
Houston TX office buildings rank #4 for buildings larger than 50,000 square feet that are green, with over 28% of the office square footage in Houston being LEED-certified, and over 43% of the office space in Houston being Energy Star-compliant.
As an increasing number of Class A office tenants in Houston begin to place energy efficient space at the top of their list, both private and institutional investors will continue to pursue green certification for their assets, advancing the green office trend upward. With its healthy mix of both traditional energy, green energy, and high-technology industries, the Houston office market continues to offer tenants what they demand.
The 2017 National Green Building Adoption Index looked at commercial office properties in 30 major U.S. markets and found that, including EPA Energy Star-labeled buildings, the percentage of green certification has increased from under 5% in 2005 to 38% as of mid-2017. Houston placed fourth in this annual survey.
Houston, TX’s Top Office-Using Sectors
Houston is recognized around the world for its energy industry, but the demand for office space doesn't stop there. Oil, gas, renewable energy, biomedical research and aeronautics all contribute to the robust growth of the Houston office market and attract both national and global investors seeking stability and long-term performance.
A diverse mix of industry and business drives the Houston office market. Major industry sectors include real estate and corporate headquarters, finance, information technology, biomedical, and energy.
- Real Estate & Corporate Headquarters – Houston is home to 23 Fortune 500 companies, including Sysco, Baker Hughes and Halliburton.
- Finance – Banking, financial services and foreign government trade offices are major users of office space in Houston, including the Bank of American Center.
- Information Technology – The Houston Technology Center is the city's center for high-tech entrepreneurship, with more than 1,000 computer-related companies calling Houston home.
- Biomedical – The Texas Medical Center, the University of Texas Research Park, and the UT Health Science Center all play major roles in biotechnology and life sciences research.
- Energy – ConocoPhillips, Marathon Oil, KBR and National Oilwell Varco are a few of the top publicly traded energy companies headquartered in Houston.
- Total Population2,267,336
- Male Population(50.1 %) 1,135,634
- Female Population(49.9 %) 1,131,702
- Median Age32.90
- Average Household Income$79,344
- Median Household Income$49,399
- Median Income Under 25$29,186
- Median Income 25-44$50,613
- Median Income 45-64$56,009
- Median Income Over 65$40,215
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