Houston: 2009 Top Office Leases

by CoyDavidson on January 17, 2010

Houston, in 2009 began to feel the effect of “The Great Recession” and it was not a banner year in terms of blockbuster office leases. The Houston market posted seven office leases over 100,000 SF in 2009, as few large credit-strong tenants capitalized on prevailing weak market conditions.

I suspect as office market fundamentals remain weak for at least the first half of 2010 and likely until 2011, that as savvy large tenants become more comfortable in their business outlook and economic recovery, we will see more large office lease transactions in 2011 via early renewal. The office market typically lags economic indicators by 2-3 quarters and 2010 will be a window of opportunity to secure attractive lease terms before  market conditions begin to show improvement.

2009 Top Office Leases

Hess Corporation
844,763 Square Feet
Hess Tower (formerly Discovery Tower)
Central Business District

Technip
378,375 Square Feet
Energy Tower II
Katy Freeway

Locke Lord Bissell & Liddell
246,381 Square Feet
Chase Tower
Central Business District

NRG Texas
232,962 Square Feet
Houston Pavilions
Central Business District

Tax Masters
107,890 Square Feet
Dairy Ashford Plaza
Energy Corridor

King  & Spalding
105,161 Square Feet
1100 Louisiana
Central Business District

Conoco Phillips Chemical Company
104,615 Square Feet
Ashford 7
Katy Freeway

Southwestern Energy
101,330 Square Feet
One Commerce Green
North Belt

Washington Group International
96,225 Square Feet
Richmond Park
Westchase

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