BBVA Compass Bank Plaza Officially Opens
New office construction activity in the Houston area is robust, particularly in the Energy Corridor and The Woodlands, but the first new office tower to built in the Uptown/Galleria are in 30 years is now complete. The 22 story BBVA Compass Bank Plaza on Post Oak Boulevard is now officially open with Skanska’s project at 3009 Post Oak Boulevard not far behind.
Office leasing activity slowed somewhat in the first quarter of 2013 after 2 years of robust activity as many companies have already executed their expansion plans, recognizing that quality space options were dwindling and rents were rising. However, leasing activity remains strong and with some 9.4 million square feet of office space under construction and much of it already committed, office space absorption is expected to tick up the remainder of 2013.
Look for our second quarter Houston office market report in early July.