I snapped a quick photo today of BBVA Compass Bank Plaza that is under construction on Post Oak Boulevard in Uptown Houston.The 22-story building is expected to be completed next spring. BBVA Compass will move into 181,000 square feet of the 306,000 square foot project.
Just down the street at 3009 Post Oak Boulevard, Skanska has a 300,000 square feet office project under construction on a speculative basis that is scheduled for completion in July of 2013. The project currently has not signed any existing tenants.
The West Loop/Galleria Class A office market currently has 14.7 million square feet of existing inventory which posted a 10.1 percent vacancy rate at mid-year with a $30.27 average asking rental rate. However, quoted rents for the highest quality projects in Uptown Houston are now pushing $40.00 per square foot.
Houston is one of the top performing office markets in the country and leads the national in total net office space absorption year-to-date. View our second quarter Houston office market report for a more detailed look at the Houston office market.