The downtown Houston office market is a hot topic these days. Recent months have seen a flurry of activity, whether it be leases, move-outs, or acquisitions. Its no secret that the downtown market continues to be plagued by average vacancies painfully close to 20% and stagnant rents. With the thought that things will improve in the near future, investors have been purchasing properties in earnest. The fourth quarter news was encouraging, notably EPCO, Inc.s acquisition of 1100 Louisiana, a building in which they have subsequently occupied 300,000 square feet. Also, Wells Real Estate Funds paid the highest per-square-foot price in the Houston office markets history ($286 psf) for 5 Houston Center. Rumor has it that ChevronTexaco is interested in purchasing the remaining vacant former Enron building, while other energy companies have begun to reclaim shadow space downtown.
Unfortunately, the Central Business Districts recovery is anything but a slam dunk. Two major tenants, Burlington Resources and Bank One, are expected to vacate CBD space in 2006 after acquisitions by ConocoPhillips and Chase, respectively. In the same building Burlington is expected to vacate,...
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