Office

23Q2
Houston

Houston’s office market activity increased during the

second quarter with numerous relocations, especially
in the Katy Freeway submarket. While activity has
increased, tenant occupancy size requirements are
reducing, putting added pressure on vacancy rates in
the process. High vacancies in most submarkets are
pressuring landlords to be creative to maintain or improve
occupancies.

Danny Rice | President

Accelerating success.
 Office Key Takeaways

Houston
23Q2
• Office vacancy rate stabilizes with no change
• Sublease space declines for second consecutive quarter
• Net absorption positive for both quarters
• Leasing volume increases

YOY YOY Under YOY Overall Class A Asking YOY

Vacancy Rate Net Absorption Construction Lease Rates (FSG)

22.1% FORECAST
35.8K SF FORECAST
1.8M SF FORECAST
$35.46/SF FORECAST

Houston Highlights
Houston’s office market posted minimum net absorption of 35,777 square feet in Q2 2023, but this activity continued a positive trend
for the year for a mid-year total of 240,815 square feet. The overall average vacancy rate stabilized at 22.1% for the year, dropping from
23.5% year-over-year. Leasing activity jumped 23.4% from a sluggish first quarter, recording 3.5 million square feet. The Katy Freeway
submarket reported 38% of the total, although many of the largest new signed leases represent reductions in overall square footage. The
under-construction pipeline remains limited at 1.8 million square feet, while three buildings totaling 227,848 square feet in two submarkets
delivered during second quarter. Houston’s overall average gross rental rates nudged up to $29.87 from first quarter’s $29.73 but declined
from the same period last year. Houston’s Class A average rental rate increased to $35.46 per square foot from $34.76 in Q1 2023.

Market Indicators Market Fundamentals

4.4% 3.7% $71 Absorption New Supply Vacancy
Houston Houston annual WTI Spot Price,
Unemployment % change in U.S. benchmark 2,000,000 26%

Rate employment for light sweet 1,500,000 24%

crude
1,000,000 22%

Historic Comparison 500,000 20%

0 18%
22Q2 23Q1 23Q2 -500,000 16%

Total Inventory -1,000,000 14%

238.7 237.8 238.1
(in Millions of SF)
-1,500,000 12%

New Supply -2,000,000 10%

529.9 0 227.8
(in Thousands of SF)

Net Absorption
(224.2) 205.0 35.8
(in Thousands of SF) Absorption New Supply Total Vacancy

Overall Vacancy 23.5% 22.1% 22.1%

Under Net absorption has remained positive while new supply has been
Construction 2,000.2 1,920.0 1,823.4 limited. The overall vacancy rate has currently stabilized but will
(in Thousands of SF) likely increase within the next year as tenants move into their new
downsized offices. Sublease space has also been declining the last
Overall Asking 12 months.
$30.25 $29.73 $29.87
Lease Rates (FSG)

Recent Transactions
*Colliers Transaction

Lease* Lease Lease Lease Sale*

1100 Louisiana Williams Tower Three Eldridge West Memorial Place II Briar Forest Crossing
CBD | 23k SF West Loop | 319k SF Katy Freeway | 308k SF Katy Freeway | 172k SF Westchase | 105k SF
Houston
Office
23Q2
Commentary
By Greg Young, Senior Vice President, Colliers Mortgage
Houston’s office market continues to face challenges as we
enter the sixth quarter of the new interest-rate environment.
During recent earnings calls, most large investment banks
reported they are sharply increasing credit loss reserves
primarily due to office loan maturities through 2024. That
being said, there is cautious optimism for a broad range of
office assets in the Bayou City with some bright spots, some
acute pain points and some economic realities being reset.
The Good
There are undeniable positive trends going on in certain
submarkets in Houston. Job growth through May of this year
is +18,500. Employment hit 3.4 million (an all-time high for
Houston), we had positive absorption of 240,815 square feet
at mid-year, vacancy for Class A space was flat quarter over
quarter, and leasing activity is sharply up to 3.5 million square
feet. Houston remains among the leaders in workers returning
to the office, currently with Kastle Index’s highest return-to-
office percentage at 61.2%. Class A assets near residential
and retail centers are performing well as employers work to
shorten commute times.
For stable assets with long-term creditworthy leases, there
is still an appetite for new conventional debt. From a supply
side, the limited speculative development is a plus with only
1.8 million square feet of space underway. Several older assets
are acquiescing to their obsolete status and will eventually be
taken out of the rental pool.
Impairments to current CRE equity investors will present
attractive opportunities during the next 24-to-36 months with
transaction velocity to increase as loans mature.
The Bad
It is difficult to have attractive opportunity without pain
manifesting itself on the other side of the trade. Economics
are dynamic, causing distress particularly in the Class B space.
The market did not cycle while we enjoyed the prolonged low,
interest-rate environment, while values inflated and created a
proforma bubble on many transactions that closed in the last
three years. As tenants continue to shrink their footprint and
seek out the best assets in the most desired locations, we will
Colliers | Houston | 23Q2 | Office Report
see the cannibalism of lower-class assets for the foreseeable
future.
Negative leverage is here to stay until cap rates continue their
upward trend or we see a sharp decline in the cost of capital.
Most prognosticators do not anticipate this happening any
time soon. Liquidity concerns are also worth noting. Year-over-
year, middle-market CMBS volume is off 75%, taking a primary
source of liquidity off the table for office product. Banks are
looking for less office exposure and are reeling in their lines
to the debt funds. Life insurance companies are selectively
picking their spots and declining to romance any sort of
risk profile. In short, there is capital for office product, but
most buildings do not qualify for the usual lending suspects.
Anything maturing in the near term will have some difficult
decisions to make.
The Reality
Outstanding commercial real estate debt totals $5 trillion, with
$1.5 trillion secured by office product. Lenders are keeping
a close eye on this, and it explains their reluctance to pursue
assets they would have pursued pre-COVID. Maturities are
starting to roll in as well as the problems that are tethered to
them.
Remote and hybrid work are the primary drivers of the
demand reduction, and they are the new norm. Operational
stagflation will result in a “pushing-the-can” process with
incumbent lenders versus “kicking the can.” If you are facing a
maturity default with an underperforming asset, lenders will
likely assess your asset and consider an extension but expect
to write an equity check if you receive one.
Landlords must adapt to the new post-COVID economic
environment. Values are falling, demand for space is shrinking,
and it is all happening in an era of high interest rates and
tightened credit. Expect the market to remain tenant friendly
through the end of the year. Sitting out and waiting for a
recovery (like in 2008-2009) is not an option. Tough decisions
will need to be made, and these multifaceted market
conditions will require close attention, cautious optimism, and
a strategic approach.
Houston
Office

23Q2
Top Performing Office Buildings
Net Absorption

Year Built/ Net Absorption Available

Building Submarket RBA Renovated (SF) % Leased (SF)
The Woodlands Towers at
The Woodlands 601,151 2014 138,125 91.4% 51,970
The Waterway
Energy Tower IV Katy Freeway 429,157 2015 73,441 89.5% 52,566
Westway One West Belt 143,960 2007 70,824 49.2% 73,136
World Houston Place North Belt/Greenspoint 216,889 1985 66,107 70.2% 64,752
East River Building C Gulf Freeway/Pasadena 74,000 2023 50,146 67.8% 23,854
1001 McKinney CBD 375,440 1947 42,316 77.3% 88,835

Large Sublease Availabilities

100,000 SF or Greater HistoricalHouston
Available Sublease
Office Historical Space
Available Sublease Space

Building Term Submarket SF Class A Class B Houston Total

8,000,000
Noble Energy Center II July 2030 FM 1960 470,623
7,000,000

Energy Center V May 2026 Katy Freeway 198,932

6,000,000
Pennzoil Place North
November 2026 CBD 189,000
Tower 5,000,000

1735 Hughes Landing November 2027 The Woodlands 164,136 4,000,000

3,000,000
1200 Enclave Parkway January 2024 Katy Freeway 143,295
2,000,000
Jefferson Towers June 2030 CBD 123,040
1,000,000

Williams Tower March 2024 West Loop 113,398 0

2 Houston Center September 2036 CBD 104,348

Construction Activity Delivery Timeline

Class A 100,000 SF or Greater
Source: CoStar

Town Centre Two 1550 on the Green

730 Town & Country Blvd 1550 Lamar St
Katy Freeway CBD
September 2023 December 2023
167,141 SF 386,323 SF
Moody Rambin Skanska USA

2023 2024

9753 Katy Fwy TMC Collaborative Bldg Axiom HQ

Katy Freeway Old Spanish Trl 13200 Space
August 2023 South Main/Medical Center Center Blvd
188,553 SF August 2023 NASA/Clear Lake
MetroNational 250,000 SF December 2023
Corporation Texas Medical Center 400,000 SF

Colliers | Houston | 23Q2 | Office Report

Houston
Office

23Q2
Market Statistics
Total Direct Sublease Total Previous Net Net Avg Direct
Submarket/ Inventory Availability Availability Availability Vacancy Vacancy Absorption Absorption Under Deliveries Asking Rate
Class SF Rate Rate Rate Rate Rate Current YTD Construction YTD (FSG)

CBD

A 35,760,129 26.2% 3.3% 29.5% 24.2% 24.0% (71,769) 36,379 386,323 0 $44.68
B 7,139,810 37.4% 2.0% 39.4% 31.6% 32.1% 38,269 106,862 0 0 $31.41
C 593,730 6.6% 0.0% 6.6% 14.2% 14.1% (784) (784) 0 0 $0.00

TOTAL 43,493,669 27.8% 3.1% 30.8% 25.3% 25.2% (34,284) 142,457 386,323 0 $42.47

Suburban

A 103,472,900 24.5% 4.2% 28.7% 24.6% 25.4% 84,838 237,934 1,046,331 0 $31.22

B 80,066,246 20.4% 1.0% 21.4% 20.2% 20.0% 17,556 (110,957) 390,713 227,848 $21.12

C 11,041,932 10.6% 0.1% 10.7% 9.1% 8.6% (32,333) (28,619) 0 0 $17.10

TOTAL 194,581,078 22.0% 2.6% 24.6% 22.1% 22.2% 70,061 98,358 1,437,044 227,848 $26.90

Houston Total

A 139,233,029 25.0% 4.0% 29.1% 24.1% 24.1% 13,069 274,313 1,432,654 0 $35.46

B 87,206,056 21.8% 1.1% 22.9% 20.9% 20.7% 55,825 (4,095) 390,713 227,848 $24.92

C 11,635,662 10.4% 0.1% 10.5% 8.2% 7.9% (33,117) (29,403) 0 0 $17.49

TOTAL 238,074,747 23.2% 2.7% 25.9% 22.1% 22.1% 35,777 240,815 1,823,367 227,848 $29.87

Submarkets by Class
Total Direct Sublease Total Previous Net Net Avg Direct
Submarket/ Inventory Availability Availability Availability Vacancy Vacancy Absorption Absorption Under Deliveries Asking Rate
Class SF Rate Rate Rate Rate Rate Current YTD Construction YTD (FSG)

Allen Parkway (Midtown)

A 2,571,861 14.8% 2.3% 17.1% 15.1% 15.3% 14,990 13,927 0 0 $35.46

B 2,915,224 17.6% 0.3% 17.9% 15.3% 12.9% (22,896) (55,826) 0 0 $31.48
C 681,646 14.1% 0.0% 14.1% 13.8% 20.0% (14,508) (16,148) 0 0 $27.85

TOTAL 6,168,731 16.0% 1.1% 17.1% 15.1% 14.7% (22,414) (58,047) 0 0 $24.54

Baytown

B 122,525 23.0% 0.0% 23.0% 23.0% 19.2% (4,679) (6,223) 0 0 $24.54

C 21,026 50.0% 0.0% 50.0% 50.0% 50.0% 0 0 0 0 $0.00

TOTAL 143,551 27.0% 0.0% 27.0% 27.0% 23.7% (4,679) (6,223) 0 0 $24.54

Bellaire

A 983,663 16.5% 6.2% 22.7% 26.8% 27.5% 7,234 (7,136) 0 0 $25.90

B 1,816,228 18.2% 3.3% 21.6% 18.9% 15.7% (58,121) (76,657) 0 0 $24.06

C 278,379 27.1% 0.0% 27.1% 25.3% 25.2% (472) (8,537) 0 0 $18.38

TOTAL 3,078,270 18.5% 3.9% 22.4% 22.0% 20.3% (51,359) (92,330) 0 0 $24.13

Conroe and Outlying Montgomery County

A 114,913 2.4% 0.0% 2.4% 2.4% 2.4% 0 0 0 0 $24.53

B 409,865 23.6% 0.0% 23.6% 23.6% 23.9% 1,467 9,822 0 0 $32.30

C 266,936 0.0% 0.0% 0.0% 0.0% 0.0% 0 0 0 0 $0.00

TOTAL 791,714 12.6% 0.0% 12.6% 12.6% 12.7% 1,467 9,822 0 0 $30.60

E. Fort Bend Co./Sugar Land

A 3,594,972 22.8% 2.7% 25.6% 21.8% 22.5% 26,084 (8,264) 0 0 $32.03

B 2,242,037 20.1% 2.2% 22.3% 18.5% 18.9% 7,558 16,666 0 0 $25.83
C 46,239 0.0% 0.0% 0.0% 0.0% 0.0% 0 0 0 0 $0.00
TOTAL 5,883,248 21.6% 2.5% 24.1% 20.4% 21.0% 33,642 8,402 0 0 $29.65

Colliers | Houston | 23Q2 | Office Report

Houston
Office

23Q2
Submarkets by Class (continued)

Total Direct Sublease Total Previous Net Net Avg Direct

Submarket/ Inventory Availability Availability Availability Vacancy Vacancy Absorption Absorption Under Deliveries Asking Rate
Class SF Rate Rate Rate Rate Rate Current YTD Construction YTD (FSG)

FM 1960

A 2,780,876 23.2% 17.7% 40.9% 22.7% 22.5% (4,737) (62,024) 0 0 $26.35

B 6,250,548 22.4% 0.2% 22.6% 19.5% 19.7% 8,194 (36,396) 0 0 $16.21
C 694,404 11.9% 0.3% 12.2% 8.1% 6.3% (12,745) (12,706) 0 0 $17.38

TOTAL 9,725,828 21.9% 5.2% 27.1% 19.6% 19.5% (9,288) (111,126) 0 0 $19.19

Greenway Plaza

A 7,282,085 25.8% 2.0% 27.8% 25.7% 26.0% 20,222 34,712 0 0 $36.34

B 3,128,708 22.2% 0.3% 22.5% 19.3% 20.0% 19,407 (1,729) 0 0 $28.94

C 412,128 9.4% 0.0% 9.4% 9.5% 10.3% 3,048 2,800 0 0 $23.11

TOTAL 10,822,921 24.1% 1.4% 25.6% 23.2% 23.7% 42,677 35,783 0 0 $33.70

Gulf Freeway/Pasadena

A 287,280 37.8% 0.0% 37.8% 25.9% 25.9% 0 (17,743) 101,000 0 $28.68

B 3,059,837 14.7% 0.7% 15.4% 15.1% 14.9% (5,771) (4,629) 90,000 0 $23.01

C 1,049,384 8.8% 0.0% 8.8% 2.6% 3.6% 9,839 10,206 0 0 $18.21

TOTAL 4,396,501 14.8% 0.5% 15.3% 12.8% 12.9% 4,068 (12,166) 191,000 0 $22.23

I-10 East

B 522,163 17.9% 0.0% 17.9% 18.1% 19.8% 9,005 14,808 0 0 $19.06

C 85,124 19.0% 0.0% 19.0% 19.0% 19.0% 0 0 0 0 $21.53

TOTAL 607,287 18.1% 0.0% 18.1% 18.2% 19.7% 9,005 14,808 0 0 $19.41

Katy Freeway

A 23,429,425 19.7% 5.0% 23.3% 18.8% 19.4% 155,351 222,001 355,694 0 $30.41

B 10,382,091 22.2% 0.6% 22.8% 19.9% 20.0% 11,334 32,014 0 0 $21.73

C 1,105,160 4.0% 0.1% 4.0% 3.1% 3.8% 7,118 2,375 0 0 $21.32

TOTAL 34,916,676 19.9% 3.5% 22.5% 18.6% 19.1% 173,803 256,390 355,694 0 $27.54

Katy Grand Parkway West

A 1,598,429 23.6% 13.9% 35.3% 21.7% 19.2% (40,271) (22,348) 0 0 $28.68

B 975,228 4.1% 0.0% 4.1% 1.4% 1.9% 5,164 9,639 48,170 0 $28.23

C 153,232 0.0% 0.0% 0.0% 0.0% 0.0% 0 0 0 0 $0.00

TOTAL 2,726,889 15.3% 8.1% 22.2% 13.2% 11.9% (35,107) (12,709) 48,170 0 $28.51

Kingwood/Humble

B 1,327,044 8.3% 0.0% 8.3% 8.1% 7.3% (11,583) 9,223 0 0 $20.80

C 120,762 2.0% 0.0% 2.0% 2.0% 2.0% 0 (703) 0 0 $17.41

TOTAL 1,447,806 7.8% 0.0% 7.8% 7.6% 6.9% (11,583) 8,520 0 0 $20.52

NASA/Clear Lake

A 1,974,761 17.1% 2.4% 19.4% 16.4% 16.4% (115) (20,799) 400,000 0 $26.75

B 2,578,752 7.6% 1.8% 9.4% 8.0% 10.1% 149,930 155,914 152,000 106,000 $24.00

C 436,700 13.6% 0.0% 13.6% 11.8% 11.9% 390 10,029 0 0 $17.61

TOTAL 4,990,213 11.9% 1.9% 13.7% 11.7% 12.8% 150,205 145,144 552,000 106,000 $24.53

North Belt/Greenspoint

A 5,607,012 46.7% 1.4% 48.2% 50.6% 51.5% 51,141 86,206 0 0 $19.68

B 5,571,526 38.4% 0.3% 38.7% 38.7% 38.3% (17,687) 362 0 0 $14.91

C 1,277,220 23.6% 0.0% 23.6% 17.0% 16.8% (1,830) 14,344 0 0 $14.12

TOTAL 12,455,758 40.6% 0.8% 41.4% 41.8% 42.0% 31,624 100,912 0 0 $16.98

Colliers | Houston | 23Q2 | Office Report

Houston
Office

23Q2
Submarkets by Class (continued)

Total Direct Sublease Total Previous Net Net Avg Direct

Submarket/ Inventory Availability Availability Availability Vacancy Vacancy Absorption Absorption Under Deliveries Asking Rate
Class SF Rate Rate Rate Rate Rate Current YTD Construction YTD (FSG)

Northeast Near and Northeast Outlier

A 642,223 0.4% 0.0% 0.4% 0.4% 0.4% 0 (2,725) 0 0 $0.00

B 165,644 3.9% 0.0% 3.9% 3.9% 3.9% 0 1,390 0 0 $23.58

C 57,823 55.6% 0.0% 55.6% 55.6% 53.9% (993) (7,131) 0 0 $18.22

TOTAL 865,690 4.8% 0.0% 4.8% 4.8% 4.6% (993) (8,466) 0 0 $22.19
Northwest and Northwest Outlier
A 1,955,916 27.7% 4.4% 32.2% 26.3% 27.3% 19,772 75,913 0 0 $23.82

B 6,573,489 16.0% 0.5% 16.6% 14.0% 13.1% 92,220 70,858 0 121,848 $18.40

C 1,253,874 8.9% 0.3% 9.2% 6.1% 5.7% (4,542) (4,542) 0 0 $18.84

TOTAL 9,783,279 17.4% 1.3% 18.8% 15.4% 15.0% 107,450 142,229 0 121,848 $19.54

Richmond/Fountainview

B 760,342 15.6% 0.0% 15.6% 15.7% 16.0% 2,574 1,872 0 0 $17.21

C 319,716 1.7% 0.0% 1.7% 1.9% 2.3% 1,154 3,066 0 0 $16.01

TOTAL 1,080,058 11.5% 0.0% 11.5% 11.6% 11.9% 3,728 4,938 0 0 $16.85

San Felipe/Voss

A 2,292,418 35.8% 1.2% 37.0% 35.5% 34.5% (24,443) (13,019) 0 0 $34.47

B 2,960,406 25.1% 1.3% 26.4% 25.1% 24.8% (8,916) (59,348) 0 0 $23.51

TOTAL 5,252,824 29.8% 1.3% 31.0% 29.6% 29.0% (33,359) (72,367) 0 0 $28.29

South
B 347,288 11.5% 2.3% 13.8% 8.1% 6.7% (4,776) (298) 0 0 $25.47
C 135,387 8.0% 0.0% 8.0% 8.0% 8.0% 0 0 0 0 $20.00
TOTAL 482,675 10.5% 1.7% 12.2% 8.1% 7.1% (4,776) (298) 0 0 $23.94

South Main/Medical Center

B 956,528 15.8% 0.7% 16.6% 12.1% 12.5% 3,743 (6,272) 0 0 $20.23

C 275,624 1.5% 0.0% 1.5% 0.6% 0.9% 791 (250) 0 0 $19.77

TOTAL 1,232,152 12.6% 0.5% 13.2% 9.5% 9.9% 4,534 (6,522) 0 0 $20.13
Southeast
B 1,801,646 3.0% 0.0% 3.0% 1.3% 1.2% (2,648) (1,078) 0 0 $17.73
C 322,220 0.0% 0.0% 0.0% 0.0% 0.0% 0 0 0 0 $0.00

TOTAL 2,123,866 2.5% 0.0% 2.5% 1.1% 1.0% (2,648) (1,078) 0 0 $17.73

Southwest

A 1,334,274 21.1% 3.9% 25.0% 24.2% 21.9% (30,748) (15,057) 157,437 0 $18.42

B 6,438,504 17.0% 0.3% 17.3% 16.0% 15.5% (30,077) (30,940) 0 0 $19.92

C 1,438,349 7.5% 0.0% 7.5% 5.7% 5.6% (2,413) (2,513) 0 0 $15.76

TOTAL 9,211,127 16.1% 0.8% 16.9% 15.6% 14.9% (63,238) (48,510) 157,437 0 $19.05

Southwest Far and Southwest Outlier

A 668,435 7.4% 0.0% 7.4% 3.0% 3.0% 0 0 32,200 0 $0.00

B 629,679 6.9% 0.0% 6.9% 3.4% 3.4% 0 (11,516) 23,800 0 $23.75

C 113,648 21.1% 0.0% 21.1% 1.8% 1.8% 0 0 0 0 $0.00

TOTAL 1,411,762 8.3% 0.0% 8.3% 3.1% 3.1% 0 (11,516) 56,000 0 $23.75

The Woodlands

A 14,092,024 12.5% 3.2% 15.6% 12.2% 13.1% 124,138 235,765 0 0 $35.56

B 3,471,316 20.1% 2.2% 22.3% 21.1% 21.8% 24,174 22,295 56,743 0 $26.61

C 131,982 28.4% 1.4% 29.8% 17.1% 7.3% (12,862) (12,834) 0 0 $19.78

TOTAL 17,695,322 14.1% 3.0% 17.0% 14.0% 14.8% 135,450 245,226 56,743 0 $33.69

Colliers | Houston | 23Q2 | Office Report

Houston
Office

23Q2
Submarkets by Class (continued)

Total Direct Sublease Total Previous Net Net Avg Direct

Submarket/ Inventory Availability Availability Availability Vacancy Vacancy Absorption Absorption Under Deliveries Asking Rate
Class SF Rate Rate Rate Rate Rate Current YTD Construction YTD (FSG)

West Belt

A 4,187,228 26.8% 4.5% 31.3% 28.0% 29.2% 50,934 107,720 0 0 $29.18

B 2,122,364 32.3% 3.4% 34.5% 19.9% 18.4% (32,579) (34,777) 0 0 $22.07

C 87,629 0.0% 0.0% 0.0% 0.0% 0.0% 0 0 0 0 $0.00

TOTAL 6,397,221 28.3% 4.1% 31.9% 24.9% 25.2% 18,355 72,943 0 0 $26.79

West Loop/Galleria

A 18,406,913 32.9% 3.3% 36.2% 29.9% 29.7% (41,544) (122,329) 0 0 $36.28

B 5,460,635 17.0% 0.4% 17.4% 28.5% 27.2% (68,599) (55,753) 0 0 $25.41

C 166,294 9.4% 0.0% 9.4% 9.4% 6.8% (4,308) (6,075) 0 0 $18.75

TOTAL 24,033,842 29.1% 2.6% 31.7% 29.4% 29.0% (114,451) (184,157) 0 0 $33.69

Westchase

A 9,668,192 28.1% 5.8% 33.9% 29.9% 27.4% (243,170) (246,866) 0 0 $33.04

B 7,076,629 26.8% 3.0% 29.9% 27.7% 27.0% (48,882) (74,378) 20,000 0 $19.79

C 111,046 0.0% 0.0% 0.0% 0.0% 0.0% 0 0 0 0 $0.00

TOTAL 16,855,867 27.4% 4.6% 32.0% 28.8% 27.1% (292,052) (321,244) 20,000 0 $27.44

Submarket Map

Northeast
Outlier

1. CBD
2. Northwest
3. Allen Parkway
(Midtown)
4. Greenway Plaza Northwest
Kingwood/Humble
Outlier
5. West Loop/ Galleria
6. San Felipe/ Voss
7. Richmond/
Fountainview
8. Southwest/ Hillcroft
9. Westchase
Northeast
10. Southwest
Outlier
11. Bellaire
12. South Main/
Medical Center
13. Katy Freeway
Gulf Freeway/
14. FM 1960 Pasadena
15. West Belt
16. North Belt

Colliers | Houston | 23Q2 | Office Report

501 offices in Market Contacts:
Patsy Fretwell

65 countries on Research Director

Houston

6 continents
+1 713 830 2125
patsy.fretwell@colliers.com

Danny Rice
President
United States: 156 Houston
Canada: 45 +1 713 830 2134
Latin America: 20 danny.rice@colliers.com
Asia Pacific: 99
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EMEA: 112 Research Manager
Houston
+1 713 830 2137
william.uhalt@colliers.com

Contributor:
Greg Young
Senior Vice President
$4.5B Colliers Mortgage
+1 346 547 4896
in revenue
greg.young@colliers.com

2B Colliers statistical criteria includes all general-

purpose, multi- and single-tenant and owner-
occupied office buildings 20,000 SF or greater.
square feet under management
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Colliers is a leading diversified professional services and investment management
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work collaboratively to provide expert real estate and investment advice to Houston, TX 77027
clients. For more than 28 years, our experienced leadership with significant inside
ownership has delivered compound annual investment returns of approximately +1 713 222 2111
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