Companies pick quality over quantity when it comes to office space

CityCentre 5, a property of Lionstone Investments and Midway, has received a Fitwel certification for healthy buildings. Newer buildings with amenities nearby have continued to attract office tenants, according to Partners Real Estate.Houston's excess empty office space problem won't be resolved any time soon as a recession looms.

Houston area office vacancy ended the third quarter at 25 percent, up from 24.3 percent in the third quarter of 2021, according to Partners. While several energy companies such as Enbridge and EOG Resources have signed big office leases and renewals this year, the market is mixed as companies evaluate space needs and seek ways entice workers back to the office in the work from home environment, brokers said.

Buildings that are positioned to gain tenants offer move-in ready offices that have been popular among small businesses, brokers said. Lenders who are concerned about being too heavily weighted on construction loans have backed out of providing debt and equity for projects, Land said. Also, some land purchases for industrial projects have fallen through.

"A lot of companies that ship products, especially from Asia, took a small footprint in our market and saw how effective it was," Land said."A lot of those companies are taking larger footprint, using the Port of Houston as the primary port."

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Meta plans major job cuts at Facebook as tech companies implement layoffsFacebook parent Meta is laying off 11,000 people, about 13% of its workforce, as it... Where’s the outrage!?
Source: HoustonChron - 🏆 609. / 51 Read more »

Individuals, companies earn praise as Arizona Governor's Celebration of Innovation winnersHere's a complete list of this year's winners. phoenix
Source: phxbizjournal - 🏆 254. / 63 Read more »

Layoff tracker: Mass layoffs by tech companies big and small hit the Bay AreaMeta, Twitter, Stripe, Robinhood, Lyft, Netflix. Here's an overview of Bay Area tech companies that have recently executed a mass layoff.
Source: abc7newsbayarea - 🏆 529. / 51 Read more »

Tech platforms in trouble: Social media companies downsizing, facing government scrutinyMajor tech companies are in trouble. Prominent social media platforms Twitter and Meta are laying off thousands of workers and changing their businesses while facing new governmental scrutiny.
Source: WashTimes - 🏆 235. / 63 Read more »