Nasa Clear Lake Office Market Review August 2009
This document was uploaded by user and they confirmed that they have the permission to share it. If you are author or own the copyright of this book, please report to us by using this DMCA report form. Report DMCA
Overview
Download & View Nasa Clear Lake Office Market Review August 2009 as PDF for free.
More details
- Words: 1,132
- Pages: 13
NASA / Clear Lake Office Market Overview
AUGUST 2009
Prepared by: db
Coy Davidson Senior Vice President COLLIERS INTERNATIONAL Our Knowledge is your Property
NASA / Clear Lake Office Market Overview
2009 Highlights Hi hli ht Market has withstood recessionary period without decline. Leasing activity is flat but positive net absorption of 8,074 square feet year to date. Stable overall occupancy rate of 89.8% Minimal sublease space on the market Average quoted rental rates have flattened but not declined Minimal large blocks of contiguous space particularly in Class A & B buildings Minimal sales activity due to state of credit markets. (3 sales in 2009)
Our Knowledge is your Property
NASA / Clear Lake Office Market Market Area Map Market Area Map
Our Knowledge is your Property
Summaryy Statistics
Summary Overview Class
Total Inventory Sq. Feet
Direct Vacant Sq. Feet
Direct Vacancy Rate
Sublease Vacant Sq. Feet
Sublease Vacancy Rate
Total Vacant Sq. Feet
Total Vacancy Rate
YTD Net Absorption Sq. Feet
Weighted Avg. Quoted Gross Rate
A
1,501,273
123,427
8.2%
56,234
3.7%
179,661
12.0%
22,558
$23.41
B
3 347 339 3,347,339
268 404 268,404
8 0% 8.0%
‐0‐ 0
0 0% 0.0%
268 404 268,404
8 0% 8.0%
17 365 17,365
$19 17 $19.17
C
989,219
203,187
20.5%
‐0‐
0.0%
203,187
20.5%
(31,849)
$16.51
5,837,331
595,018
10.2%
56,234
1.0%
651,252
11.2%
8,074
$19.41
Total
• Excludes Medical Office Buildings
• Excludes buildings less than 5,000 square feet
Our Knowledge is your Property
Average g Rental Rates
Weighted Average Quoted Rent $ $25.00
$23 41 $23.41 $19.41
$19.17
$20.00
$16.51 Class A Class A
$ $15.00
Class B
$10.00
Class C
$5.00
Total
$‐ Class A Class A
Class B Class B
Class C Class C
Total
Our Knowledge is your Property
Occupancy p y Rates
Occupancy Rate by Class Occupancy Rate by Class 95.0%
91.8%
92.0%
89.8%
90.0%
Class A
85.0%
Class B
79.5%
80 0% 80.0%
Class C Total
75.0% 70 0% 70.0% Class A
Class B
Class C
Total
• Occupancy rates for direct space, excludes sublease space Our Knowledge is your Property
Net Absorption p
Net Absorption YTD (Square Feet) 30,000
22 558 22,558 17,365
20,000
8,074
10,000
Class A
‐ (10,000)
Class B Class A
Class B
Class C
Total
Total
(20,000) (30,000) (40 000) (40,000)
Class C
(31,489)
Our Knowledge is your Property
Vacant Square q Feet byy Class AUGUST 2009
Vacancy by Class 7,000,000 7,000,000
651,252
6,000,000 5,000,000 4,000,000
Vacant
268,404
Occupied
3,000,000 2,000,000
179,661
203 187 203,187
1,000,000 ‐ Class A Class A
Class B Class B
Class C Class C
Total Our Knowledge is your Property
Largest g Available Contiguous g Space p
Building Name
Address
Galaxy II
Total Total Available
Contiguous Contiguous Available
Class
Rentable Area
455 E. Medical Center Blvd.
A
110,000
70,000
70,000
1275 Space Park Drive
1275 Space Park Drive
C
43,222
43,222
43,222
1300 Bay Area Blvd
1300 Bay Area Blvd.
C
35,960
35,690
35,690
Atrium @ Nassau Bay
2100 Space Park Drive
B
115,878
31,657
31,657
16055 Space Center Blvd.
16055 Space Center Blvd.
A
147,000
32,841
22,400
Flint Ridge Plaza
201 Flint Ridge
B
45,000
22,490
19,000
Corporate Center Texas
16969 Texas Avenue
B
50,100
17,906
17,906
Webster Professional Building I
500 N. Kobayashi
B
15,545
15,545
15,545
Space Park Office Building
2200 Space Park Drive
B
76,282
11,933
11,933
12000 Aerospace
12000 Aerospace Drive
B
79,615
9,636
9,636
Our Knowledge is your Property
Office Buildingg Sales
Building
Address
Class
Size
Price
Price / SF Price / SF
700 Gemini
700 Gemini
B
18,500
$1,800,000
$97.30
5/29/09
Atrium @ Nassau Bay
2100 Space Park Drive
B
115,878
$8,000,000
$69.04
4/30/09
Saturn Executive Office Park
17300 Saturn Lane
C
24,330
$1,200,000
$49.32
3/31/09
Camino Center I Camino Center II Armand Plaza Armand Plaza
17629 El Camino Real 17625 El Camino Real 16441 Space Center Blvd 16441 Space Center Blvd.
B B B
78,181 76,694 64 000 64,000
$15,050,000
$68.76
9/8/08
9 Professional Park
9 Professional Park Drive
C
6,120
$854,500
$139.62
6/2/08
Vanguard Building Nova Building A l Building Atlas B ildi
1115 Gemini 16903 Buccaneer Lane 16821 B 16821 Buccaneer Lane L
C C C
24,500 23,255 22 376 22,376
$5,100,000
$72.72
4/16/08
H&R Block Building
1100 Bay Area Blvd.
C
6,189
$1,300,000
$210.05
4/8/08
Our Knowledge is your Property
Sale Date Sale Date
Market Outlook LLeasing activity and rental rates to remain flat for remainder of 2009 as economy i ti it d t l t t i fl t f i d f 2009 begins to emerge from recession. Minimal sales activity if any due to availability of credit for acquisitions No new construction. Several projects proposed but unable to start due to pre‐ No new construction Several projects proposed but unable to start due to pre leasing requirements from lenders. All eyes on Obama administration and congressional budgetary commitment to the space program going forward. p p g g g Effects of projected layoffs at USA Space Alliance as Space Shuttle program is schedule to end after last flight in 2010. What NASA contractors / tenants might absorb the 800,000 plus square feet of USA Space Alliance leases that roll in 2010 and 2011 Which buildings face re‐finance issues as credit markets deal with the “Commercial Real Estate Issue and lack of capital for re‐financing.
Our Knowledge is your Property
NASA / Clear Lake Office Market Overview Coy Davidson Senior Vice President Office Services Group Coy y Davidson has over twentyy years y experience p in commercial real estate specializing p g in corporate p real estate services, tenant representation, office leasing and investment sales. Mr. Davidson joined Colliers International in June 2000 as Vice President in the Office Services Group. Prior to joining Colliers, Mr. Davidson served eleven years with two local commercial real estate brokerage firms. Mr. Davidson has completed over three (3) million square feet of lease and sales transactions and the brokerage of over 700 acres of land development sites throughout the Greater Houston area. Mr. Davidson is widely recognized as an authority on the NASA/Clear Lake Market area of Houston where he has completed over one (1.5) million square feet of office lease and sales transactions, and is an active member in the Bay Area Houston Economic Partnership. Mr. Davidson has vast experience assisting corporate, medical and institutional office space users with their facilities requirements throughout the Greater Houston area. Mr. Davidson is an active member of the Houston Office Leasing Broker’ss Association (HOLBA) and Colliers International’s Broker International s National Healthcare Practice Group Group.
Direct: 713.830.2128 Email: [email protected]
www.collierstexas.com Our Knowledge is your Property
COLLIERS INTERNATIONAL Commercial Real Estate Services 1300 Post Oak Boulevard, Suite 200 Houston, Texas 77056 www.collierstexas.com
Our Knowledge is your Property
AUGUST 2009
Prepared by: db
Coy Davidson Senior Vice President COLLIERS INTERNATIONAL Our Knowledge is your Property
NASA / Clear Lake Office Market Overview
2009 Highlights Hi hli ht Market has withstood recessionary period without decline. Leasing activity is flat but positive net absorption of 8,074 square feet year to date. Stable overall occupancy rate of 89.8% Minimal sublease space on the market Average quoted rental rates have flattened but not declined Minimal large blocks of contiguous space particularly in Class A & B buildings Minimal sales activity due to state of credit markets. (3 sales in 2009)
Our Knowledge is your Property
NASA / Clear Lake Office Market Market Area Map Market Area Map
Our Knowledge is your Property
Summaryy Statistics
Summary Overview Class
Total Inventory Sq. Feet
Direct Vacant Sq. Feet
Direct Vacancy Rate
Sublease Vacant Sq. Feet
Sublease Vacancy Rate
Total Vacant Sq. Feet
Total Vacancy Rate
YTD Net Absorption Sq. Feet
Weighted Avg. Quoted Gross Rate
A
1,501,273
123,427
8.2%
56,234
3.7%
179,661
12.0%
22,558
$23.41
B
3 347 339 3,347,339
268 404 268,404
8 0% 8.0%
‐0‐ 0
0 0% 0.0%
268 404 268,404
8 0% 8.0%
17 365 17,365
$19 17 $19.17
C
989,219
203,187
20.5%
‐0‐
0.0%
203,187
20.5%
(31,849)
$16.51
5,837,331
595,018
10.2%
56,234
1.0%
651,252
11.2%
8,074
$19.41
Total
• Excludes Medical Office Buildings
• Excludes buildings less than 5,000 square feet
Our Knowledge is your Property
Average g Rental Rates
Weighted Average Quoted Rent $ $25.00
$23 41 $23.41 $19.41
$19.17
$20.00
$16.51 Class A Class A
$ $15.00
Class B
$10.00
Class C
$5.00
Total
$‐ Class A Class A
Class B Class B
Class C Class C
Total
Our Knowledge is your Property
Occupancy p y Rates
Occupancy Rate by Class Occupancy Rate by Class 95.0%
91.8%
92.0%
89.8%
90.0%
Class A
85.0%
Class B
79.5%
80 0% 80.0%
Class C Total
75.0% 70 0% 70.0% Class A
Class B
Class C
Total
• Occupancy rates for direct space, excludes sublease space Our Knowledge is your Property
Net Absorption p
Net Absorption YTD (Square Feet) 30,000
22 558 22,558 17,365
20,000
8,074
10,000
Class A
‐ (10,000)
Class B Class A
Class B
Class C
Total
Total
(20,000) (30,000) (40 000) (40,000)
Class C
(31,489)
Our Knowledge is your Property
Vacant Square q Feet byy Class AUGUST 2009
Vacancy by Class 7,000,000 7,000,000
651,252
6,000,000 5,000,000 4,000,000
Vacant
268,404
Occupied
3,000,000 2,000,000
179,661
203 187 203,187
1,000,000 ‐ Class A Class A
Class B Class B
Class C Class C
Total Our Knowledge is your Property
Largest g Available Contiguous g Space p
Building Name
Address
Galaxy II
Total Total Available
Contiguous Contiguous Available
Class
Rentable Area
455 E. Medical Center Blvd.
A
110,000
70,000
70,000
1275 Space Park Drive
1275 Space Park Drive
C
43,222
43,222
43,222
1300 Bay Area Blvd
1300 Bay Area Blvd.
C
35,960
35,690
35,690
Atrium @ Nassau Bay
2100 Space Park Drive
B
115,878
31,657
31,657
16055 Space Center Blvd.
16055 Space Center Blvd.
A
147,000
32,841
22,400
Flint Ridge Plaza
201 Flint Ridge
B
45,000
22,490
19,000
Corporate Center Texas
16969 Texas Avenue
B
50,100
17,906
17,906
Webster Professional Building I
500 N. Kobayashi
B
15,545
15,545
15,545
Space Park Office Building
2200 Space Park Drive
B
76,282
11,933
11,933
12000 Aerospace
12000 Aerospace Drive
B
79,615
9,636
9,636
Our Knowledge is your Property
Office Buildingg Sales
Building
Address
Class
Size
Price
Price / SF Price / SF
700 Gemini
700 Gemini
B
18,500
$1,800,000
$97.30
5/29/09
Atrium @ Nassau Bay
2100 Space Park Drive
B
115,878
$8,000,000
$69.04
4/30/09
Saturn Executive Office Park
17300 Saturn Lane
C
24,330
$1,200,000
$49.32
3/31/09
Camino Center I Camino Center II Armand Plaza Armand Plaza
17629 El Camino Real 17625 El Camino Real 16441 Space Center Blvd 16441 Space Center Blvd.
B B B
78,181 76,694 64 000 64,000
$15,050,000
$68.76
9/8/08
9 Professional Park
9 Professional Park Drive
C
6,120
$854,500
$139.62
6/2/08
Vanguard Building Nova Building A l Building Atlas B ildi
1115 Gemini 16903 Buccaneer Lane 16821 B 16821 Buccaneer Lane L
C C C
24,500 23,255 22 376 22,376
$5,100,000
$72.72
4/16/08
H&R Block Building
1100 Bay Area Blvd.
C
6,189
$1,300,000
$210.05
4/8/08
Our Knowledge is your Property
Sale Date Sale Date
Market Outlook LLeasing activity and rental rates to remain flat for remainder of 2009 as economy i ti it d t l t t i fl t f i d f 2009 begins to emerge from recession. Minimal sales activity if any due to availability of credit for acquisitions No new construction. Several projects proposed but unable to start due to pre‐ No new construction Several projects proposed but unable to start due to pre leasing requirements from lenders. All eyes on Obama administration and congressional budgetary commitment to the space program going forward. p p g g g Effects of projected layoffs at USA Space Alliance as Space Shuttle program is schedule to end after last flight in 2010. What NASA contractors / tenants might absorb the 800,000 plus square feet of USA Space Alliance leases that roll in 2010 and 2011 Which buildings face re‐finance issues as credit markets deal with the “Commercial Real Estate Issue and lack of capital for re‐financing.
Our Knowledge is your Property
NASA / Clear Lake Office Market Overview Coy Davidson Senior Vice President Office Services Group Coy y Davidson has over twentyy years y experience p in commercial real estate specializing p g in corporate p real estate services, tenant representation, office leasing and investment sales. Mr. Davidson joined Colliers International in June 2000 as Vice President in the Office Services Group. Prior to joining Colliers, Mr. Davidson served eleven years with two local commercial real estate brokerage firms. Mr. Davidson has completed over three (3) million square feet of lease and sales transactions and the brokerage of over 700 acres of land development sites throughout the Greater Houston area. Mr. Davidson is widely recognized as an authority on the NASA/Clear Lake Market area of Houston where he has completed over one (1.5) million square feet of office lease and sales transactions, and is an active member in the Bay Area Houston Economic Partnership. Mr. Davidson has vast experience assisting corporate, medical and institutional office space users with their facilities requirements throughout the Greater Houston area. Mr. Davidson is an active member of the Houston Office Leasing Broker’ss Association (HOLBA) and Colliers International’s Broker International s National Healthcare Practice Group Group.
Direct: 713.830.2128 Email: [email protected]
www.collierstexas.com Our Knowledge is your Property
COLLIERS INTERNATIONAL Commercial Real Estate Services 1300 Post Oak Boulevard, Suite 200 Houston, Texas 77056 www.collierstexas.com
Our Knowledge is your Property
Related Documents
Nasa Clear Lake Office Market Review August 2009
June 2020 0
Office Market Review Q1 - 2009
April 2020 2
Automotive Business Review August 2009
June 2020 5
San Francisco Office Market
October 2019 4
August 6th Market Report
May 2020 7