COVID-19 Contributes to Soft Office Market | The Woodlands Has High Supply of Office Space
THE WOODLANDS, TX – According to the Q3 2020 Market Report by Savills Research, commercial real estate in The Woodlands has a surplus of sublease space due to the recent switch from traditional office space to a work-from-home job environment.
The report stated:
- “Availability has decreased in historically underperforming submarkets, such as Bellaire and North Belt/Greenspoint, while increasing dramatically in high-rent submarkets such as The Woodlands, Katy Freeway/Energy Corridor, Midtown and West Loop/Galleria.”
- There were no major office market transactions in The Woodlands.
- The Woodlands has an availability rate of 24.9%, with the highest availability in North Belt/Greenspoint at 50.7% and the lowest in Medical Center/South at 8.4%.
- The Woodlands’ rental rate by square foot, on average, is holding steady at $28.74, as compared to CBD at $37.82 per square foot and FM 1960 at $15.03 per square foot.
Read the full report, here.