Scott Fikes, Senior Vice President, JLL Houston. Picture courtesy of JLL
The Howard Hughes Corp. has awarded to JLL the leasing task for its workplace portfolio in The Woodlands, Texas. The task covers greater than 4.2 million sq. toes of workplace house, together with Class AAA workplace buildings, together with an extra 2.5 million sq. toes of deliberate growth.
In a ready assertion, Dan Bellow, president of JLL Houston, described the deal as “the fruits of a year-long pursuit that concerned JLL colleagues from quite a few enterprise strains throughout totally different markets….”
The JLL staff on the task shall be headed by Scott Fikes, senior vice chairman of JLL Houston, and Jack Russo, vice chairman of company leasing providers at JLL Houston.
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To serve the wants of shoppers within the space, JLL Houston is opening a leasing workplace in The Woodlands.
Along with The Woodlands, Fikes and Russo are accountable for workplace leasing at Bridgeland, one other Howard Hughes master-planned neighborhood in northwest Houston. As a part of this position, they oversee the leasing of a deliberate 55,000-square-foot mass timber workplace constructing, together with future workplace leasing in Bridgeland Central. An H-E-B grocery retailer totaling greater than 100,000 sq. toes can even be a part of the challenge’s preliminary section.
Comfortable, for some
The Houston workplace market stays tender, regardless of a few sizable latest leasing offers within the Katy Freeway West submarket, in line with a first-quarter report from JLL. MODEC signed for 116,000 sq. toes at West Memorial Place I, in a relocation from Vitality Crossing II. Kiewit expanded its 171,300-square-foot house at Vitality Heart I by 106,000 sq. toes.
In any other case, nevertheless, the area’s workplace market is lackluster, with 4 straight quarters of unfavorable internet absorption and an total common emptiness of 25.6 p.c.
What brightens the image—for some homeowners—is the bifurcation seen in so many metro areas, between newer, extra fascinating product with fashionable facilities versus older properties. JLL stories that Class A buildings accomplished after 2014 noticed a internet occupancy development of 171,417 sq. toes and a 13.4 p.c emptiness within the first quarter.
