One of Rays defining qualities is his integrity and passion to make a real difference for his clients. As of December 2022, the price has dropped ed in this report. Sublease space remains near record-high levels. Taylor specializes in working with users of commercial real estate to assist them in making smart occupancy decisions in line with their occupancy goals. Occupier Services is a global business with deep capabilities sitting within each of the three regions of Americas, EMEA and APAC. In 2003, Pat was awarded Colliers Manager of the Year. ELGIN, ILL. Colliers has brokered the sale of an 80,878-square-foot office building located at 2250 Point Blvd. Source: CoStar. Taylor Wright, Senior Vice President with Colliers, is part of the Occupier Advisory team in the Houston office. Expertise you can trust, for your ideal office space. The lack of expansion is primarily due to the amount of debt shale producers took on when WTI was priced much lower. According to data from the brokerage Colliers, almost all of the biggest office buildings in downtown Los Angeles are underwater on their loansmeaning, their owners owe more to the bank than. Sam joins Colliers after spending five years as a Principal in the same capacity at Avison Young. I assist in managing and upkeeping Colliers' Boston proprietary research database, which contains data on over 360 million square feet of commercial space in approximately 4,000 buildings in the Greater Boston area and the insights it delivers. In 2004, he was chosen by Colliersas the Tom Richardson Award recipient, an honor based on strength of character. Pat is the managing directorof brokerage services in Houston for Colliers. Both pricing and timing are harder to forecast. While this may seem challenging, Houston ranks #1 in the nation at 61% Return to Work practices, indicating that the citys workforce is taking initiatives to re-evaluate their office needs. When looking at Class A occupancy of properties larger than 100,000 RSF delivered to the market in the last ten years, an alternate picture emerges. In addition, the need for more face-to-face employee interaction balanced with a tight labor market that got comfortable with work-from-home during COVID is causing the C-Suite level executives to reconsider their space needs. Other responsibilities included cost estimation, bidding process, sub-contractor management, project scheduling, change management, and the management of various compliance requirements related to permitting, inspections and safety, and managing communications with the architects, engineers and owners.Potters tenacity was shown at early age by one of his most proud achievements, being an Eagle Scout. However, Houston is no stranger to cycles. Pat was responsible for building and organizing retail service delivery capabilities for Colliers worldwide as chairman of the Colliers Retail Specialty Group (96-2000, 2002-2013). In this blog post, we will explore the key factors to consider when assessing locations for businesses. Potter was responsible for managing multiple project teams, preconstruction services, estimating, scheduling, business development, project management and project closeout. Taylor is a native Houstonian. For the past 20 years, Potter has been in the construction industry and is able to use the knowledge that he has gained to help owners successfully navigate the design and construction process. While landlords have continued to understand the credit risk of their tenants within their portfolio, it is also necessary for tenants to understand the landlords credit risk and ability to fund up-front capital improvements. The Woodlands office market saw slight improvements in the fourth quarter of 2021 and continues to do better than the Houston-area market overall, according to a recent report from Colliers. More people are coming to Houston without a Plan B in order to make a better life for themselves and their families. Sam Hansen joined Colliers in 2021 and specializes in office project leasing alongside his partner, Doug Pack. This year we saw a minimal change in absorption (square footage occupied) of positive 98,820 SF, roughly 1% of the totalinventory. In this position, I contribute to the creation of the firm's quarterly Market Viewpoints, as well as the distribution of Week in Review, Colliers' weekly newsletter. Employees prefer a commute that falls within 5 to 15 minutes, according to Gensler, one of the nations leading architectural/ design firms. In addition, the continued flight to quality buildings is a driving force thatintends to entice employees to return to the workplace and enhance recruiting and retention overall. About half of the absorption was Hewlett Packard Enterprise's move into two new buildings in The Woodlands submarket. Whether you are starting a new venture or expanding an existing one, conducting a thorough location analysis is vital to determine the suitability of different areas. Since joining Colliers in September 2021, he has focused on synthesizing real estate, demographic, and economic variables to support brokers and provide clients with strategic and actionable insights. He has been an expert panelist for NAIOP, Real Share, ICSC and many other real estate organizations. As office brokers, we tend to use current WTI price as an indicator for future office growth and activity; however, Break-Even or other oil field profit calculus is not the predictive driving force it once was. Life sciences companies are facing pressure. He and his wife Erin have five children: Quint, Liv, Rhett, Lorelei, and Leila. The Boston metro is structurally positioned to attract an outsized share of the nations life sciences demand. The overall average vacancy rate dipped marginally by 20 basis points between quarters from 23.3% to 23.1%. In 2004, he was chosen by Colliersas the Tom Richardson Award recipient, an honor based on strength of character. HOUSTON - (Realty News Report) - Inflation threatens and Houston's office vacancy is rising to the highest point in years. "Tenants and landlords are struggling with an environment where construction is much more complicated than it was previously. Pat has served as a member (and Chairman) of the Colliers Managers Steering committee, the Board of Directors for Colliers USA and is the past Chairman of the Colliers USA Board of Advisors. By: Colliers | Houston HOUSTON - Oct. 18, 2021 - PRLog -- "The office market stabilized in Q3 as expected. He attended Memorial High School and graduated from Texas Tech University, earning a Bachelor of Arts degree in 2005. * The western Energy Corridor, with or without walkable amenities, is also seeing gains in occupancy. During his 20+ year career, Sam has proven himself to be a dynamic, multi-talented team member that offers the ability to provide value and creative solutions for property owners while meeting the requirements of asset managers and tenants alike. Sams past responsibilities maximize his odds for success in all property Classes and sizes. Before joining Massport, Jeff spent more than 11 years as a consultant and real estate economist at CoStar Portfolio Strategy. In 2022, the Houston Office Market continued to have significant headwinds as companies searched to understand their office presence. Prior to his role as Vice President, Potter was a partner with Bayou City Construction, a boutique interior construction company. For tenants to capitalize on the opportunities in the current office market, two key factors will play a significant role: 1) knowledge of which landlords and assets are willing to provide rich concession packages, and 2) the creditworthiness of the occupier. 2.3 million square feet is spec development, of which 60% is pre-leased. Some Houston suburban submarkets are reporting lower vacancy rates than the inside-the-Loop submarkets, and that trend is expected to continue widening. Neil is a Texas Christian University graduate, where he received a Bachelorof Science in Psychology. Pat started his career as Director of Marketing for a real estate data base company where he spent three years interviewing top brokerage houses throughout the United States and assisted in their automation needs as a consultant and instructor. Houston office workers heading back to office, Construction pipeline decreases over the quarter, 10 Emerging U.S. Industrial Markets to Watch in 2023, Explore Investment Opportunities on SalesTracker. Vacancies are rising, and many landlords are finding it increasingly challenging to fill space. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Rob has assisted local and multi-national organizations with requirements in Houston as well as across the nation. Colliers International is a worldwide affiliation of independently owned and . While this impact will not occur until late 2024, this leaves a cloudy outlook on the West Loop market with a significant amount of space to backfill, or rethink the use of the space. Taylor is a native Houstonian. If there is no significant expansion by these oil and gas producers, there is no need to hire additional employees, which means there is no need to expand their existing office footprint. $34.76/SFFORECAST Houston Highlights Houston's oce market posted negative net absorption of 94,427 square feet in Q1 2023, reversing from positive absorption recorded both in the previous quarter and year-over-year. Pat has been quoted in national and regional publications including the Wall Street Journal, Dow Jones, Newsweek, Real Estate Forum, National Real Estate Investor, Globe Street and others. Newer buildings continue to perform better than the older inventory as the "flight to quality" continues in Houston. Rob attended The Kinkaid School for ten years and graduated from Vanderbilt University in 2000 with a Bachelor of Science degree. Recent examples of this initiative include two Central Business District (CBD) properties: 800 Bell, the former ExxonMobil headquarters at 1.3 million square feet, as well as 1801 Smith Street, a 450,000-square-foot office tower; both are anticipated to be converted into residential by new ownership, resulting in a large cut in the CBDs office supply. Kiewit Corp. signed for 277,105 square feet, and Community Health Choice signed for 82,706 square feet. He has an expert knowledge of manyCRE markets across the U.S. Having worked with brokerage firms, asset managers and data providers he has a broad spectrum of experience and is adept in forecasting, analysis and strategy. He and his wife Erin have five children: Quint, Liv, Rhett, Lorelei, and Leila. Airport traffic in Houston rose meaningfully year-over-year, with total passengers and total air cargo increasing 31.7% and 8.6% respectively. Conduct Site Visits and Gather Local Insights: Site visits are invaluable in gaining firsthand knowledge of potential locations. About half of the absorption was Hewlett Packard Enterprises move into two new buildings in The Woodlands submarket. Taylor specializes in working with users of commercial real estate to assist them in making smart occupancy decisions in line with their occupancy goals. While there he developed extensive knowledge of the commercial real estate business as well as strong skills in client engagement and industry analysis. Research local regulations and zoning laws to ensure compliance with your business activities. Pat is also a founding member of the Colliers Oil and Gas practice group. As Research Director, Jeff Myers leads the research operation of the Boston office of Colliers. In conclusion, conducting a thorough location analysis is essential for businesses to determine the suitability of different areas. Q1 2010 Houston Office Market Report Houston's office market closed the first quarter 2010 with encouraging signs it is nearing the end of the downward shift that began in late 2008, with current trends suggesting the suburban market may recover before the CBD. Location Analysis: A guide to assessing the suitability of different locations for businesses, considering factors such as demographics, infrastructure, and proximity to target markets, Lease Negotiation Strategies: Tips and best practices for negotiating favorable lease terms and conditions for commercial tenants, The Future of Workplace: Exploring trends and innovations in commercial real estate. As President of the Colliers Houston office, he has direct responsibility for recruiting, training and managing the sales and leasing teams, property management and business plan creation and coordination for the company. So now, with multi-year highs on commodities pricing, these producers are choosing to pay down existing debt obligations and reward shareholders as opposed to drilling new wells. Responsible for leading market research by tracking and analyzing key economic and market trends. About 1.3 million square feet of sublease space was offered at the end of the first quarter, now almost 40% of total availability, compared to the historical average of about 22%. The case study combined the marketing and financial concepts taught by CCIM to allow the students to apply the material to a simulated commercial property disposition. The buildings HPE left unoccupied were sold and are expected to be placed on the rental market later in the year, which will result in about 689,000 square feet of negative absorption. The world has undoubtedly adapted to and modified most aspects of daily routines to try and create some bastion of normalcy. As a Director of Leasing, he was solely responsible for approximately 5 million square feet of Class A, trophy, commercial office buildings including JPMorgan Chase Tower, Williams Tower, and Greenspoint PlazaExxonMobils World HQ for Upstream Development and Exploration. With the Boston metro having one of the largest supply pipelines in the country, vacancies could rise further as buildings complete without being fully pre-leased. Among his academic accomplishments, Pat wrote the capstone case study for the CCIM program's final course offering from 1986 - 1998. Houston's vacancy rate decreased 50 basis points from 5.6% to 5.1% over the quarter as more inventory was leased than new inventory delivered. Note you are now viewing the Colliers United States website. As the Federal Reserve continues to raise interest rates, we anticipate an increase in the unemployment percentage and, as a result, change the tune for employers as they make a more concerted effort to bring employees back to the office. Neil Potter is a Vice President and member of the Design and Construction Advisory team at Colliersin Houston, Texas. She produces annual and quarterly market-area reports and project-specific custom reports for client presentations while effectively utilizing commercial real estate tools and databases. Prior to joining Colliers, Stephen was a Research Director with CoStar based in Washington D.C. His career history also includes eight years as Director of U.S. Office Research with Deutsche Asset Management and six years as Head of Research with Newmark Knight Frank in London, U.K. At Colliers, Stephen is responsible for all aspects of U.S. National Office research including authoring quarterly reports, press interviews and multi-market analysis.
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