Downtown Houston is synonymous with big industry and even bigger personalities. It’s home to some of the largest corporate names in the world yet is actively making room for anyone else that wants to enjoy its unique traits. With an eye firmly focused on the future, Downtown Houston is making significant inroads to a robust and well-rounded economic future.
So much rapid change can be a bit overwhelming for a company looking to call Downtown Houston its new home. TenantBase has prepared a short but insightful guide to Downtown’s office space market for that very reason in hopes it helps you find the ideal commercial space for your needs. Choose wisely and an enviable Downtown Houston address can provide a distinct competitive advantage well into the future.
There’s a strong movement throughout Downtown Houston to renovate older properties so they better match the existing high-end commercial space. Landlords are now heavily investing in aging buildings to make them more attractive in the Downtown market that is primarily Class A+ space.
Coworking space has also firmly taken root throughout the area as Downtown Houston features several coworking properties. Major oil and gas companies, local government, accounting, and law firms, and several local colleges enjoy the variety of high-end traditional and coworking space available in Downtown.
The Downtown district has over 35 million SF of office space in a wide variety of sizes. This makes the area attractive for everything from large corporations to smaller startups with monthly rents averaging about $30/SF. Private investment is spurring much of the Plan Downtown expansion and renovation initiative that will ultimately add approximately 20% more jobs to the area by its completion in 2019.
Plan Downtown will also add over 4,000 hotel rooms, 15,000 residential spaces, and significant improvements to public transportation and parking throughout Downtown and within walking distance of the George R. Brown Convention Center. The project will have a substantial impact on the Downtown Houston economy and make office space within the area even more desirable as Houston expands its conference and convention capacity.
Traffic can be trying around Downtown Houston but employees have plenty of commuting alternatives to avoid the many freeways crossing through the area. An extensive public transportation system serves the Downtown region and features several bus routes as well as the METRORail light rail system. The Red, Green, and Purple METRORail lines all serve several Downtown stations to make Park & Ride a convenient and viable alternative to the nearby freeways.
Parking is abundant in Downtown Houston with ample surface and street parking as well as several public and private lots. Designated parking spaces aren’t typically part of a lease but tenants can negotiate for them if desired. An extremely walkable area makes Downtown Houston easily navigated and convenient for the many dining and entertainment options it features.
These amenities are especially useful in attracting talent to Downtown with hundreds of the city’s best restaurants within walking distance. Minute Maid Park, the Toyota Center, the House of Blues, and the Downtown Aquarium are just a fraction of the entertainment venues also in the area which serve as another powerful draw for talent. Houston’s Downtown Tunnel System is yet another amenity that makes the district so unique. Even more dining and retail options as well as an easy escape from the summer heat draw thousands of visitors into the tunnels every day.
Downtown Houston is a powerful draw for companies looking for an attractive mix of local amenities, convenient public transit options, and a rapidly growing economy. Those are just a few of the reasons why the area is becoming such a desired location for organizations from a variety of industries. Let TenantBase lend our local expertise to your search to help you find office space in Downtown Houston that serves your needs both today and tomorrow.