The Woodlands’ office submarket snapshot
Once again, The Woodlands’ office submarket performed well over the quarter, posting 97,754 SF of positive net absorption in Q2 2018. The average vacancy rate continued to decrease, dropping from 9.8% to 8.2%.
Research Forest Lakeside Building 4 (2445 Technology Forest Blvd.), completed two subleases over the quarter. Dover Energy Automation subleased 23,535 SF and Star West Generation subleased 6,476 SF.
Patrinely Group began construction on City Place 1 (1700 City Plaza Dr.) in Springwoods Village. The 5-story, 141,700 sf building with 122,600 sf of office space is estimated to be completed in Q2 2019.
The average quoted rental rates are a mix of direct and sublet rates and are based on a blend of gross and NNN. The graphs below are only intended to show rental rate trends. Actual gross rates are higher than the average rate shown in the graph.
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