nasa clear lake office market review august 2009

8/14/2019 NASA Clear Lake Office Market Review August 2009

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NASA / Clear Lake Office Market Overview

AUGUST2009

Prepare

y:

CoyDavidsonSeniorVicePresident

Our Knowledge is your Property


2/13


Markethaswithstoodrecessionaryperiodwithoutdecline.Leasingactivityisflat

2009 g g ts

butpositivenetabsorptionof8,074squarefeetyeartodate.

Stableoveralloccupancyrateof89.8%

Minimalsublease

space

on

the

market

Averagequotedrentalrateshaveflattenedbutnotdeclined

MinimallargeblocksofcontiguousspaceparticularlyinClassA&Bbuildings

Minimalsalesactivityduetostateofcreditmarkets.(3salesin2009)



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NASA / Clear Lake Office Market



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Summar Statistics

Class Total Direct Direct Sublease Sublease Total Total YTDNet WeightedAvg.SummaryOverview

Sq. Feet Sq. Feet Rate Sq.Feet Rate Sq.Feet Rate Sq. Feet GrossRateA 1,501,273 123,427 8.2% 56,234 3.7% 179,661 12.0% 22,558 $23.41

, , , . . , . , .

C 989,219 203,187 20.5% 0 0.0% 203,187 20.5% (31,849) $16.51

Total 5,837,331 595,018 10.2% 56,234 1.0% 651,252 11.2% 8,074 $19.41

ExcludesMedicalOfficeBuildings


Excludesbuildingslessthan5,000squarefeet


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Avera e Rental Rates

WeightedAverageQuotedRent.4

$19.17

$16.51

$19.41$20.00

$25.00

$10.00

$15.00 ass

ClassB

ClassC

$

$5.00

Total



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Occu anc Rates

91.8% 92.0%89.8%

90.0%

95.0%

ccupancy a e y ass

79.5%

85.0% ClassA

ClassB

75.0%

.ClassC

Total

.ClassA ClassB ClassC Total


Occupancy rates for direct space, excludes sublease space


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Net Absor tion

30,000

NetAbsorptionYTD (SquareFeet),

17,365

8,074

10,000

20,000

ClassA

(10,000)

ClassA ClassB ClassC Total

ClassB

ClassC

(31,489)

(30,000)

(20,000)


,


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Vacant S uare Feet b Class

AUGUST 2009

VacancybyClass651,252

5,000,000

6,000,000

, ,

179,661

268,404

2,000,000

3,000,000

4,000,000Occupied

,

1,000,000



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Lar est Available Conti uous S ace

Building Name Address Class RentableArea Available AvailableGalaxy II 455E. MedicalCenterBlvd. A 110,000 70,000 70,000

1275 SpaceParkDrive 1275SpaceParkDrive C 43,222 43,222 43,222

1300Bay AreaBlvd 1300BayAreaBlvd. C 35,960 35,690 35,690

Atrium @NassauBay 2100SpacePark Drive B 115,878 31,657 31,657

16055Space

Center

Blvd. 16055

Space

Center

Blvd. A 147,000 32,841 22,400

FlintRidge Plaza 201FlintRidge B 45,000 22,490 19,000

Corporate CenterTexas 16969TexasAvenue B 50,100 17,906 17,906

Webster ProfessionalBuildingI 500N.Kobayashi B 15,545 15,545 15,545

SpacePark

Office

Building 2200

Space

Park

Drive B 76,282 11,933 11,933

12000 Aerospace 12000AerospaceDrive B 79,615 9,636 9,636



10/13

Office Buildin Sales

700

Gemini 700 Gemini B 18,500 $1,800,000 $97.30 5/29/09

Atrium@NassauBay 2100SpaceParkDrive B 115,878 $8,000,000 $69.04 4/30/09

Saturn ExecutiveOfficePark 17300SaturnLane C 24,330 $1,200,000 $49.32 3/31/09

CaminoCenter I

Camino CenterII

17629El CaminoReal

17625El

Camino

Real

B

B

78,181

76,694

$15,050,000 $68.76 9/8/08

. ,

9ProfessionalPark 9ProfessionalParkDrive C 6,120 $854,500 $139.62 6/2/08

VanguardBuilding

NovaBuilding

1115Gemini

16903Buccaneer Lane

C

C

24,500

23,255

$5,100,000 $72.72 4/16/08

t as u ng uccaneer ane ,

H&RBlock Building 1100BayAreaBlvd. C 6,189 $1,300,000 $210.05 4/8/08



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Market Outlook

eas ngact v tyan renta ratestorema n at orrema n ero aseconomy

beginsto

emerge

from

recession.

Minimalsalesactivityifanyduetoavailabilityofcreditforacquisitions

.

leasingrequirementsfromlenders.

AlleyesonObamaadministrationandcongressionalbudgetarycommitmentto

thes ace ro ram oin forward.

EffectsofprojectedlayoffsatUSASpaceAllianceasSpaceShuttleprogramis

scheduletoendafterlastflightin2010.WhatNASAcontractors/tenantsmight

absorbthe800,000plussquarefeetofUSASpaceAllianceleasesthatrollin2010

and2011

WhichbuildingsfacerefinanceissuesascreditmarketsdealwiththeCommercial

RealEstateIssueandlackofcapitalforrefinancing.



12/13


Senior Vice PresidentOffice Services Group

Co Davidson has over twent ears ex erience in commercial real estate s ecializin in cor orate realestate services, tenant representation, office leasing and investment sales. Mr. Davidson joined ColliersInternational in June 2000 as Vice President in the Office Services Group. Prior to joining Colliers, Mr.Davidson served eleven years with two local commercial real estate brokerage firms.

Mr. Davidson has completed over three (3) million square feet of lease and sales transactions and the. .

Davidson is widely recognized as an authority on the NASA/Clear Lake Market area of Houston wherehe has completed over one (1.5) million square feet of office lease and sales transactions, and is anactive member in the Bay Area Houston Economic Partnership. Mr. Davidson has vast experienceassisting corporate, medical and institutional office space users with their facilities requirements

throughout the Greater Houston area. Mr. Davidson is an active member of the Houston Office Leasing .

Direct: 713.830.2128Email: [email protected]


www.collierstexas.com


13/13

COLLIERS INTERNATIONAL

Commercial Real Estate Services

1300 Post Oak Boulevard, Suite 200Houston, Texas 77056www.collierstexas.com


nasa clear lake office market review august 2009

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