NAI Houston Office Report First Quarter 2012

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1 NAI Houston Office Report First Quarter 2012

2 Houston: Office Report CITYWIDE OFFICE LEASING STATISTICS: ABSORPTION: Measure of Demand in Square Footage for Office Space Total net absorption for 2012 YTD = +1,635,072 SF The Class A buildings recorded net positive absorption of 1.742M SF, while Class B buildings actually posted a slightly negative absorption of 84,531 SF. VACANCY: Decreased to 12.5% to end Q citywide for all Class A, B &C buildings. Vacancy Rates for the last 3 quarters have been as follows: Q4-2011= 12.8% Q3-2011= 13.2% Q2-2011= 13.5% Class A projects reported a 11.4% Vacancy Rate citywide. Class B projects reported a 14.1% Vacancy Rate citywide. Overall Vacancy Rates downtown decreased to 12%. RENTAL RATES: All Building Classes A, B, & C Combined Quoted rental rates up in last 12 months (from $23.02/SF in Q to $23.60/SF ending Q1 2012) Landlord concessions like free rent, parking charge abatements, etc. are on the decline. NEW CONSTRUCTION: All Building Classes A, B, & C Combined Going into Q2 2012, there are 2,332,779* square feet of new office buildings under construction. By comparison, Q had 11,201,715* square feet of new office buildings under construction. SALES: *This significant difference in new construction numbers between Q and Q is mostly attributed to lending restrictions during the last 4 years. The average price was $294.49/SF in Q Cap rates in Q averaged 8.25% compared to 8.87% in Q Record breaking sale of the Hess Tower in Downtown Houston for $442.5 million at $523.81/SF at a 6.6% cap rate. SUBLEASE SPACE: In the last 12 months, inventory of sublease space available citywide has been reduced by 757,300 SF. Source: CoStar Property

3 Houston: Office Report Q Statistics Houston, TX Citywide for all classes of Office Space Office space statistical changes year over year and quarter over quarter: OFFICE SPACE STATISTICAL CHANGES YEAR Q VS Q1 2012: Net Absorption Vacancy Rate Construction Asking Rents OFFICE SPACE STATISTICAL CHANGES QUARTER Q VS Q1 2012: Net Absorption Vacancy Rate Construction Asking Rents Source: CoStar Property

4 Houston: Office Report Q Statistics Total Employment Growth Highlight Total Number of Jobs Added Per Year Recent Deliveries of Office Space (Houston, TX) Leased & Un-Leased SF in Deliveries Since 2006 Source: CoStar Property

5 Houston: Office Report Q Statistics Absorption & Deliveries for Class A, B & C Office Buildings City Wide Past 8 Quarters * Measure of Demand Square Footage per Employee by Industry Based upon All Tenants Source: CoStar Tenant

6 NAI Houston Office Report First Quarter 2012 Submarket Reports

7 NAI Houston Office Report First Quarter 2012 Submarket Reports

8 NAI Houston Methodology / Definitions / Submarket Map Absorption (Net) The change in occupied space in a given time period. Available Square Footage Net rentable area considered available for lease; excludes sublease space. Average Asking Rental Rate Rental rate as quoted from each building s owner/ management company. For office space, a full service rate was requested; for retail, a triple net rate requested; for industrial, a NN basis. Building Class Class A Product is office space of steel and concrete construction, built after 1980, quality tenants, excellent amenities & premium rates. Class B product is office space built after 1980, fair to good finishes & wide range of tenants. Direct Vacancy Space currently available for lease directly with the landlord or building owner. Market Size Includes all existing and under construction office buildings (office, office condo, office loft, office medical, all classes and all sizes, both multitenant and single-tenant, including owneroccupied buildings) within each market. Overall Vacancy All physically unoccupied lease space, either direct or sublease. SF/PSF Square foot/per square foot, used as a unit of measurement. Sublease Arrangement in which a tenant leases rental property to another, and the tenant becomes the landlord to the subtenant. Sublease Space Total square footage being marketed for lease by the tenant. Sublease Vacancy Space currently available in the market for sublease with an existing tenant within a building acting as the landlord. Downtown 5.5 million SF vacant 12% vacancy rate $31.86 SF/YR avg. rental West Loop 1.9 million SF vacant 13.5% vacancy rate $30.05 SF/YR avg. rental Greenway Plaza 1.2 million SF vacant 9.9% vacancy rate $24.88 SF/YR avg. rental Source: CoStar Property The information contained herein has been given to us by sources we deem reliable. We have no reason to doubt its accuracy, however, we do not make any guarantees. All information should be verified before relying thereon.

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