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Houston's Still Cheap

Houston Office

1000 Main may break Houston’s sales price record (Real Estate Report predicts it might earn $526/SF), but our office product is still a steal according to Transwestern’s latest data. Although Houston is eighth for volume (with $1.6B year to date) and ninth in number of transactions (we had 63 year to date), we just missed cracking the top 10  for average sales price. Predictably, Manhattan topped that list with $770/SF, and Austin popped in at No. 7 at $269/SF. Meanwhile, our average office sale has been $224/SF, putting us in 11th place just behind Miami. Perhaps we'll rise in the rankings next year, though—Transwestern VP of capital markets Scott Myers says our office values will likely continue to increase as our fundamentals strengthen, rents grow, and competition intensifies for Houston's top asset. (We're already at record high levels of investor interest, we can't even imagine even more frenzy!)