HOUSTON – (Realty News Report) – Office space in the Memorial Villages areas is demonstrating an emerging “tenant trend to transition from density to proximity.”
In other words, a suburban office might be more appealing than space in a skyscraper in the COVID-19 era.
“We are closely monitoring an emerging trend in Houston whereby more and more tenants make the decision to move from high-rise office buildings in Houston’s major business centers to high-quality, right-sized office space closer to home,” says Craig McKenna, Vice President at Stream Realty Partners in Houston.
Stream Realty Partners has been achieving some recent success in three CapRidge Partners buildings (Memorial Tower One and Two, and Woodway Tower) in the Memorial/Tanglewood areas. Some 80,000-SF of space has been leased in the buildings over the last 12 months to tenants including Greenwood King Properties, Doliver Advisors, Southern BancShares, Weinstein Tippetts & Little and Blue Sprig Pediatrics.
Around Houston – and across the nation – leasing activity has been impacted by the pandemic. Many companies remain in a work-from-home mode. But the suburban growth movement, including surging suburban and exurban residential demand, has taken hold across the nation.
CapRidge Partners is spending millions to complete renovations to its Memorial area properties.
The initial phase, which includes reconfigured and upgraded lobbies, new tenant lounge, training facility, and upgraded common areas, restrooms and elevator cabs, will be completed by the end of the month. Exterior upgrades include a new park like green space with a programmable activity lawn, shaded seating area and outdoor meeting space, which is expected to deliver by fourth quarter 2020.
“CapRidge remains committed to delivering a revitalized, first-class office product with a boutique feel and a people-first environment to the office users in the Memorial neighborhoods,” said Dan Terpening, Director at CapRidge. “The response has been overwhelmingly positive amongst existing and prospective tenants and in the market.”
Oct. 1, 2020 Realty News Report Copyright 2020
File: Pandemic Driving Companies to Suburban Offices .. File: (2) – Stream Realty Partners. Craig McKenna. CapRidge Partners. 10-1-2020. Memorial. Pandemic Driving Companies to Suburban Offices COVID-19.
Caption: 7500 San Felipe Memorial Tower Two lobby. Photo credit: Mabry Campbell