Houston Office Market: Lee Starts 2021 with 4 Assignments

In Houston, Lee & Associates, Houston was selected to handle leasing and management assignments at four additional Houston office buildings in the new year.

The new assignments come as the Houston office market works through a period of rising vacancy and negative absorption caused by the pandemic-induced economic conditions. Layoffs have also occurred in the energy industry and other sectors.

Jill Nesloney

“Even though the leasing market was in a constant state of change in 2020, we have been able to lease up office buildings like 550 Wescott because of our focus on technology,” said Jill Nesloney, principal at Lee & Associates, Houston. “Today’s platforms and digital marketplace are driving forces and we’ve learned to adapt and use these tools to our benefit.”

The Lee & Associates, Houston Landlord Services team consists of three Principal-level brokers, Jill Nesloney, Robert LaCoure and Chris Lewis, and Shawn Harvey, Managing Director of Integrated Services, is the company’s head of property management.

Lee & Associates, Houston’s Landlord Agency team picked up the following assignments in January 2021:

• 10700 Richmond
  • 139,072 sq ft
• 12946 Dairy Ashford
  • 60,392 sq ft
• 2180 North Loop West
  • 72,627 sq ft
• 2190 North Loop West
  • 63,069 sq ft

After leasing 550 Wescott to 91 percent occupancy rate and managing renovations, the firm was asked by the owner to lease more buildings, with the goal to raise occupancy across all buildings. Trends of downsizing became prevalent through the height of the Covid-19 pandemic and Lee & Associates, Houston adapted, focusing on making their leasing spaces move-in ready. Quick response time from building owners also helped the process, as people that are considering moving have been looking to make quick, short-term decisions.

“The bandwidth and support we offer allows our team to lease up buildings faster. From marketing a property to making cold calls, the team is all hands-on deck,” said Nesloney. “We look forward to continuing this success and positive growth in 2021.”

Many tenant companies have been in a holding pattern in recent months, delaying office leasing decisions because of the pandemic. Corporate leaders reconsider workplace density and the impact of social distancing and work-from-home trends in 2021 and beyond.

Several new buildings are under construction in Houston. The new projects benefit from the flight-to-quality trend.