nasa-clear lake office market presentation-jan-2010

8/14/2019 NASA-Clear Lake Office Market Presentation-Jan-2010

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NASA / Clear Lake Office Market Overview

Preparedby:

CoyDavidsonSeniorVicePresident

Our Knowledge is your Property

COLLIERS INTERNATIONAL


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NASA / Clear Lake Office Market Overview

Marketwithstoodrecessionaryperiodwithoutdecline.Leasingactivitywasflat

g g ts

butpositivenetabsorptionof79,248squarefeetyearin2009.

Stableoveralloccupancyrateof88.7%.

Minimalsublease

space

on

the

market.

Nosignificantmovementinrentalratesin2009.

MinimallargeblocksofcontiguousspaceparticularlyinClassA&Bbuildings.

Minimalsalesactivityduetoeconomyanddebtmarketconditions(5salesin

2009 . Proposedofficedevelopmentsfailedtogetoutoftheground.



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NASA / Clear Lake Office Market



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Avera e Rental Rates

$22.88

18.49

$25.00

WeightedAverageQuotedRent

.

$14.98$15.00

.

ClassA

ClassB

$5.00

. ClassC

Total

ClassA ClassB ClassC Total



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Net Absor tion

90,000

NetAbsorption2009(SquareFeet)

57,762

,

60,000

70,000

80,000

ClassA

19,88030,000

40,000

50,000ClassB

ClassC

1,606

10,000

,



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Vacant S uare Feet b Class

612,3586,000,000

VacantSquareFeetbyClass

255,484

4,000,000

5,000,000

Vacant

167,391189,843

2,000,000

, , Occupied

, ,

ClassA ClassB ClassC Total



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2009 Office Buildin Sales

One

Harbour Square 3027

Marina

Bay

Drive B 58,204 Not

Disclosed N/A 10/15/09

UniversityParkBusinessCenter 15200Middlebrook Dr. B 14,320 NotDisclosed N/A 7/31/09

700Gemini 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

, , , .



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Lar est Available Conti uous S ace

Total Contiguousu ng ame ress ass enta e rea va a e va a e

Galaxy II 455E. Medical

Center

Blvd. A 110,000 60,000 60,000

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

em n em n ree , , ,

1300BayAreaBoulevard 1300 BayAreaBlvd. C 35,690 35,690 35,690

16055SpaceCenterBlvd. 16055SpaceCenterBlvd. A 147,000 32,841 22,400

, , ,

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

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

1322S aceParkDrive 1322S aceParkDrive C 102 715 11 933 13,407

16441Space CenterBlvd. 16441 SpaceCenterBlvd. C 64,000 12,400 12,400

SpaceParkOfficeBuilding 2200SpacePark Drive B 76,282 11,933 11,933



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Market Outlook

Tremendousuncertainty

regarding

NASA,

job

losses

and

what

anew

direction

for

thespaceprogramwillhaveonjobswithNASAandrelatedcontractors.

scheduletoendafterlastflightin2011.WhatNASAcontractors/tenants,ifany

mightabsorbthe800,000plussquarefeetofUSASpaceAllianceleasesthatrollin

2010and

2011.

Leasingactivityandrentalratestoremainflatfor2010aseconomyemergesfrom

recession.

MinimalsalesactivityifanyduetouncertaintyinmarketplaceregardingNASA,

perceivedrisk

and

availability

of

debt

for

acquisitions.



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The NASA Factor

45%ofthecurrentlyoccupiedspaceand41%ofthe

totalmarketismadeofNASArelatedcompanies

Over 2 million square feet of buildings with 100% or single tenantoccupancy by NASA related tenants. This excludes NASA related


tenants in multi-tenant buildings.


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The NASA Factor

n te pace ancepr mecontractor ort e pace utt e

contractwhich

ends

in

2011

has

800,000

square

feet

of

office

leasesscheduledforexpirationin2010and2011



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The NASA Factor

800,000 Square Feet in the Clear Lake Office Market



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The NASA Factor

occupancy from NASA related tenants



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Co Davidson

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 J une 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 requirementsthroughout the Greater Houston area. Mr. Davidson is an active member of the Houston Office Leasing

.

Direct: 713.830.2128Email: [email protected]

www.collierstexas.co


www.coydavidson.com


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COLLIERS INTERNATIONAL

Commercial Real Estate Services

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


nasa-clear lake office market presentation-jan-2010

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