The Woodlands office submarket records positive net absorption in Q4
The Woodlands office market posted positive net absorption of 103,486 SF in Q4 2020. Western Midstream Partners moved into 106,781 SF at The Woodlands Towers at The Waterway building during the fourth quarter and The Howard Hughes Corporation leased 14,654 SF in the same building.
The average Class A rental rate increased over the quarter from $36.85 per SF to $37.22 per SF while the average Class B rental rate decreased from $33.42 per SF to $33.03 per SF. Leasing activity increased by 107% between Q3 2020 and Q4 2020.
The average quoted rental rates are a mix of direct and sublet rates and are based on a blend of gross and NNN. The graphs below are only intended to show rental rate trends. Actual gross rates are higher than the average rate shown in the graph.