{"id":1004670989,"date":"2023-07-06T03:00:04","date_gmt":"2023-07-06T11:00:04","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004670989"},"modified":"2023-07-07T07:46:18","modified_gmt":"2023-07-07T15:46:18","slug":"howard-hughes-corp-taps-jll-to-lease-houston-area-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/howard-hughes-corp-taps-jll-to-lease-houston-area-portfolio\/","title":{"rendered":"Howard Hughes Corp. Taps JLL to Lease Houston-Area Portfolio\u00a0"},"content":{"rendered":"
\"Scott<\/a>

Scott Fikes, Senior Vice President, JLL Houston. Image courtesy of JLL<\/em><\/p><\/div>\n

The Howard Hughes Corp<\/strong>. has awarded to JLL <\/strong>the leasing assignment for its office portfolio in The Woodlands, Texas. The assignment covers more than 4.2 million square feet of office space, including Class AAA office buildings, along with a further 2.5 million square feet of planned development.<\/p>\n

In a prepared statement, Dan Bellow, president of JLL Houston, described the deal as \u201cthe culmination of a year-long pursuit that involved JLL colleagues from numerous business lines across different markets\u2026.\u201d<\/p>\n

The JLL team on the assignment will be headed by Scott Fikes, senior vice president of JLL Houston, and Jack Russo, vice president of agency leasing services at JLL Houston.<\/p>\n

\n

READ ALSO<\/strong>: Remote Work Shapes Office Sector<\/a><\/p>\n

\n

To serve the needs of clients in the area, JLL Houston is opening a leasing office in The Woodlands.<\/p>\n

In addition to The Woodlands, Fikes and Russo are responsible for office leasing at Bridgeland, another Howard Hughes master-planned community in northwest Houston. As part of this role, they oversee the leasing of a planned 55,000-square-foot mass timber office building<\/a>, along with future office leasing in Bridgeland Central. An H-E-B grocery store totaling more than 100,000 square feet will also be part of the project\u2019s initial phase.<\/p>\n

Soft, for some<\/h2>\n

The Houston office market remains soft, despite a couple of sizable recent leasing deals in the Katy Freeway West submarket, according to a first-quarter report from JLL. MODEC signed for 116,000 square feet at West Memorial Place I, in a relocation from Energy Crossing II. Kiewit expanded its 171,300-square-foot space at Energy Center I by 106,000 square feet.<\/p>\n

Otherwise, however, the region\u2019s office market is lackluster, with four straight quarters of negative net absorption and an overall average vacancy of 25.6 percent.<\/p>\n

What brightens the picture\u2014for some owners\u2014is the bifurcation seen in so many metro areas, between newer, more desirable product with modern amenities versus older properties. JLL reports that Class A buildings completed after 2014 saw a net occupancy growth of 171,417 square feet and a 13.4 percent vacancy in the first quarter.<\/p>\n","protected":false},"excerpt":{"rendered":"

This assignment includes 4.2 million square feet of existing office space, as well as an additional 2.5 million square feet of planned development.<\/p>\n","protected":false},"author":882,"featured_media":1004671290,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,1589,21742,21747,51973],"tags":[32796,33156],"class_list":["post-1004670989","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-houston","category-latest","category-office","category-southwest","tag-jll","tag-the-howard-hughes-corporation"],"acf":[],"yoast_head":"\nHoward Hughes Corp. 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