Newcor Blog

U.S. Office Turmoil: Subleases Rising, Record Number Of Leases Coming Due, Valuations Murky

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It's looking more and more likely the next few years could be a bloodbath for all but the very best office buildings across the country.

The relative lack of transaction activity among sub-trophy class offices has made it impossible to paint a definitive picture of how much value those buildings have lost since the outbreak of the pandemic, but several indicators signal a surge of distress is on the horizon, based on reporting from The Real Deal and The Wall Street Journal.

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Commercial Build-Outs Are Taking Months Longer

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Supply chain and labor shortages are delaying commercial build-out and tenant improvement projects by an average of three months.

Commercial build-out and tenant improvement projects are taking significantly longer due to supply chain and labor shortages. On average, these projects, which are typically six months on average, are now taking three months longer to complete, complicating landlord-tenant agreements on the construction project and commencement of the rent.

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Newcor's Rob Banzhaf Part of Speakers at Woodlands CRE Forecast Summit

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Newcor's very own Robert Banzhaf joined a panel of speakers to share his insight of the Woodlands / North Houston Commercial Real Estate Forecast on Tuesday, May 17th.

The event was presented by REDNews and hosted at The Woodlands Country Club.

The topics of discussion included:

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Newcor's Rob Banzhaf Joining Panel of Speakers at Woodlands CRE Forecast Summit

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Newcor's very own Robert Banzhaf will be joining a panel of speakers to share his insight of the Woodlands / North Houston Commercial Real Estate Forecast

Register to attend on Tuesday, May 17th: https://pheedloop.com/FORECASTWOOD2022/site/home/

See you there
!

Presented by REDNews and hosted at The Woodlands Country Club (100 Grand Fairway, The Woodlands, TX 77381)

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Six Companies Lease Space in The Woodlands

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Six companies –  ranging from lawyers to chemical companies to energy firms – have leased over 31,000 SF of office space in The Woodlands recently, according to the Howard Hughes Corp, the developer of the master planned community.

“Companies continue to seek out The Woodlands for the variety of office spaces that provide flexibility as businesses evolve and grow, as well as for the exceptional lifestyle valued by today’s employees,” said Jim Carman, President of the Houston Region for The Howard Hughes Corp. “The Woodlands Towers, Hughes Landing and 1400 Woodloch Forest Drive offer (office space) … in a walkable, natural setting—which have helped make The Woodlands one of the top-rated communities to live in America.”

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