Houston developer successfully pre-leases office space while oil companies vacate existing spaces

Hines has pre-leased at least 287,000 square feet at a building slated for 2017 completion.
  • United Airlines is moving its Houston headquarters, while oil companies are shedding office space.
  • Hines will have an active year in Houston as it pertains to leasing office space and multifamily units.
  • Houston's office vacancy rate is expected to eclipse 21 percent this year.

With Houston’s overall office vacancy rate expected to exceed 21 percent this year pre-leasing space will be of increased importance to developers with office projects underway. One Houston developer, Hines, appears to be in good shape. According to the Houston Business Journal, United Airlines has signed a lease for 225,000 square feet of space at the developer’s 48-story office tower, which is under construction in downtown and slated for 2017 completion. United is said to employee 1,600 people in the city and is among downtown’s largest employers.