An Introduction to Greenspoint
North of Houston is the Greenspoint/North Belt commercial real estate submarket. It is near the intersection of I-45 and Beltway 8. There are about 115 commercial office buildings in this 12-square-mile Greenspoint area. In addition, the submarket has almost 11 million SF of rentable office space.
Not only that, but Greenspoint’s office vacancy rates is around 44%, one of Houston’s highest. Recently, the average quoted annual office leasing rates for office buildings Greenspoint have hovered near $20.00 per SF. This makes it a very favorable Houston submarket for investors. Below is additional info about office buildings Greenspoint.
A Struggling Submarket
In general, the fortunes of Houston business are closely tied to the energy industry. Because of this, an energy downturn always echoes throughout the entire commercial real estate sector. Specifically, Greenspoint has been greatly impacted by the downturn. As a result, some parts of the submarket have struggled.
For example, in August 2017, a private real estate firm bought a six-building Greenspoint office complex. Specifically, the sale was one of Houston biggest 2017 real estate deals. Much of the property sat vacant after Exxon-Mobil relocated its Greenspoint offices in late 2015. Overall, Exxon-Mobil vacated 2 million SF of space. Since then, one of the buildings, 396 West Greens Road received a multimillion dollar revitalization. Also, other buildings in the complex will receive significant renovations over the next few years.
Greenspoint Office Buildings: Ripe for Investors and New Tenants
However, Greenspoint’s struggles could be good news for investors and new tenants. Briefly, anyone wishing to purchase Greenspoint office buildings will meet at favorable purchases prices. In some cases, buyers have paid less than $40 per SF for some commercial properties.
In addition to Exxon-Mobil’s exit from their office buildings Greenspoint, other tenants also followed. For example, Southwestern Energy relocated to Far North Houston, vacating 250,000 SF of office space in. On top of that, FMC Technologies left behind another 250,000 SF in order to relocate to Generation Park.
Not only that, but the struggles of Greenspoint Mall hasn’t been encouraging to tenants and investors. Yet industry many experts aren’t concerned at these trends. Instead, they see currently Greenspoint as a ‘soft’ market. Consequently, they believe that the area will rebound soon enough.
Current Greenspoint Office Buildings For Sale
At the moment, there are a number of Greenspoint office buildings for sale. Some of these include:
- Greenspoint South (263 North Sam Houston Pkwy E): 3-floor Class B building with 87,610 SF of office space. It is set on a 4 acre lot. Constructed in 1978.
- 13401 North Fwy: 7-Floor, Class A building with 143,410 SF set on 7 acres. Constructed in 1983, renovated in 2002.
- Greenspoint North (16666 Northchase Dr): 147,140, 6-floor Class B office building on 3 acres. Constructed in 1985.
Find Office Buildings Greenspoint with CXRE
If you are interested in purchasing Greenspoint office buildings, CXRE can help you find the perfect investment. In contrast, if you want to lease Greenspoint office space we can also assist you. Contact the Houston commercial real estate experts today to find out what we can do for you.