To find out more about Southwest Freeway office space for lease and office listings, please visit our submarket overview.
Southwest Freeway Office Space for Lease or Rent Office Listings
CXRE Group has extensive expertise operating within the Southwest Freeway office space submarket. Generally, stretching from the 610 West-Southwest Freeway interchange, down to the Southwest Freeway intersection with Beltway 8, the Southwest Freeway submarket is one of the strongest Class B submarkets in Houston.
Southwest Houston Freeway Office Market
Houston’s Southwest Freeway is the busiest freeway in Texas and one of the nation’s busiest stretches of freeway – making it very popular for tenant convenience. Also known as US-59/I-69, the submarket lies between Uptown and Greenway/Upper Kirby. It winds its way through Sharpstown on the way to Sugar Land. However, the area is more than a ‘pass-through’. Not only does it have plenty of office space, shopping, restaurants, entertainment, and healthcare, but it is also near Rice University, the Museum district, and West University Place.
6671 Southwest Freeway — Prime, Professional Office Space
The Southwest Houston Freeway office market covers areas like Harwin and Hillcroft. In addition, it includes the US-59 South office building market. One of the major anchors of this submarket is 6671 Southwest Freeway. Located in Hillcroft, this prime office building is one of the most professional spaces in the area. Not only that, but it is also conveniently located just off the freeway, just northeast of Carmax Houston Southwest Freeway. In addition to the convenient location, the building also has an on-site deli, a multi-level parking garage, on-site security, and on-site management.
Outdoors, manicured landscaping greets visitors and employees. In the lobby, polished granite floors and walls set the tone. On top of that, the building is close all the local amenities — shopping, restaurants, hotels, banks, the post office, and Memorial Hermann Southwest Hospital. It is also only a five-minute walk from the Hillcroft Ave./Gulfton Dr. METRO bus route stop. And it is close to hotels like the Crowne Plaza Houston Southwest Freeway.
Southwest Freeway Office Space
At the moment, Southwest Freeway is of the most value-friendly class A and class B submarkets. On the whole, the current average asking rate across all classes is $16.45/ SF. In general, this is highly affordable. Especially when compared to rents in submarkets like the CBD and the Galleria.
So far in 2018, the Southwest Freeway submarket has seen positive absorption (more demand than supply). As a result, more tenants are attracted to this area. However, there have been no new office deliveries in the Southwest Houston freeway office market this year. In addition, there is no new office space under construction.
Southwest Freeway Office Vacancy in All Classes
All total, this submarket currently has over 5.2 million SF of office space in 106 buildings. Also, the direct vacancy is 975,048 SF. Furthermore, the average vacancy rate in the Southwest Freeway submarket is 18.5%. According to Costar, Southwest Houston Freeway office market had the following for each class of office space at the end of Q3 2018:
- Class A — 1,489,093 SF of space in six buildings. Direct vacancy was 347,756 SF while the total vacancy was 376,919 SF (a 25.3% vacancy rate). However, there has been 37,364 of net absorption so far this year. Currently, the quoted average annual Class A office leasing rate is $19.40/ SF in the Southwest Freeway.
- Class B — 29 buildings contain 1,934,044 SF of Class B office space. Average rental rates are about $13.67/ SF. At the end of Q3 2018, direct vacancy and overall vacancy were 363,515 SF (an 18.8% vacancy rate). Also, at the end of the quarter, there was 38,025 SF of negative absorption.
- Class C — 1,839,517 SF of Class C office space spread throughout 71 Southwest Freeway buildings. Currently, the average rental rate is $15.39/ SF. Total vacancy at the end of the quarter was 234,614 for an 12.8% average vacancy rate. Lastly, this sector experienced 3,818 SF in negative absorption.
Southwest Freeway Office Space for Lease
Combining value with a great location, your company can find suitable rentable office space in the Southwest Freeway submarket. With vacancy in all classes, CXRE can help you with your next commercial office lease regardless of what you need. Let our team of pros discover the ideal office space for you.
Finding Space in the Southwest Houston Freeway Office Market
While the Galleria and Sugar Land submarkets are saturated, the Southwest Freeway in between those areas (which includes the Hillcroft area) is becoming a sweet spot for tenants. The area is especially great for smaller tenants searching for good available office space. Contact CXRE today so the Houston commercial real estate experts can help you find the perfect Southwest Freeway office space.
CXRE Southwest Freeway Leasing Office
6671 Southwest Freeway Suite 300
Houston, TX 77074
Tel: (855) 713-2973