The Energy Corridor is a business district in Houston, Texas, known for its influence on the global energy industry. Sometimes it’s also called Harris County Improvement District #4. Energy companies based there include BP America, Citgo, ConocoPhillips, and Shell Oil Company. Big-name companies in other industries with offices in the Energy Corridor include Sysco and Gulf States Toyota Distributors. Rent property in the Energy Corridor to join one of Houston’s most robust office markets.
Energy Corridor Office Space | Lease Data and Trends
|Class A||Class B||Inventory|
|$34.50||$21.50||39 million SF|
The Energy Corridor, which is more than 2,000 acres in size, has a total of nearly 40 million square feet of office space, and nearly 75% of it is Class A. As of Q4 of 2020, Energy Corridor offices leased for an average of $29.31 per square foot, just below the overall Houston, TX, leasing average of $32 per square foot. Currently, nearly 28% of Energy Corridor office spaces are vacant for new renters, so workspaces are available to those looking to move.
Class A office space in this location cost just under $34.50 per square foot to rent. Class B Energy Corridor office space for rent typically goes for around $21.50 per square foot—not quite as high as the $23.50 Houston metro average for Class B property. Overall, the cost of Energy Corridor office space is comparable to offices in Westchase and the Medical Center.
Office leasing rates in Houston, TX, were up 26.6% in Q4 of 2020 from Q3, according to JLL marketing reports. However, the pandemic increased virtual work, and the total vacancy went up for a third consecutive quarter in Houston. At the end of 2020, developers were working on adding 776,000 square feet of commercial real estate to the Energy Corridor alone. More coworking spaces, conference centers, and professional offices will be available soon. Contact us for more information about what property is available for your team in this location.
What Our Brokers Say About Energy Corridor Office Space
The Houston Energy Corridor offers extensive transportation access including the METRO, airports, highways, and some bike trails. The neighborhood is located close to both Beltway 8 and Grand Parkway. It’s north of Westchase and east of Greater Katy. Residents and visitors access the city using the Metropolitan Transit Authority of Harris County, Texas. Line 75 of the METRO used to be called Energy Corridor Connector, but now it’s called 75 Eldridge Crosstown. Most people who live here are commuters and can use I-10/Katy Freeway, 610 Loop, Highway 290, and Beltway 8 to get where they need to go. The Energy Corridor has two airports: West Houston Airport and Houston Executive Airport. Biking and walking are common transportation choices as well.
Those working in the Energy Corridor who like to venture outside their offices for lunch and business meetings won’t find the area disappointing. For some delicious cuisines, try meeting at The Dinner Dude, Lynn’s Steakhouse, Teriyaki Madness or Pokii Eatery. Most city areas save room for parks, but the Energy Corridor’s geography is interesting because of the extensive parks surrounding it. More than 26,000 acres of parks—including George Bush Park and Bear Creek Pioneers Park—border the Energy Corridor.
Although the Energy Corridor is known as a popular business destination, it’s also a great place to live with impressive amenities. You know what they say: location, location, location. According to the Houston’s Best School’s report, the Energy Corridor contains some of Texas’s best schools. The area has more than sixty restaurants, nine shopping centers, top-notch hotels, and plenty of safe and beautiful residential areas. Because of the high number of green, open spaces, golfing is a common pastime.
One of the most popular leisure destinations in the Energy Corridor is George Bush Park. It’s 7,800 acres in size, and visitors can walk, bike, fish, ride horses, picnic or camp. The park features an 11-mile trail, two large soccer fields, six baseball fields, and the American Shooting Center. Runners, bicyclists, and geocachers also like to explore Terry Hershey Park, which is smaller but includes a fun network of dirt bike trails to explore.
Energy Corridor History
The Energy Corridor began to earn its name in the 1970s when energy industry corporations began moving to the area in search of workspace near new housing developments. In 2001, the Texas Legislature established the Energy Corridor Management District, which is designed to use commercial taxes for public safety, district branding, and building investments. Thus, the Energy Corridor is responsible for a lot of new infrastructure, including new office space. The results were impressive; the area added as much office space between 2005 and 2015 as it did in the previous thirty years. Energy Corridor’s real estate value tripled between 2001 and 2013. In 2030, the amount of office space is projected to be more than 45 million square feet. Today, the district employs 94,000 people and hosts more than 300 companies.