The Woodlands is a master planned Houston suburb and census-designated place that encompasses Montgomery County and parts of Harris County. Don’t let the quiet, homey appearance of this sanctuary fool you—it’s also a prime location for multiple corporations such as Woodforest National Bank, Chevron Phillips Chemical, ExxonMobil, McKesson Corporation, and Safmarine.
The Woodlands Office Space | Lease Data & Trends
Whether you’re interested in Class A or Class B office spaces, The Woodlands offers plenty of affordable options. The average asking rent of the nearly 6 million square feet of Class A office space is $31 per square foot. As with the rest of the Houston commercial real estate market, below average leasing activity and rising vacancy rates have pushed prices down, creating a favorable environment for tenants seeking direct leases or subleases, but less exciting for landlords.
Because of the softness in the market, development and renovations in The Woodlands and across Houston has slowed. As of Q2 2018, there was less than one million square feet of Woodlands office space inventory under construction.
Subleases or office space in a Class B building present additional low-cost options for small and medium-size businesses. These units lease out at an average price of around $27 per square foot—above the Houston metro average of $22 per square foot, but below the Downtown Houston Class B office space average of $29 per square foot.
What Our Brokers Say About The Woodlands Office Space for Rent
The Woodlands, 43.9 square miles in size, is located along Interstate 45 about 28 miles north of Houston. As the name would suggest, much of its surface area is covered with forests, shading residential communities and businesses alike. Locals refer to different areas of the Woodlands as “Villages.” Examples of villages include Village of Grogan’s Mill, Village of Panther Creek and Village of Indian Springs.
Biking is a common and popular mode of transportation. Those looking for something more traditional can take the Woodlands Express Park and Ride Service or The Woodlands Town Center Trolleys. The Woodlands Express runs Monday through Friday. The trolleys, however, operate seven days per week, nine hours per day. It’s about a thirty minute drive from The Woodlands to Downtown Houston.
Though The Woodlands is located on the outskirts of the city, it still offers plenty of food options. If you’re planning a business lunch or event, look up The Republic Grille, Caffe di Fiore, Tommy Bahama’s Restaurant & Bar, or the Black Walnut Cafe. It should come as no surprise that The Woodlands is home to more than 130 parks. If you need a break from the office, visit one of the many unique parks in any of the neighborhood’s villages.
Get to Know the The Woodlands, TX
The Woodlands was originally set aside to be an extension of Mitchell Energy & Development. In 1974, oil businessman George P. Mitchell decided to build a conference center, schools, office parks and retail malls and residential areas. Today, the area is a beautiful place to live and a popular place to do business. Companies in the area include Lexicon Pharmaceuticals, Huntsman, and Adarko.
Cynthia Woods Mitchell Pavilion, home of the Houston Symphony, hosts musical events and seats 16,500 people. It’s the world’s second most used amphitheater. Common performers at the venue include the Houston Grand Opera and the Houston Ballet. Other entertainment options include two movie theaters, more than 150 restaurants and a publicly accessible waterway.
The Woodlands Waterway and Waterway Square are for both transportation and entertainment. The waterway runs between The Cynthia Woods Mitchell Pavilion, The Woodlands Marriott Hotel & Convention Center, Waterway Square and the Woodlands Mall. During evening hours, visitors can enjoy music and colored lighting shows at the fountains. Those who like to travel by water can stop by the Riva Row Boat House and take The Water Taxi.
If you’re looking for a great place to shop, visit The Woodlands Mall or The Woodlands Market Street. The Woodlands Market Street is an open air shopping center with more than 70 stores—everything from restaurants to boutiques. Shoppers can peruse Borders Books, The Gap, Sur La Table, Eddie Bauer, J. Crew and more. The Woodlands Mall is a fashion center with more than 160 stories and restaurants.
About the Author
Graham Shorr is the Chief of Staff at SquareFoot. In addition to supporting the executive team on corporate strategy and operations, Graham leads North America Market Research & Analysis. Graham is an alumnus of Carnegie Mellon University.