Houston’s office market isn’t all cautionary tales. With three tech tenants recently signed, west Houston’s The Quad at Brittmoore is 80 percent leased.
The industrial-to-office conversion, developed and owned by a joint venture between Houston-based investors Pagewood and Wile Interests, will soon house global tech firm Homebase, energy tech firm Digital Wildcatters, and cloud-based tech firm Siepe. Homebase will take 10,600 square feet. Digital Wildcatters will take almost 5,000, and Siepe is taking 4,400.
Stream Realty’s Parker Noble and Matt Asvestas represented the landlord. Noah Kruger of Savills represented Homebase. Digital Wildcatters was repped by Alpine Partners’ Derrick Perkins. Bryant Lach of JLL represented Siepe. Pagewood and IT service provider Dataprise have also signed leases at The Quad, located at 1410 Brittmoore Road in Spring Branch, about 15 miles from downtown.
The four buildings of the Quad span 40,000 square feet and are being converted into loft office suites ranging from 2,000 to 30,000 square feet. The complex is expected to have a common lobby and grab-and-go retail.
The lease up of the Quad is a bright spot in the city’s slumping office market.
Houston’s office vacancy rate was 26.3 percent midway through this year, according to Partners Real Estate. That’s a jump from 24.7 percent a year before.
Remote work norms have rendered Houston’s vintage office inventory obsolete, while high interest rates limited exit options for unlucky operators.
This week, three office properties with mortgages totalling nearly $120 million are set to be sold at a Harris County foreclosure auction.
Some operators have found success providing small updated spec suites. The Quad is a rare example of developers converting industrial space into offices.
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