The Fate of Houston Office Towers

Houston’s evolving skyline is always dotted with construction cranes, reflecting the state’s ever expanding popularity bringing in folks coming from other states and the attraction of Houston to businesses looking to hire them. As the year of Covid has caused a rethinking of everything having to do with work, Jay Wall III with Moody Rambin in Houston, suggests more companies will continue hybrid workflows post-pandemic. “Work from home where you come in two days a week, when you need to meet, collaborate, train, and work two to three days from home when you need to concentrate.” He says most white collar workers have already experienced the drill, introduced to the practice because of health risks but having grown accustomed to it, the idea is popular with workers. “They don’t like long commutes downtown. I think there will be more suburban nodes, as opposed to one central office, they may have four or five offices in any metropolitan location.”

A new office tower will be going in soon near Discovery Green in downtown Houston. Builders bought the property that will be called "1550 on the Green" in 2019, before Covid changed perspectives. The 28-story high rise multi-use office space will house one of the city's largest law firms, Norton Rose Fulbright. They expect to break ground this summer and complete the project in two years.

According to Moody Rambin’s 3rd Quarter 2020 review of commercial real estate in Houston, following downturns in the energy sector, especially upstream, conversion to new types of energy production could contribute to future growth and new job opportunities.

photo: Getty Images

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