The tallest tower in Texas — 600 Travis St. — will be renamed JPMorgan Chase & Co. Tower; the second time it will bear the Chase namesake..
Vacancy increases to 23.7%. One month into 2021, overall vacancy is at 23.7% and availability is at 26.2%, both up from this time last year. The Houston office market has recorded 519,000 sq. ft. of leasing activity— which is comprised of both new leases and renewals—while net absorption (move-ins minus move-outs) is at negative 590,000 sq. ft., down from negative 352,000 sq. ft. yearover- year. There have been two projects delivered so far in 2021 totaling 240,000 sq. ft. and 18 developments under construction at 4.0 million sq. ft. The Houston average asking full-service rent is at $29.42 per sq. ft., up $0.13 from this time last year.
Tallest tower in Texas is getting renamed. Hines, the owner of 600 Travis St., announced that the tower will be renamed JPMorgan Chase & Co. Tower, following the financial firm signing a 250,000-sq.-ft. lease in the downtown Houston skyscraper last year. This will be the second time the 75-story tower — the tallest tower in Texas — will bear the Chase namesake (it was renamed the Texas Commerce Tower in 2006 after Chase relocated its offices). Now the bank is planning to move 1,500 employees from 1111 Fannin St. to 600 Travis. Chase’s lease is estimated to expire at 1111 Fannin in September.
Houston area employment. The Texas Workforce Commission reported metro Houston’s pandemic job losses at 141,300 in 2020, the worst single-year loss on record for the area. Preceding 2020, the worst year was 2009, when the area lost 110,500 jobs. Since April, Houston has added back 214,500 of those lost jobs, leaving the metro area down 135,700 jobs of where it stood in February 2020, the month prior to the beginning of the COVID-19 recession. In a usual year, the area creates 60,000 to 70,000 jobs. Local experts suggest it will take Houston at least two years of normal growth to return to pre-COVID employment levels.
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