The three numbers
1. Rents are climbing
Per Colliers’ Q2 2026 Houston office report (July 17, 2026), Houston gross asking rents rose to $31.35/SF — up from $30.74 a quarter earlier, on top of a 6.3% year-over-year gain recorded in Q1 (Newmark, 1Q 2026). That's the citywide average — trophy space skews it upward — but the direction is what matters: after years of flat, the trend line points up.
2. Nothing new is coming
Houston’s office construction pipeline has shrunk to a historic low of about 127,000 SF per Colliers’ Q2 2026 report — less than half the roughly 273,000 SF counted a quarter earlier. For context, that is a fraction of one mid-size building for a metro of eight million people. When demand recovers into a supply vacuum, existing quality space is what re-prices.
3. A $1B catalyst is under construction next door
Johnson Development's Park Eight Place — a $1 billion, 70-acre, 2-million-SF walkable district at Beltway 8 & Bellaire — has finished demolition, with vertical construction targeted for early 2027. When a district of that scale opens, the office space around it historically re-prices to reflect the upgraded amenity base. We call it the P8P effect, and the three G&W buildings sit 4–11 minutes from it.
What this means if your lease expires in the next 24 months
- The renewal quote will likely be higher than your last one. A 6–7% annual drift compounds quickly across a renewal cycle.
- Your leverage is best before the catalyst opens, not after. Rate windows close when the cranes come down, not when they go up.
- Term is your friend in a rising market. A multi-year lease at today's Westchase rates lets you ride the neighborhood's appreciation instead of paying for it. We walk through the decision in when to sign an office lease in Houston.
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View 11200 Richmond Browse all four buildingsThe Westchase value case
Westchase Class A space still leases well below the citywide average — our own published rates start in the mid-teens per square foot — while sitting minutes from the Energy Corridor, the Galleria, and now the Park Eight Place site. Because we owner-operate and run every building on continuous energy monitoring (the Westchase guide covers the portfolio), operating costs stay disciplined and pass-throughs stay boring — which is exactly what you want from the second-largest line on the lease.
Market figures are from the Colliers Q1 2026 office update and contemporaneous industry reporting; all figures are point-in-time and subject to revision.
Sources: Colliers Houston Office Report Q1 2026 · Avison Young Houston Office Insights Q1 2026 · Click2Houston on the Walkable Places designation.
Frequently asked questions
What is the average office rent in Houston in 2026?
Per Colliers’ Q2 2026 Houston office report (published July 17, 2026), Houston gross asking rents averaged $31.35/SF, up from $30.74 in Q1. Submarkets vary widely; Westchase Class A generally leases below the citywide average.
Is new office space being built in Houston?
Very little — Colliers put the citywide construction pipeline at roughly 127,000 SF in its Q2 2026 report, down from about 273,000 SF in Q1 and a historic low. Effectively no new speculative supply is arriving.
What is the 'Park Eight Place effect' on office rents?
The expected re-pricing of office space near the $1B Park Eight Place district once its amenities open. Amenity districts tend to lift surrounding desirability and rates; tenants who lock multi-year leases nearby before opening ride the appreciation instead of paying it.
What is the office vacancy rate in Westchase?
Newmark’s 1Q 2026 Houston office report puts Westchase total vacancy at 32.3% across all classes and 30.7% for Class A, against a citywide 25.8% — one of the softer submarkets in the metro, which is exactly why Westchase Class A rents sit well below the Houston average. Newmark’s Westchase Class A direct asking rent was $32.17/SF; our two Westchase buildings quote $15/SF Gross Modified.