Houston Office Commercial Real Estate Case Study – 11104 W. Airport Boulevard, Stafford, Texas 77477
The 92,185 square foot Park Plaza Business Park, an office building located at 11104 W. Airport Blvd, Houston, was sitting at a low occupancy rate of 20% in 2012 after its main tenant had vacated with a year left of term on its lease to build its own building in Richmond, TX. The rental rate for the property was $15.00 gross; $2.00 below the average asking rate for the East Fort Bend County/Sugar Land Submarket and leasing velocity was at a virtual standstill.
Moody Rambin’s Office Services team researched the market perception of Park Plaza Business Park. Well positioned between Hwy 59 and Murphy Road with ample parking, the property was built out for a single tenant and featured an atrium that was overflowing with vegetation, as many early 80s buildings were. The building was also completely off broker’s and prospect’s radars as it had been fully leased for over 20 years… Want to read more? Download the full case study below.
