Houston19514 Posted October 24, 2023 Share Posted October 24, 2023 (edited) I have no idea what Chevron's current office space situation is. With the Hess acquisition, and IF they need more space than they currently have in the downtown Chevron buildings, I think by far the three most-likely moves would be: Retain leased space in Hess Tower Lease other vacant space in Allen Center and/or 1600 Smith Build 1600 Louisiana I think retaining the space in Hess Tower is probably the least likely of the three, because it would make team integration more difficult. My hunch is that, in the current market, leasing additional space in Allen Center and/or 1600 Smith is more likely than building 1600 Louisiana. They should be able to get very friendly lease terms right now (and they'll still own the land on which to build later if that becomes more financially attractive down the road). Edited October 24, 2023 by Houston19514 3 Quote Link to comment Share on other sites More sharing options...
downtownian Posted October 26, 2023 Share Posted October 26, 2023 On 10/24/2023 at 2:26 PM, Houston19514 said: I have no idea what Chevron's current office space situation is. With the Hess acquisition, and IF they need more space than they currently have in the downtown Chevron buildings, I think by far the three most-likely moves would be: Retain leased space in Hess Tower Lease other vacant space in Allen Center and/or 1600 Smith Build 1600 Louisiana I think retaining the space in Hess Tower is probably the least likely of the three, because it would make team integration more difficult. My hunch is that, in the current market, leasing additional space in Allen Center and/or 1600 Smith is more likely than building 1600 Louisiana. They should be able to get very friendly lease terms right now (and they'll still own the land on which to build later if that becomes more financially attractive down the road). Least likely is building 1600 Louisiana. There is a 30% vacancy rate in downtown. I doubt they would add to supply. Quote Link to comment Share on other sites More sharing options...
CREguy13 Posted October 26, 2023 Share Posted October 26, 2023 7 hours ago, downtownian said: Least likely is building 1600 Louisiana. There is a 30% vacancy rate in downtown. I doubt they would add to supply. Respectfully, this is the wrong take. One of the largest and most profitable companies in the US is not concerned about contributing to a downtown's vacancy. Attraction and Retention of talent is #1 and a state-of-the-art corporate campus helps with recruiting top talent. This is the crux of my argument for new construction. 5 Quote Link to comment Share on other sites More sharing options...
shasta Posted October 26, 2023 Share Posted October 26, 2023 (edited) According to this article, the Houston metro population is going to balloon to 31.5 million by 2100 easily passing NYC ....so we are going to need many more 58+ story tall buildings...and soon! https://www.dailymail.co.uk/news/texas/article-12637061/Is-future-America-Texas-Dallas-Houston-Austin-poised-replace-New-York-City-Los-Angeles-Chicago-largest-cities-not-77-years.html Edited October 26, 2023 by shasta 1 Quote Link to comment Share on other sites More sharing options...
downtownian Posted October 27, 2023 Share Posted October 27, 2023 18 hours ago, CREguy13 said: Respectfully, this is the wrong take. One of the largest and most profitable companies in the US is not concerned about contributing to a downtown's vacancy. Attraction and Retention of talent is #1 and a state-of-the-art corporate campus helps with recruiting top talent. This is the crux of my argument for new construction. Want to place a bet on whether or not they construct a new tower? I am extremely, extremely confident they will not. There is a lot of available Class A (or A+) space downtown for cheap. Quote Link to comment Share on other sites More sharing options...
MidCenturyMoldy Posted October 27, 2023 Share Posted October 27, 2023 (edited) 20 hours ago, shasta said: According to this article, the Houston metro population is going to balloon to 31.5 million by 2100 easily passing NYC ....so we are going to need many more 58+ story tall buildings...and soon! https://www.dailymail.co.uk/news/texas/article-12637061/Is-future-America-Texas-Dallas-Houston-Austin-poised-replace-New-York-City-Los-Angeles-Chicago-largest-cities-not-77-years.html We old-timers have heard this kind of nonsense before. I think it was 1974 when Houston (The city of the future!) was “on track to becoming the largest city in the world” in the not-so-distant future. 🙄 Edited October 27, 2023 by MidCenturyMoldy Quote Link to comment Share on other sites More sharing options...
CREguy13 Posted October 28, 2023 Share Posted October 28, 2023 (edited) On 10/27/2023 at 9:55 AM, downtownian said: Want to place a bet on whether or not they construct a new tower? I am extremely, extremely confident they will not. There is a lot of available Class A (or A+) space downtown for cheap. Ha sure. *IF the HQ is moved here, I'm betting they will opt for new construction opposed to leasing nearby space on a long-term basis. Short-term leases are irrelevant, as there may be an immediate desire to consolidate employees in same area, time to plan long term strategy, and/or being patient for the building market to become more favorable. We may all be a bit longer in the tooth by this time, but my friendly wager is new construction will commence prior to mid-2026, I believe that is roughly when the current Hess lease is set to expire. Edited October 28, 2023 by CREguy13 1 Quote Link to comment Share on other sites More sharing options...
Big E Posted October 30, 2023 Share Posted October 30, 2023 On 10/27/2023 at 9:55 AM, downtownian said: There is a lot of available Class A (or A+) space downtown for cheap. Most of that is older office space, a lot which probably hasn't been renovated recently. Big companies like Chevron tend to build their own spaces for their workers, because they want newer, top of the line office space for their employees to draw top talent. Older buildings built in the 80s won't cut it. 6 Quote Link to comment Share on other sites More sharing options...
Tumbleweed_Tx Posted November 6, 2023 Share Posted November 6, 2023 On 10/27/2023 at 1:10 PM, MidCenturyMoldy said: We old-timers have heard this kind of nonsense before. I think it was 1974 when Houston (The city of the future!) was “on track to becoming the largest city in the world” in the not-so-distant future. 🙄 yes, then right after they scaled back plans for the "city of tomorrow," half of the Rust Belt moved to Houston. I used to have a bumper sticker that said, "Will the last person leaving Michigan please turn off the light?" 1 Quote Link to comment Share on other sites More sharing options...
mkultra25 Posted November 7, 2023 Share Posted November 7, 2023 7 hours ago, Tumbleweed_Tx said: yes, then right after they scaled back plans for the "city of tomorrow," half of the Rust Belt moved to Houston. I used to have a bumper sticker that said, "Will the last person leaving Michigan please turn off the light?" That, and the ever-popular "Drive 70 and freeze a Yankee." 3 Quote Link to comment Share on other sites More sharing options...
Ross Posted November 7, 2023 Share Posted November 7, 2023 1 hour ago, mkultra25 said: That, and the ever-popular "Drive 70 and freeze a Yankee." Along with "Drive 75 and freeze 'em alive" 2 Quote Link to comment Share on other sites More sharing options...
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