Houston Office Market Conditions

The economy of Houston is primarily based on the energy industry; however

, biomedical research and aerospace are also large parts of the city's economic base. Houston office space is second to New York City in Fortune 500 companies.

The City of Houston is a major corporate center. The city is home to 26 Fortune 500 companies, multinationals and domestic companies maintain operations in the city. Of the world's 100 largest non-U.S. based corporations, more than half have operations using office space in Houston. In recent years, the Houston metropolitan area has ranked first in Texas and third in the U.S. within the category of "Best Places for Business and Careers" by Forbes.

Office space in Houston is home to many large corporations including: international headquarters of ConocoPhillips; US operational headquarters of Exxon-Mobil; US headquarters for international companies Shell Oil , and BP. The headquarters of Shell Oil Company, the US affiliate of Royal Dutch Shell, is located at One Shell Plaza. While ExxonMobil maintains its global headquarters in Irving, Texas, its upstream and chemical divisions as well as most operational divisions, are located in Houston.

Chevron has offices in Houston in a 40-story building originally intended to be the headquarters of Enron. The company's Chevron Pipe Line Company subsidiary is headquartered in Houston, and more divisions are being consolidated and moved to Houston each year. Houston is headquarters for the Marathon Oil Corporation, Schlumberger, Halliburton, Apache Corporation, and Citgo and alternative energy companies such as Horizon Wind Energy.

Houston office space can bring your company a ton of advantages. There's the operational affordability, business support networks, and the business environment itself - you'll be able to connect to numerous potential customers, suppliers, databases and more.

In 2008, Houston ranked number one on Kiplinger's Personal Finance Best Cities of 2008 list which ranks cities on their local economy, employment opportunities, reasonable living costs and quality of life. In 2008, the city ranked second on the annual Fortune 500 list of company headquarters, ranked first for Forbes Best Cities for College Graduates, and ranked first on Forbes list of Best Cities to Buy a Home.

by: Nathaniel Potter

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