POST Houston's latest leases show how smaller tenants favor turn-key spaces amid inflation woes
amid much fanfare, the ambitious adaptive reuse of the former Barbara Jordan Post Office in downtown is starting to see more office leasing activity as a string of tenants are moving into the project’s speculative office suites.
“Spec suites are very much in demand,” Duffie said. “The big driver right now is the construction timeline, unpredictably with costs and material delays.”Many of these spec suites allow tenants to sign shorter term deals. In the case of the recent leases at POST, many of the tenants signed leases for three to five years. Traditional, larger office leases can span a decade.
In addition to Redfin, which took over a 2,550-square-foot spec suite, POST's new tenants include Arcus Advisors, a Houston investment advisory firm that moved into 1,871 square feet on July 1; Houston oil and gas tech firm Xecta, which moved into 1,614 square feet in early June; and Lovett Industrial, the industrial real estate counterpart to POST Houston’s developer Lovett Commercial, which moved into 8,550 square feet of unfinished space in January.
POST Houston opened in November 2021 with a futuristic-looking food hall, a 5.5-acre rooftop garden and Live Nation’s 713 Music Hall. But amid return-to-office uncertainty, the project’s office space initially sat quiet until coworking provider Common Desk moved into a 23,137-square-feet in late 2022. The WeWork-owned company signs management agreements with landlords rather than traditional leases.
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