The Woodlands office submarket slowed by pandemic during Q3 2020

1. Market Indicators
Quarterly Change Class A Class B
VACANCY
NET ABSORPTION
CONSTRUCTION
RENTAL RATE
NEW SUPPLY
The Woodlands
Trinity Bay
Galveston Bay
225
Bellaire
The Woodlands
Pasadena
IAH
EFD
HOU
Cypress
Katy
Brookshire
Lake
Houston
La Porte
146
League City
Kingwood
Spring
Pearland
35
35
Richmond
Waller
Hockley
242
1488
1488
Conroe
Magnolia
Willis
Lake
Conroe
Crosby
CBD
Ship
Channel
Clear Lake
Baytown
Mont Belvieu
Dayton
149
149
Cleveland
105
105
105
321
330
Alvin
Humble
Atascocita
Sugar Land
Tomball
2920
2920
2920
The Woodlands office submarket slowed by
pandemic during Q3 2020
Research Snapshot
THE WOODLANDS | OFFICE
Q3 2020
STATISTICAL SUMMARY
1488
2920
249
1314
242
Huffsmith-Kohrville
WoodlandsParkway
ResearchForest
Needham Rd.
Grogan’sMillRd.
Spring Stuebner
GoslingRd.
Kuykendahl
ToHoustonCBD
WOODLANDS SUBMARKET MAP
VACANCY
RENTAL
RATE
Class # of Bldgs. Total (SF) (SF) Rate (%) (SF) Rate (%) Total (SF) Q3-2020 Q2-2020 Q3-2020 Q2-2020
AVG
($/SF)
A 58 13,231,481 1,632,191 12.3% 80,519 0.6% 1,712,710 12.9% 11.8% -38,075 -607,290 $36.85
B 64 4,413,933 915,403 20.7% 57,853 1.3% 973,256 22.0% 19.9% -92,885 -42,189 $33.42
C 6 131,696 2,220 1.7% 0 0.0% 2,220 1.7% 1.7% 0 0 $18.50
Total 128 17,777,110 2,549,814 14.3% 138,372 0.8% 2,688,186 15.1% 13.6% -130,960 -649,479 $35.60
DIRECT VACANCY
SUBLEASE
VACANCY VACANCY RATE (%) NET ABSORPTION (SF)INVENTORY
The Woodlands office market posted negative net absorption of 130,960 SF
in the third quarter, pushing the year-to-date 2020 total net absorption to
negative 915,333 SF. The majority of the year-to-date negative absorption can
be attributed to Occidental Petroleum vacating 587,000 SF in The Woodlands
Towers at The Waterway in Q2 2020.
The average Class A rental rate decreased over the quarter from $39.11 per SF
to $36.85 per SF while the average Class B rental rate increased from $33.22
per SF to $33.42 per SF. Leasing activity has declined by 43% between Q2
2020 and Q3 2020.
Lisa Bridges Director of Market Research | Houston
HOUSTONTEXAS THE WOODLANDS

2. 2 The Woodlands Research Snapshot | Q3 2020 | Office | Colliers International2
The average quoted rental rates are a mix of direct and sublet rates and are based on a blend of gross and NNN. The graphs below are
only intended to show rental rate trends. Actual gross rates are higher than the average rate shown in the graph.
0.0
5.0
10.0
15.0
20.0
25.0
$18.00
$20.00
$22.00
$24.00
$26.00
$28.00
$30.00
$32.00
$34.00
Class B Rental Rate and Vacancy Percentage
The Woodlands, TX
Class B Rents Class B Vacancy
*Vacancy percentage includes direct and sublease space.
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
Available Sublease Space
The Woodlands
Class A Class B
Available Sublease Space
Q3 2020
Class A: 371,974 SF or 2.8% Class B: 79,878 SF or 1.6%
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
$24.00
$26.00
$28.00
$30.00
$32.00
$34.00
$36.00
$38.00
$40.00
Class A Rental Rate and Vacancy Percentage
The Woodlands, TX
Class A Rents Class A Vacancy
*Vacancy percentage includes direct and sublease space.

3. 3 North American Research & Forecast Report | Q4 2014 | Office Market Outlook | Colliers International
Copyright © 2015 Colliers International.
The information contained herein has been obtained from sources deemed reliable. While
every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No
responsibility is assumed for any inaccuracies. Readers are encouraged to consult their
professional advisors prior to acting on any of the material contained in this report.
Colliers International | Market
000 Address, Suite #
000 Address, Suite #
+1 000 000 0000
colliers.com/<<market>>
FOR MORE INFORMATION
Lisa Bridges
Director of Market Research | Houston
+1 713 830 2125
lisa.bridges@colliers.com
3 North American Research & Forecast Report | Q4 2014 | Office Market Outlook | Colliers International
Copyright © 2015 Colliers International.
The information contained herein has been obtained from sources deemed reliable. While
every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No
responsibility is assumed for any inaccuracies. Readers are encouraged to consult their
professional advisors prior to acting on any of the material contained in this report.
Colliers International | Market
000 Address, Suite #
000 Address, Suite #
+1 000 000 0000
colliers.com/<<market>>
3 North American Research & Forecast Report | Q4 2014 | Office Market Outlook | Colliers International
Copyright © 2020 Colliers International.
The information contained herein has been obtained from sources deemed reliable. While
every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No
responsibility is assumed for any inaccuracies. Readers are encouraged to consult their
professional advisors prior to acting on any of the material contained in this report.
Colliers International | The Woodlands
1790 Hughes Landing Blvd., Suite 250
The Woodlands, TX 77380
+1 713 830 4011
colliers.com/thewoodlands
Absorption and New Supply
WOODLANDS CLASS A OFFICE
WOODLANDS CLASS B OFFICE
-800,000
-600,000
-400,000
-200,000
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
1,800,000
2,000,000
2,200,000
2,400,000
2,600,000
Net Absorption New Supply
-500,000
-400,000
-300,000
-200,000
-100,000
0
100,000
200,000
Net Absorption New Supply

4. Our philosophy
revolves around the fact
that the best
possible results come
from linking our global
enterprise with
local advisors who
understand your
business, your market,
and how to
integrate real estate
into a successful
business strategy.
C O L L I E R S I N T E R N A T I O N A L G L O B A L L O C A T I O N S
COMMERCIAL REAL ESTATE SECTORS REPRESENTED
OFFICE
INDUSTRIAL
LAND
RETAIL
HEALTHCARE
MULTIFAMILY
HOTEL
$129BTRANSACTION VALUE
2BSF UNDER MANAGEMENT
$3.5BIN REVENUE
443OFFICES
18,700PROFESSIONALS
430ACCREDITED MEMBERS
68COUNTRIES
SIOR
ADVANTAGE
Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services
and investment management company. With operations in 68 countries, our more than
15,000 enterprising professionals work collaboratively to provide expert advice to
maximize the value of property for real estate occupiers, owners and investors. For
more than 25 years, our experienced leadership, owning approximately 40% of our
equity, has delivered compound annual investment returns of almost 20% for
shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion
including affiliates), with $33 billion of assets under management in our investment
management segment. Learn more about how we accelerate success at
corporate.colliers.com, Twitter @Colliers or LinkedIn.
Colliers professionals think differently, share great ideas and offer thoughtful and
innovative advice to accelerate the success of its clients. Colliers has been ranked
among the top 100 global outsourcing firms by the International Association of
Outsourcing Professionals for 13 consecutive years, more than any other real estate
services firm. Colliers is ranked the number one property manager in the world by
Commercial Property Executive for two years in a row.
PROPERTY POSITIONING
& MARKETING
REAL ESTATEINVESTMENT
VALUATION&
ADVISORY
CORPORATE
SOLUTIONS
MANAGEMENT
REALESTATE
REPRESENTATION
LANDLORD
REPRESENTATION
TENANT
LOCA
TION
INTELLIGENCE
MA
RKET
RESEARCH&
CAPITAL
MARKETS
PROJECT
MANAGEMENT
COLLIERS
SPECIALIZATIONS
and
REAL ESTATE SERVICE
REPRESENTATION
DATACENTERS
HE
ALTHCARE
HOTELS & HOSPITALITY SERVICES
IND
USTRIAL
LAND
HOUSING&MULTIFAMILY
SER
VICES
MARINA, LEISURE & GOLF COURSE
OFFICE
RETAIL
SPECIALPURPOSE