Exclusive: Energy firm recommits to downtown Houston in one of the biggest office leases so far this year
A Houston oil and gas firm is renewing its commitment to downtown with one of the region's largest office leases so far this year.formed last year by the $6 billion merger
The fact that Chord Energy didn't significantly reduce its space may be considered a win for the landlord in an office market in which many major tenants have shrunk their square footage amid hybrid and remote work schedules. Chord Energy does allow its employees to work remotely on Mondays and Fridays, a spokesperson said.
Chord Energy and Black Stone Minerals’ lease renewals also come as office tenants continue to favor new or recently remodeled buildings when signing new deals. Across the Houston area, office vacancy is hovering at just under 27 percent. But among office buildings constructed since 2010, vacancy rates are about 11.6 percent, according to Avison Young.
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