C
lifford Chance's new office space in Texas Tower is set to cost Hines $20 million. The 60,400 square feet of space will be built out at a rate of over $330 per square foot. Work on the project is expected to begin before year-end and be completed by next summer. This deal highlights the trend of developers investing heavily in amenities-rich locations to attract clients.

    In Houston's office market, trendy spots with plenty of amenities are gaining traction. Chevron's relocation from California to Texas has seen it spend $66.5 million renovating its 40-story headquarters at 1500 Louisiana Street. The city's older office product is struggling, however, with a 26.3% vacancy rate midway through the year.

    Older buildings account for most of the vacancies, with around 28.7 million square feet available in those constructed in the 1980s, compared to just 4.3 million square feet in newer buildings. Nationally, foreclosure activity has decreased, but Houston remains a hotspot, ranking fifth behind New York, Chicago, Los Angeles, and Miami for foreclosure starts.