G
ranite Properties has secured a lease expansion with SM Energy in the Energy Corridor, where the company is doubling its space. The 12-story Eldridge One building at 777 North Eldridge Parkway will now be occupied by SM Energy on the 11th and 12th floors, spanning 41,500 square feet. This move represents a significant increase from their current 21,000 square foot space on the 10th floor.

    The Energy Corridor is experiencing high demand, with a vacancy rate of 23.1% in the fourth quarter, compared to 28.6% in downtown Houston and 30.4% in Westchase. Granite Properties' CEO Will Hendrickson hinted that the company will invest in tenant improvements for SM Energy.

    The Eldridge One building is part of a three-building complex spanning 828,800 square feet and is currently 92% leased. Amenities include outdoor workspace, a fitness center, conference center, and a soon-to-open cafe. The building's prime location offers easy access to Terry Hershey Park and its 12-mile trail.

    Houston's office market is experiencing a significant shift, with buildings constructed in the 1970s-1990s averaging 30% vacancy, while those built since 2010 have an average vacancy under 14%. This trend highlights the growing demand for modern office space in the city.