Houston is a city that is somehow going through a boom period despite the fact that the rest of the nation seems to be struggling or at best, moving forward in a sluggish manner. The commercial real estate market is one of the most positive with a number of projects currently taking place. The office market alone has seen total absorption of 3.6 million square feet in 2012 and seven straight quarters of positive absorption in total. Houston benefits by being the only large city in the country lacking zoning laws which enables developers to build anything in theory though businesses do cater to local industries when selecting suitable sites. We look at 3 important recent commercial real estate developments in Houston.
|The first tower built by Anadarko Petroleum Corp was impressive but they are not finished yet! A second tower is to be built next to the company’s HQ in The Woodlands and will consist of 21 floors. Approximately 550,000 square feet of office space will be available when completed and there will also be 10 levels of parking space. To date, Anadarko have almost 50% of their 4,700 worldwide work force located in The Woodlands and they are virtually certain to add more jobs as the company expands globally. The existing tower has more than 800,000 square feet of office space and is 30 stories high.|
|This manufacturer and developer of health care supplies hail from Illinois but are looking to build a distribution facility in Katy. This building will be around 500,000 square feet and is to be located in the small city of Katy, an increasingly important part of the Houston metropolitan area. It will be built in the West Ten Business Park and is likely to create at least 50 new jobs.|
|This is a project that looked like it may never happen due to adverse economic conditions but now that things are on the up in Houston, GID Group have decided to proceed on a project that will involve a 21-story tower with a total of almost 300,000 square feet. It will include office space, retail and restaurant space and a boutique hotel with a total of 200 rooms upon completion. Best of all, the company has left room for expansion for future projects.|
The projects mentioned above are just the tip of the iceberg as commercial real estate experts in Houston are genuinely excited about the market and believe the momentum of 2012 will only increase in 2013 and lead to another successful year for the industry.
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