Welcome to the latest edition of commercial real estate news in Houston, Texas. As always, we have plenty to catch up on as the city continues to take the lead in America’s real estate recovery.
There seems to be no end in sight to the amount of new buildings planned in the Houston region. Here are three big commercial real estate projects planned in the near future:
The corporate giant that is Anadarko Petroleum topped out its latest tower in The Woodlands. It is a gigantic 31-story office structure that sits proudly beside its existing corporate headquarters. The new building is to be called Hackett Tower while the older office is called Allison Tower. It is believed that construction on Hackett Tower will be completed as early as spring 2014.
The building comprises 550,000 square feet of space and is fitted with the latest in energy-efficient technology.
The new building will house around 1,500 employees, which is indicative of Anadarko’s expansion in The Woodlands; where it has added 600 employees in the last two years. This is great news for the region and further proof that this particular section of Texas is one of the hottest commercial property locations in the United States.
A new ranking criterion has completely altered the results of studies which show the region’s largest commercial real estate developers. The total commercial square footage added in Houston during 2012 was added to the mix, which meant Hines was top of the pile last year when it added 2 million square feet. Trammell Crow Co. came in second place with an impressive 1.2 million square feet of commercial development space. Transwestern was third and was the only other company to break the 1 million square-foot barrier. This list merely shows how much the industry is growing in Houston and we fully expect several more companies to surpass 1 million in 2013.
These are the latest news updates in commercial real estate in Houston. It is an industry that promises much and is showing plenty of signs that it will deliver in 2013 and beyond.
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