Houston Commercial Real Estate Update for June 2013

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.

Houston Rockets in Real Estate Project Plans

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:

  • Belfiore Condos: Pierpont Capital and Interfin Cos. Have joined forced to formulate plans to create a 26-story building with two penthouses and 44 residences. Each residence will be over 4,650 square feet and construction is to begin next year.

  • Estates of Grand Beach: Falcon Group and Grand Beach Development are creating a huge project comprised of 10 beachfront lots between 2-4 acres apiece. Expect to pay at least $1.5 million for any of these luxury properties with full-time security and helipad access among the impressive amenities.

  • City Centre Five: Midway Cos. is about to build a monster 195,000 square foot Class A office building which will have 8 stories and 20-foot ceilings! There will be a parking garage and space for a restaurant and other retail stores.

New Anadarko Office Tower in The Woodlands
The new Anadarko HQ building is just one of the many commercial real estate projects sprouting up in Houston.

The new Anadarko HQ building is just one of the many commercial real estate projects sprouting in Houston.

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.

HBJ Release List of Houston’s Biggest Commercial Real Estate Developers

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.

Belfiore Condos Image: source
Estates of Grand Beach Image: source
City Centre Five Image: source
Anadarko Office Image: source


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