Houston Real Estate Still in Hot Demand

Real estate in the Houston area is still being heavily sought after.

Real estate in the Houston area is still being heavily sought after.

It appears as if huge commercial real estate deals are par for the course in Houston these days. This of course bodes well for the future, because if major firms are willing to invest so heavily in the area, it means that the economy will start improving to a significant degree. Below, we look at five of the biggest Houston construction and real estate deals in recent times.

1 – Exxon Mobil

This corporate giant is busily working on the completion of its 385-acre campus that is located in Springwoods Village. It is believed that Exxon will be bringing up to 10,000 employees and their families to the area from spring 2014, so expect an economic boost for the region. Gensler, a San Francisco-based architect, Gilbane Building Co. and David E. Harvey Builders Inc., will combine their talents to complete the project.

2 – Halliburton Co.

This organization just spent approximately $2.7 million to update and expand its North Belt campus. This is the location of its national headquarters, which spans 120 acres. The facility opened in 2012 and is a huge one million square feet in size. This gigantic campus is necessary to house the 2,200 employers with various facets of the organization represented, including chemistry, sensor physics, and electronics. It is worth noting that the company’s expenditure only relates to building and construction costs. Additional investment costs, such as architecture and landscaping have not been released.

3 – BP America

This company has just updated its BP Communications center in the Houston Energy Corridor. The facility is 104,000 square feet and should bring approximately 350 jobs to the area. BP America is also believed to be in the process of creating a new supercomputing facility, the world’s largest, in the city of Houston. The cost of the communications center is roughly $20.8 million.

4 – FMC Technologies Inc.

FMC has purchased 173 acres of land off the corner of Beltway 8 at Generation Park West. It is a Houston-based oil and gas equipment company that has been expanding quickly in recent years. Its global staff increased from 12,000 to 16,000 from 2011 to 2012 and is a clear sign that the company is looking to become a major player in its industry. According to FMC, the new land purchased in Houston ensures that it enjoys more flexibility and options as it looks to assess its needs in the area.

5 – Wood Group Mustang Inc.

This is a Houston-based unit of the Scotland-based Wood Group PLC. The company has nine office buildings in Park 10 and is looking to expand into Westgate. This means that the company will occupy 340,000 square feet of two buildings in the area and increase the size of its complex to 660,000 square feet which covers 20.8 acres. It is estimated that the entire project cost almost $100 million. It seems as if the increased space means that more jobs will be available within the company.

The facts speak for themselves; local, national and even international companies all want a piece of Houston real estate and if the above figures are anything to go by, these businesses are prepared to spend a fortune.

Image license:
Houston skyline in the afternoon – Shutterstock (view source)

 

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