Welcome to yet another Houston commercial real estate update featuring the hottest properties being developed in the metropolitan area. After what has been a momentous year for the industry, Houston’s commercial market has taken huge steps towards a complete recovery since the trauma of the last few years. As you will see below, the industry continues to grow, as major corporations can’t seem to get enough of the Houston area!
Given the speed with which office buildings in Houston are being taken up, ConocoPhillips has wisely preleased all the remaining space at Energy Center Four. The result is that the company has now leased approximately 1.2 million square feet of space at the Energy Center complex and now a fifth building has to be built!
The amazing thing is that neither Energy Center Three nor Four have even been completed. Three will be available to use in mid-2015, while Four does not open until mid-2016! Nonetheless, ConocoPhillips acted fast to lease the remaining space in Energy Center Three and the whole of Four. Energy Center Five will be the new tower with 18 stories and 500,000 square feet of space; work begins in April 2014.
North Carolina-based company, Crescent Communities, has announced plans to begin work on a new master-planned community in Houston, which is to be called The Groves. It will consist of 993 acres in total, with initial spec homes available by the end of 2014. The community will feature commercial and residential real estate projects, including an incredible 2,200 single-family homes available from approximately $250,000.
This master-planned community will focus on nature and will feature several miles of trails, such as Woodland Creek, which meanders throughout the entire community. According to Crescent Communities, there could be as many as 10 contractors used to complete all the civil work that must be done in preparation for the development. Representatives of the company say it is in negotiations with six different construction companies.
Phillips 66 began work on its new corporate campus late last year. It is located in the Westchase District and is a whopping 1.1 million square feet. The facility is expected to add 1,800 jobs to the Houston area once it is completed at the end of 2016. This is just the latest in a series of campuses being built by energy companies in Houston looking to keep important employees, while trying to attract new ones.
The campus will have an impressive array of amenities, including a café, credit union, training and development center, plus fitness facilities. The 14-acre site was chosen by Phillips 66 back in September 2012 and was picked because of its proximity to Beltway 8 West, among other things. The company has also leased over 210,000 square feet of its interim HQ at Pinnacle Westchase.
Once again, this month shows the growth of the commercial real estate industry in Houston. Large corporations continue to clamor for office space in the area and as a result, new buildings are being started on what seems like a weekly basis.
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