Dallas Fort Worth Urban Forum

Construction recently commenced at "Chase” Heights Phase 1 in Houston, TX. Another great project with Greystar of 152 luxury apartments across 12 stories with 9 levels of load bearing metal stud over a 3-level concrete garage.

Chicago-based Marquette Cos. is moving ahead with two multifamily communities totaling more than 600 units in the East End District, an area primed for transformational commercial development anchored by Midway's 150-acre East River project. "This is going to be a game-changer for the neighborhood," Marquette Cos. President Darren Sloniger said.

2404 Navigation will target millennials who want to live in an urban environment while the East Bayou project will cater to a health and wellness lifestyle, Sloniger said. The projects are within a qualified opportunity zone. Marquette Cos. has partnered with an undisclosed opportunity zone fund for 2404 Navigation and plans to bring on an OZ fund for the East Bayou project as well. 2404 Navigation is a nine-story, 300-unit community that will feature convertibles and one-, two- and three-bedroom units averaging 850 SF and 18K SF of retail space for a restaurant and a café. On-site amenities will include a rooftop pool, a fitness center, a yoga studio, a tenant-only coworking space and a sky lounge with views of Downtown Houston. The site went under contract in February and will close at the end of construction, Sloniger said. The groundbreaking is expected in mid-August, and build-out will take 15 months. Marquette Cos. is bringing in Chicago-based Brininstool + Lynch as the architect to embrace a more urban design with an authentic vibe and use natural materials and finishings, Sloniger said. Houston-based Gin Design Group was tapped as the designer.

Overlooking Buffalo Bayou and the adjacent East River project, the second, nine-story mid-rise will feature 330 units averaging 920 SF, up to three-bedroom floor plans and 5K SF of retail. Construction is expected to start in January with a 15-month build-out.

I45Tex wrote:Occidental bought out Woodlands-based Anadarko and now has a 1,600,000+ square foot campus there in addition to 960,000 square feet it leases in Greenway Plaza and 1,400,000 in West Houston's Energy Corridor. It has had 750,000 of the Greenway space up for sublease for a year, pending plans to move west, but now has placed that Energy Corridor campus on the market. It will be interesting to see what they do with the Woodlands; some of Anadarko's operations that were based there have been sold to a French oil company and will no longer need the space. For the time being, this puts Houston's real office vacancy above 50,000,000 square feet (real, i.e., on the market, regardless of whether it technically has been vacated at the moment yet or not) by even conservative counts.

I45Tex wrote:Occidental bought out Woodlands-based Anadarko and now has a 1,600,000+ square foot campus there in addition to 960,000 square feet it leases in Greenway Plaza and 1,400,000 in West Houston's Energy Corridor. It has had 750,000 of the Greenway space up for sublease for a year, pending plans to move west, but now has placed that Energy Corridor campus on the market. It will be interesting to see what they do with the Woodlands; some of Anadarko's operations that were based there have been sold to a French oil company and will no longer need the space. For the time being, this puts Houston's real office vacancy above 50,000,000 square feet (real, i.e., on the market, regardless of whether it technically has been vacated at the moment yet or not) by even conservative counts.

Austin55 wrote:Surprising they'd choose Houston over Dallas or Austin.

Hannibal Lecter wrote:

Austin55 wrote:Surprising they'd choose Houston over Dallas or Austin.

The Houston area is already their largest employment center, even ahead of Palo Alto. I suspect this dates back to their purchase of Compaq around 20 years ago.

DPatel304 wrote:Good for Houston! Obviously I'd always welcome more corporate relocations to the DFW area, but coming to Texas is still a big win. Also, this one is pretty far out in the 'burbs that I really don't mind it not coming to DFW, as I'd prefer to see less sprawl and more urban development here.

I45Tex wrote:Depends on your comps. Going by Cushman & Wakefield Marketbeat I'm seeing
Central London (270MM, 12MM available Q2, newest one not posted yet),
DFW (237MM, 43MM vacant),
Chicagoland (233MM, 40MM vacant),
Paris city and La Défense (221MM, 6MM available Q2),
and Boston (184MM, 28MM available).
Houston (186MM, 51MM vacant in Q2) is really not ordinary.

I45Tex wrote:Depends on your comps. Going by Cushman & Wakefield Marketbeat I'm seeing
Central London (270MM, 12MM available Q2, newest one not posted yet),
DFW (237MM, 43MM vacant),
Chicagoland (233MM, 40MM vacant),
Paris city and La Défense (221MM, 6MM available Q2),
and Boston (184MM, 28MM available).
Houston (186MM, 51MM vacant in Q2) is really not ordinary.