Houston Development News

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moderncultureo
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Houston Development News

Postby moderncultureo » 13 Jun 2019 05:51

Development news, updates, etc for inner city Houston.

Greystar Heights Phase I

Going up at W. 20th and Nicholson in The Heights.

https://www.facebook.com/MeeksPartners/photos/a.371100272905950/2768212819861338/?type=3&theater

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.


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Marquette Cos. Building 2 Multifamily Projects In East End

https://www.bisnow.com/houston/news/mul ... um=Browser

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.


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Tnexster
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Re: Houston Development News

Postby Tnexster » 03 Jul 2019 13:30

Houston’s office market may not have hit rock bottom after all

https://www.houstonchronicle.com/busine ... 20(Premium)&utm_source=t.co&utm_medium=referral

itsjrd1964
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Re: Houston Development News

Postby itsjrd1964 » 30 Sep 2019 12:15

In the link below, In-n-Out is mentioned as a new/upcoming entry into the Houston market, with 3 locations: Stafford, Katy, and Willowbrook.

https://bisnow.com/houston/news/retail/ ... xas-100108

Tnexster
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Re: Houston Development News

Postby Tnexster » 30 Sep 2019 20:05

Seems to be a fairly up to date map of downtown Houston projects.

https://www.downtownhouston.org/media/u ... _11X17.pdf

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I45Tex
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Re: Houston Development News

Postby I45Tex » 16 Oct 2019 12:22

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.

Tnexster
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Re: Houston Development News

Postby Tnexster » 16 Oct 2019 14:50

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.


Wow, that's a ton of space and if I am not mistaken they have a some new product going up as well.

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Tucy
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Re: Houston Development News

Postby Tucy » 17 Oct 2019 13:09

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.


Not really all that extraordinary. DFW also has about that much available office space (54,612,000, according to CBRE vs 47,661,000 available in Houston).

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I45Tex
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Re: Houston Development News

Postby I45Tex » 17 Oct 2019 17:59

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.

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Tucy
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Re: Houston Development News

Postby Tucy » 01 Dec 2020 17:04

Hewlett Packard Enterprise relocating headquarters from California to Houston.

https://www.dallasnews.com/business/tec ... -to-texas/

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tamtagon
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Re: Houston Development News

Postby tamtagon » 02 Dec 2020 06:19

I was really hoping HPEnterprise would relocate to Dallas, bringing the remnants of EDS back to the Blackland Prairie. Good for Houston.... I mean good for Spring?!?!?!

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Austin55
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Re: Houston Development News

Postby Austin55 » 02 Dec 2020 16:18

Surprising they'd choose Houston over Dallas or Austin.

DPatel304
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Re: Houston Development News

Postby DPatel304 » 02 Dec 2020 17:30

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.

I do like when companies move from the Northeast or California to Texas, because that could be a signal to other companies from those states that Texas might be a place they should be moving to as well.

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Hannibal Lecter
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Re: Houston Development News

Postby Hannibal Lecter » 02 Dec 2020 19:36

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.

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Tucy
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Re: Houston Development News

Postby Tucy » 03 Dec 2020 12:34

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.


Except that Hewlett Packard Enterprise is more closely-related to the former EDS than to the former Compaq. The former Compaq is mostly in what is now HP.

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Tucy
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Re: Houston Development News

Postby Tucy » 03 Dec 2020 12:47

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.



Yeah, it would be nice to see some DFW relocations head for the central city too, but sadly, that seems pretty rare. Even worse, we keep losing existing central city companies to the suburbs.

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Tucy
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Re: Houston Development News

Postby Tucy » 15 Jan 2021 14:23

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.


UPDATE of the US numbers using Cushman & Wakefields 4th Quarter 2020 Markebeat:

DFW: 241 MM, 50 MM vacant
Chicago: 241 MM, 47 MM vacant
Boston: 181 MM, 22 MM vacant
Houston: 190 MM 46 MM vacant

https://www.cushmanwakefield.com/en/uni ... at-reports

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Tucy
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Re: Houston Development News

Postby Tucy » 25 Apr 2021 16:57

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.


UPDATE of the US numbers using Cushman & Wakefields 1st Quarter 2021 Markebeat:

DFW: 242 MM, 52 MM vacant
Chicago: 242 MM, 50 MM vacant
Boston: 210 MM, 27 MM vacant
Houston: 189 MM 48 MM vacant

And for a bigger picture, according to Transwestern (which covers a more complete universe of buildings) 1st Q 2021 (Transwestern doesn't cover Boston and don't do a comparable report for Chicago, so this will cover only DFW and Houston):

DFW: 290 MM, 64 MM vacant
Houston: 239 MM, 59 MM vacant