HOUSTON – (Realty News Report) – The northeast Houston industrial market, where new development has been a rarity, is getting a new industrial development – Park Air 59, which will have 700,000 SF at build-out.
And why not build? The northeast submarket closed the year with a vacancy rate of 2.8 percent, JLL reported.
JLL has been awarded the leasing assignment for Park Air 59, located at the northeast corner of Will Clayton Parkway and U.S. Highway 59 in Humble, Texas.
JLL’s Mark Nicholas, Richard Quarles and Joe Berwick will lead the leasing efforts on behalf of the developer Archway Properties.
“We’re seeing sustained demand for big-box distribution centers that the market’s existing inventory doesn’t meet,” said Nicholas. “For end-users looking to capitalize on Houston’s strong economy and growing position as a distribution hub, this project will offer Class A distribution space with excellent freeway access and superior amenities.”
Encompassing approximately 38 acres and up to 700,000 square feet of distribution space, the completed park will include cross dock configuration and ample trailer storage.
The planned development will provide an infusion of new product to the northeast industrial submarket, which had no new industrial space deliver in 2017.
Houston has seen a notable rise in the number of big box developments and deliveries to Houston market. According to JLL research, there were 12 big-box warehouse distribution projects that either delivered or were under construction in 2017. This represents a 20 percent increase year-over-year and a 140 percent increase in big box deals over 2015 totals.
Feb. 15, 2018 Realty News Report Copyright 2018