Sunday , 23 October 2016
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Shell’s Departure and the Future of Downtown Houston’s Office Market: Q&A with Paula Bruns

Houston’s office market has seen better times.  Affected by the downturn in the energy market, more office space is chasing fewer tenants.  Several weeks ago, one of the global energy giants, Shell Oil, announced plans to leave downtown for its suburban facilities — Shell’s Woodcreek Campus and the Shell Technology Center. Shell had been an anchor in downtown Houston for ... Read More »

CBRE: Warehouse Construction Completions Huge in Third Quarter

HOUSTON – CBRE reports 6.4 million SF of industrial space was delivered in the third quarter and a significant amount remains under construction. Some 7.5 million SF of industrial space is currently in development, with 4.4 million SF of the construction activity centered in the Southeast Houston submarket. Even with the addition of the new space, the vacancy rate remains ... Read More »

Transwestern: 500,000-SF Town Center Planned in Fort Worth

FORT WORTH – De La Vega Group bought 90 acres in the Presidio North project for a 500,000-SF retail, restaurant, entertainment and hotel space. The seller was Diversified Real Estate Group of Las Vegas. Steve Williamson of Transwestern handled the sale. The new project, called The Citadel, located on Interstate 35 West at Heritage Trace Parkway. Oct. 7, 2016 Realty ... Read More »

Johnson Breaks Ground on 600-Acre Community

RICHMOND, Texas – Johnson Development has broken ground on Veranda, a 590-acre development located near the northwest corner of Williams Way Boulevard and U.S. 59, southwest of Houston. Veranda will have 2,500 new homes. Johnson Development, along with IHP Capital Partners, acquired the property from the Henderson-Wessendorff Foundation of Richmond in 2015. Home construction is expected to begin in early ... Read More »

CVS Pharmacy Leases Space in New 40-story Downtown Residential High-Rise

HOUSTON – Woodbranch Investments Corp. announced that CVS Pharmacy will be the first retailer located in Market Square Tower, the new 40-story high-rise multi-family apartment building, the tallest residential tower in downtown Houston.. Located at 777 Preston St. in Downtown Houston’s Theater District, the high-rise apartment tower has 463 units. The new 13,000 SF CVS new store will be located ... Read More »

Steven Tanger to Break Ground Thursday on Texas Outlet Mall

FORT WORTH – Outlet store magnate Steven B. Tanger will break ground Thursday on the new Tanger Outlets Fort Worth in north Texas. Located next to the Texas Motor Speedway, the new fashion destination will create 350,000 SF of retail space and feature more than 80 upscale brand name and designer outlet retailers. The new development project will create over ... Read More »

Cycling – The Fastest Growing Form of Transportation is Impacting Real Estate

(By Ralph Bivins) HOUSTON – It’s not just hype to placate Millennials who think bicycles should dominate the roadways. Cyclists are making a difference in real estate development today. And it’s going beyond just accommodating tenants with bicycle racks. “Cycling is the fast growing form of transportation in the U.S.,” said Ed McMahon, a ULI senior resident fellow speaking at ... Read More »

Midway’s New Five CityCentre Office Tower Gains Tenants

HOUSTON – Colvill Office Properties has secured two new tenants for CityCentre Five, a new office building developed in west Houston by Midway. The two signed deals brings the Class A tower to 77 percent occupied. The 15-story, 227,000-SF office building is the fifth office building in Midway’s CityCentre mixed-use complex, which has retail, multifamily, restaurants and hotel space. Midway’s ... Read More »

Bivins Reports from the JLL Gensler Energy Forum in Houston

(By Ralph Bivins) HOUSTON – Persistent weakness in the energy industry continues to challenge the Houston office market where the supply of sublease space has reached 12.2 million square feet, according to JLL. The vacancy rate in Houston’s Energy Corridor area climbed to 25.7 percent in the third quarter and that submarket had 432,000 SF of negative absorption, JLL reports. ... Read More »

New 600,000-SF Center Addresses Retail Shortage in North Katy

KATY, Texas – The October opening of the initial grocery-anchored phase of 600,000-SF Grand Morton Town Center is addressing a shortage of retail in the northern part of Katy where there’s a lot residential growth, according to NewQuest Properties. “This area is a void for a lot of retailers. And, it’s all new growth, new roads, new homes and new ... Read More »

America’s Largest Industrial Park Completes Miles of New Rail Lines, NAI Reports

BAYTOWN, Texas – The 15,000-acre TGS Cedar Port Industrial Park – the largest rail and barge served industrial park in America – has completed construction on a massive amount of rail line. Located just east of Houston, the industrial park is meeting exceptional high demand from raw plastic pellet producers that use rail cars extensively. The developer, TGS Cedar Port ... Read More »

CBRE: Record High Occupancy in Houston Retail Centers

HOUSTON – The market for retail center real estate is strong in Houston, with high occupancy rates and a brisk pace of leasing up new space, according to the CBRE Research. “The trend of record high occupancy continues across Houston; the average occupancy increased to 94.3 percent in the third quarter of 2016. Occupancy levels will remain at this level due to ... Read More »

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