Spec Office Project Under Construction In Houston’s Energy Corridor

By Ralph Bivins

HOUSTON — With no tenants signed, Myers Crow & Saviers, Ltd., will begin construction on the 135,000-square-foot Mason Creek Office Center near Interstate 10 west of Houston in the red-hot Energy Corridor office market.

West Houston, along Interstate 10 is known as the Energy Corridor because scores of energy related companies and engineering firms involved in drilling are located there.  Occupancy rates are exceptionally high in the Energy Corridor, over 90 percent and many Class A buildings approach 100 percent occupancy.

Even though the office market is excellent, few developers start spec projects, a sign of confidence that harkens back to Houston boom times.

The Myers Crow & Saviers’s spec building will be in the far west, near Katy and the Grand Parkway.

Katy Area Economic Development Council CEO Lance LaCour noted that this will be the first major speculative office building located in the Katy area west of Park Ten.  “The EDC assisted with the site selection search and will help with marketing and incentives.  We are excited about this facility and the business recruiting opportunities it will bring to the Katy area,” he said.

Construction will begin in the third quarter of 2012 with completion in April 2013.  The property is located on 10.8 acres in Mason Creek Corporate Park, a covenant-restricted, master-planned business park owned by Parkside Capital.  The two-story office building will feature 67,500-square-foot floorplates.

“With the construction of the Grand Parkway in Katy from I-10 to Highway 290, the timing is right for this location,” says Mark Saviers, principal, Myers Crow & Saviers.  “Large companies seeking cost-efficient, Class A space are moving westward along I-10 to find it and to be closer to where their employees live. The strength of this market is demonstrated by the fact that Mason Creek Office Center is a speculative development; construction is proceeding without the requirement of tenant pre-leasing.”

Moody Rambin Interests has been retained to lease and manage the property.

Myers, Crow & Saviers, Ltd. is a real estate development, leasing and investment firm focusing on the development of office and industrial buildings inHouston, Dallas/Fort Worth andSan Antonio.  Established in January 1994, the firm has more than 70 completed or current projects totaling 11,000,000 square feet.