Houston – (Realty News Report) – A new business park just south of the historic Astrodome will be marketed by CBRE, the real estate firm announced Tuesday.
The project, called Corporate Center Fannin, will be an 18.6-acre master planned business park, located at 10001 Fannin Street in Houston. CBRE will market the property on behalf of Summit Real Estate Group.
Corporate Center Fannin is comprised of Fannin I, a 219,000 SF Class A warehouse and Fannin II, a new 152,000 SF Class A warehouse scheduled to be completed in Summer 2020. Method Architecture designed Corporate Center II and Burton Construction was awarded the construction contract. Corporate Center Fannin II will have all the amenities expected of Class A buildings. The building will have 32-foot clear height, ESFR sprinkler system, large modern truck courts and high parking counts.
“We chose this infill investment because of its proximity to the Texas Medical Center and the many last mile opportunities,” said Mark Billeaud, partner, Summit Real Estate Group. “The business park is two miles from the Texas Medical Center and a half mile from the 610 Loop. Additionally, it’s within a 30-minute drive of nearly 3 million people and the TMC zip code is home to 21,000 physicians, scientist and researchers, the highest concentration in the country.”
Over 100,000 people are employed in the Texas Medical Center, including 10,000 people with PhD or MD (doctor of medicine) degrees.
The need for close-in distribution space, called “last-mile” warehouses has grown as ecommerce has accelerated.
CBRE research has shown that consumer preferences have evolved and the need for faster service has grown, and therefore demand for last-mile real estate has spiked. This includes the demand for well-located light-industrial properties which continues to outpace that for larger warehouses, largely driven by local economic activity and urban population growth. Strong demand for smaller warehouse properties will continue as logistics operators expand their networks to increase their proximity to consumers.
Dec. 3, 2019 Realty News Report Copyright 2019
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