HOUSTON – The Inner Loop and urban parts of Houston have been on a roll for several years. Construction cranes have been prominent on the skyline as new office buildings and high-rise residential towers have been going up.
There are exceptions, of course, but Houston growth patterns are shifting. The new hot zones are going to be in Houston’s suburbs in 2015.
“A shift has occurred and suburban Houston will be the focus of growth this year as the city’s Inner Loop realty markets grapple with less favorable conditions,” says Houston realty veteran Matthew Deal, principal of Deal Sikes & Associates, a commercial real estate valuation firm. “Houston’s suburbs will see healthy single-family development and new retail centers.”
Houston’s suburbs will get a lift from the completion of the 38-mile Grand Parkway in north Houston and the construction of the new 3.5 million square-foot Daikin Industries HVAC factory (with 4,000 employees) in far northwest Houston near Highway 290.
“Houston is still adding new jobs and population and that growth will support suburban real estate,” says Mark Sikes, principal in the Deal Sikes firm. “Home builders and retailers are still trying to catch up with the previous years’ surge in Houston’s growth.”
Houston led the nation in population growth last year. All things point to strength in the suburbs for the next year or two, at least.