Net occupancy increased by 35.7 million square feet over the past year in Houston overall, including 9.2 million square feet in the far east/southeast submarket. The project joins industrial buildings under construction in the first quarter in the Houston area with a combined 30.5 million square feet, including 5.6 million square feet in the far east/southeast region, according to commercial real estate firm Transwestern. “Well located near the Port of Houston shipping terminals, rail, and major freeways spanning coast-to-coast, Port 99 offers immediate access to one of the fastest growing mega regions in the country,” Tunnell said in an announcement. Lee & Associates - Houston is handling leasing. Provident Realty Advisors broke ground on Port 99, a distribution center totaling 1.28 million square feet at 16702 FM 2354 Road in Baytown. Justin Tunnell, principal at Lee & Associates-Houston, is leading the leasing efforts. Planned for completion in the second quarter of 2024, Building 1 contains more than 1 million square feet, while Building 2 will have 255,960 square feet. The privately held real estate and investment firm broke ground on Port 99, a two-building distribution center at 16702 FM 2354 Road in Baytown. Provident Realty Advisors, the Dallas real estate firm behind The Grid mixed-use development in Stafford and The Star apartment conversion of the historic Texaco building downtown, is getting into a new sector in Houston with its first industrial project. Sean Quinn, Black Forest's senior vice president of commercial real state, will be in charge of future property upgrades and leasing, according to the company. That compares with the Houston region's overall vacancy rate of 25.6 percent.īlack Forest Ventures purchased 10200 Grogans Mill Road in The Woodlands. Office vacancy in The Woodlands submarket dropped to 16 percent in the first quarter, according to JLL. “While the capital markets are facing a number of headwinds, office assets that are well-located in submarkets like The Woodlands continue to generate significant investor interest,” Goings said in an announcement. Rick Goings, Marty Hogan and Kevin McConn of JLL Capital Markets marketed the property for the seller.īlack Forest Ventures has acquired 1610 Woodstead Court, a 73,114-square-foot office building in The Woodlands. RELATED: Real estate roundup: Baylor College of Medicine starts new education building near Texas Medical Center With the purchase, Black Forest owns 21 buildings in The Woodlands, including its headquarters at 24 Waterway Ave., and properties in Texas and Florida. The buildings, totaling nearly 153,300 square feet, are 67 percent leased to tenants across several industries. The Woodlands-based company has acquired 10200 Grogans Mill Road and 1610 Woodstead Court, about a half-mile apart south of the Waterway District and The Woodlands Mall. Woodlands office buildings change handsīlack Forest Ventures, a privately owned company with interests in commercial real estate, aviation, hospitality and technology, has expanded its portfolio with the purchase of two office buildings in The Woodlands. Texas Tower, completed by Hines and Ivanhoe Cambridge in 2021, is 47 stories tall. Skanska USA's 1550 on the Green under construction near Discovery Green park rises 28 stories. Economics dictate that today's skyscrapers aren't as lofty. Most of Houston's tallest buildings joined the skyline in the 1980s, including Chase Tower at 75 stories, Wells Fargo Plaza at 71 stories and Williams Tower at 64 stories. Even when paired with Fort Worth, the North Texas cities still measure below Houston at 29,725 feet. With buildings in the works stacking up to 9,315 feet, Austin's combined projected height would be 32,897 by 2026.ĭallas rounds out the top 3 with a combined skyscraper height of nearly 22,000 feet. It would overtake downtown Houston's JPMorgan Chase Tower, the longstanding tallest in Texas at 1,002 feet. The tallest under construction is Waterline, which, at 1,022 feet tall, will rise 74 stories with office, apartment and retail space in a booming area of downtown Austin near the Rainey Street district. 2 Austin, however, is expected to pass Houston when several "supertalls" - those buildings approaching 1,000 feet or taller - are completed by 2026. Houston's skyscrapers measure a combined 30,498 feet, which is far above any other Texas city, according to the study.
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