Recently there has been a new office construction boom in Houston during the last 12 months. Office space under construction in Houston has reached the highest level in the area since the boom of the 1980’s, increasing by around 54 percent.
More than half of that space is already engage or committed, with large tenants that are moving or expanding taking the dimensions of the space.
According to recent reports, there is 19 million square feet of office space under construction in the Houston area right now. About 36 percent of that is corporate-owned office space, which includes Exxon Mobil campus in north Houston, Philips in Westchase, and Southwestern Energy’s in Springwood Village.
At the end of the year near 5.4 million square feet of new space is expected to deliver, which will bring the annual delivery worth a total of 10.8 million square feet, far exceeding last year’s delivery total of 3.2 million square feet.
According to a survey conducted by The Associated General Contractor of America, thanks to the office construction boom in Houston, the city added more constructions jobs to its market than any other major metro in the country from August 2013 to August 2014.
If the office construction boom in Houston has reached you and you need to relocate in Houston, or if you’re just interested in buying or leasing a home in Houston area and want to learn more about shops, jobs, schools, don’t hesitate to contact us at (832) 482-9367! Our team of experts has lifelong experience in Houston area, so they’ll be glad of provide you the best and assistance according to your needs.
Source:
Houston Business Journal
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