Category: Southeast Texas

Hines, Ivanhoé Cambridge Top Out Texas Tower

Posted on by Sarah

by Beata Lorincz

Joint venture partners Hines and Ivanhoé Cambridge have topped out Texas Tower, a 47-story, 1.1 million-square-foot Class AA office tower in downtown Houston. Currently the city’s largest office project under construction, the structure reached the milestone several weeks ahead of schedule. The tower is expected to be completed in the fourth quarter of 2021. Construction of the Pelli Clarke Pelli-designed skyscraper commenced in 2018. The following year, the project earned LEED Platinum Pre-certification under the v4 for Core & Shell Rating System. The energy-efficient development also aligns with WiredScore and WELL Building Standards. Once completed, the building will house Hines’ headquarters, slated to take up some 180,000 square feet. The tower is currently 40 percent leased to a variety of tenants, including global law firms Vinson & Elkins LLP and DLA Piper. The latter committed to a 31,000-square-foot, 14-year lease in early 2020. Situated at 845 Texas Ave., the site is well-located between the Central Business District, the Theater District, and the Historic District. Last January, Hines renamed 600 Travis St., the tallest building in Texas spanning 75 stories and 1.7 million square feet, and situated just adjacent to Texas Tower. The supertall structure is now known as JPMorgan Chase Tower after its anchor tenant signed a 250,000-square-foot lease at the location in mid-2020. Click to read more at www.cpexecutive.com.

Houston Area Retail Deliveries Down as Market Attempts Rebound

Posted on by Sarah

Between pandemic-related lockdowns and a freak cold snap that saw snowstorms and power outages across large sections of the state, Texas has had a rough 12 months between spring 2020 and 2021. But a big part of the country’s economic recovery will depend on how retail and hospitality fare as vaccinations increase and restrictions are relaxed. According to numbers from NAI Partners, Houston’s retail sector has certainly faced its issues in the last 12 months, but it’s certainly a long ways off from its office market, which ended 2020 with the highest vacancy percentage in the country. This February, Houston had a total retail occupancy rate of 93.6%, down slightly from 94.2% during the same period a year prior. Despite the slow churn of retail leasing, the Houston metro area did see an increase in rent prices, at $18.68 triple net average. A year prior, the price was $17.94. Rents have steadily risen over the last few years, starting as low as just over $16 triple net in February 2017.

However, absorption is down and deliveries are significantly lower with only 552,000 square feet of space going online in February 2021 versus nearly a million square feet in February the previous year. Just 590,000 square feet of space was absorbed over 43 buildings last month. Areas seeing the most construction activity include north Houston, the city’s inner loop, and northwest Houston. The regions with the least recent construction activity are the northeast and south. Big leases highlighted by NAI Partners include a 26,000-square-foot renewal at Vanderbilt Square by Barnes & Noble, a 22,500-square-foot deal for Burkes Outlet in Angleton, and a 15,000-square-foot lease by Aaron’s in Fairfield’s Jones Plaza.

Elon Musk Tweets Plans to Create Texas City Named ‘Starbase’

Posted on by Sarah

If anyone has the ability to surprise the world with his ambitious projects, it is Elon Musk. The billionaire announced that he is building a new city in Texas to be called Starbase, around the rocket launch site of his company SpaceX. Used to causing a stir by typing just a few words, Musk posted on Twitter that he is “creating the city of Starbase, Texas .” The tycoon, who is currently the second richest person in the world, said that his city will occupy an area “much larger” than Boca Chica, a place that houses a launch site for SpaceX and where the company is building its Starship rocket. Elon Musk shared some characteristics that his new city would have, such as that it will be friendly to dogs. He also hinted that it would be directed by “the Doge,” which can be interpreted in two ways. Click to read more at www.chron.com.

Professional and Personal: IREM Houston Offers Unique Networking and Educational Opportunities

Posted on by Sarah

Six years into her career in commercial real estate, Kaci Hancock walked into her first luncheon for the Houston chapter of Institute of Real Estate Management (IREM). “I remember thinking, ‘Oh, my gosh. This is so overwhelming. I don’t belong here. I don’t fit here,” said Hancock. “Then Jo D. walked up to me.” Jo D. Miller, the chapter’s executive director, introduced Hancock to some of the others in the room, warmly welcoming the then-assistant property manager into the IREM family. “That was a key moment in my IREM life. If it hadn’t been for Jo D. taking the initiative or noticing that there was a new person in the room who was looking a little lost, I probably wouldn’t have come back,” Hancock said. “Because of that moment, I am now the 2020 president!” Click to read more at www.rednews.com.