Category: Southeast Texas Market Reports

TMC’s newest campus could have multibillion-dollar impact on Houston

Posted on by ginger

The Texas Medical Center, the largest medical center in the world, could have another major financial impact on Houston’s economy with its planned campus expansion.

A recent study found that TMC3, the new campus, could have a $5.2 billion impact on the city of Houston, said Bill McKeon, president and CEO of TMC. McKeon spoke at the Greater Houston Partnership’s Dec.14 event “State of the Texas Medical Center” at the Westin Galleria. 

Results of the impact analysis study couldn’t be verified as the study is not being made public at this time, spokesperson Christen Bagley said in an email. TMC received the study in the past few weeks, McKeon said.

Click to read more at Houston Business Journal.

Houston’s Main Street among most-expensive in U.S. for office leases

Posted on by ginger

What do the Scanlan Building, Great Jones Building and BG Group Place have in common? 

They’re all located on Houston’s most expensive street for office leases, according to a study by Chicago-based JLL (NYSE: JLL). Central Business District’s Main Street is No. 21 on JLL’s list of the most-expensive commercial leases in the U.S., and it’s the only street in Houston to make the list of 47.

The average full-service rent on Main Street is $44.24 per square foot, which is nearly 45 percent higher than the average rent in Houston at $30.55. However, Main Street’s price is a steal — JLL noted that the average rent on high-profile streets across the U.S. are $48.65 per square foot.

Click to read more at Houston Business Journal. 

Exclusive: New co-working concept to open in Westchase, elsewhere

Posted on by ginger

A new-to-Houston co-working concept is preparing to open its first location in the Bayou City.

Office Evolution will open its inaugural Houston co-working space at 1300 W. Sam Houston Parkway in mid- or late January, Fritz Fowler told the Houston Business Journal. Fowler, alongside his wife, Leigh, are the Houston franchisees and plan to open two additional locations in Houston. Another three locations will open in The Woodlands, Fowler said.

Click to read more at Houston Business Journal. 

Westfield sells to France’s Unibail to create $72bn shopping mall group

Posted on by ginger

One of the world’s biggest mall owners will be created by the $24.7bn takeover of Westfield by Europe’s largest property company, France’s Unibail-Rodamco.

Sir Frank Lowy, the Australian businessman who built Westfield into a global shopping centre power, called time on his control of the company as pressure on retail companies from online rivals such as Amazon intensifies.

Unibail-Rodamco said it would pay Westfield shareholders the equivalent of $7.55 per security in a mix of cash and shares — an 18 per cent premium to Monday’s closing price. The combination of the retail property groups would create a global leader in the sector, with 104 properties worth €61.1bn ($72bn).

Click to read more at Houston Business Journal.

Houston hotels see boost in third quarter following Hurricane Harvey

Posted on by ginger

The dramatic recovery that Houston’s hotel market made in the third quarter, largely due to Houstonians and rescue workers booking more hotels in the aftermath of Hurricane Harvey, nearly balanced out the market’s slow performance in 2016.

In the third quarter of 2016, Houston’s hotel market saw the nation’s strongest declines in occupancy, revenue per available room (or RevPAR) and average daily rate (or ADR). The city’s occupancy fell a whopping 10.3 percent to 60.2 percent, according to data from STR, a hotel data firm. But in the third quarter of 2017, the city’s hotel market saw a 19.6 increase in occupancy, according to a report from Source Strategies, a Texas-focused hotel consultancy.

Click to read more at Houston Business Journal. 

This 57-acre retail project will be a ‘little more special’ than most

Posted on by ginger

More than five years’ worth of strategic land sales and leases in Aliana, a 2,000-acre master-planned community in southwest Houston, preceded NewQuest’s purchase of 57.2 acres in the community for a high-end retail development.

JLL’s Simmi Jaggi and Elizabeth Clampitt were brought on by Aliana Development Co. around six years ago to transform the community into a self-sufficient hub with plenty of retail to cater to Aliana’s rooftops. From the start, Jaggi and Clampitt said their strategy involved bringing storefronts from Target Corp. (NYSE: TGT) and H-E-B to Aliana. From there, other major retailers and developers would follow.

Click to read more at Houston Business Journal.