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Jay Parsons sees Houston’s multifamily market as a tale of two cities.
Neighborhoods with a lot of energy jobs — like downtown, Inner-610 Loop west and the Energy Corridor — have seen apartment rents decline during the oil slump. Operators are offering up to three months of free rent, and with more supply than demand, it’s a renter’s market.
Read more at Houston Business Journal.
Developers of The Kirby Collection, a 1 million-square-foot luxury mixed-use project underway at 3200 Kirby Drive, announced on Nov. 21 the property’s office tower has topped out.
The Kirby Collection is on schedule for a fourth quarter 2017 delivery. Click herefor a video peek inside the Kirby Collection.
Click to read more at Houston Business Journal.
Industrial, often cited as one of the more resilient corners of Houston commercial real estate, has had its fair share of ups and downs.
As a whole, industrial is performing well. The greater Houston area’s industrial occupancy rate is hovering at around 94 or 95 percent, and crane-served manufacturing buildings have really absorbed most of the brunt of the oil slump.Houston can expect to see a bit of a slowdown in new industrial projects breaking ground, too, but that may not be a bad thing, considering the market’s healthy occupancy numbers.
Click to read more at Houston Business Journal.
As Houston swells in population and buyers consider the advantages of living in the close-in residential area, the Spring Branch district is experiencing a resurgence. Since the 2010 census, the population has grown from 107,700 to 120,600 and continues to grow.
Click to read more at Houston Business Journal.
Another day, another 127.02 private-sector jobs added in the Houston area.
That ranks the Bayou City No. 3 for the average daily number of jobs added between September 2006 and September 2016 out of 106 U.S. metros that have more than 500,000 residents.
Houston ranks just behind the New York City (No. 1 with 224.01 jobs) and Dallas-Fort Worth (No. 2 with 152.04 per day), according to the data from the U.S. Bureau of Labor Statistics.
Click to read more at Houston Business Journal.
After its short-lived cruise business, the Bayport Cruise Terminal is rolling out its new venture next month.
Tacoma, Washington-based Auto Warehousing Co. will use the facility to start importing vehicles in December, the Houston Chronicle reports. Auto Warehousing inked a lease for the facility earlier this year, the Houston Business Journal reported in July.
Click to read more at Houston Business Journal.