CBRE TwitterFest Calls Us Darling
We spent an hour yesterday Tweeting with CBRE about Texas commercial real estate. Of course, with less than 30 characters, there is only so much you can say, but CBRE research and analysis director Sara Rutledge’s (here on New Year's Day at Enchanted Rock State Park with hubby Bill Loden and son Dylan) take away for us: If you aggregate all the construction happening right now, Houston is the darling for 2014 and in terms of recovery, Houston started sooner and is farther ahead than the rest of Texas in all sectors.
(Thanks to Twitter for the cool logo from its HQ.) Here are a few of the Twitter feed highlights about Houston.
*Houston retail saw a rapid increase in construction in Q4. With historically low vacancy at 7.4%, the Houston retail market is shifting in favor of landlords.
*The Northwest industrial market is a key distribution location with high BTS activity, which supports absorption. It’ll see more construction with the development of the Grand Parkway.
*Office vacancy is at record lows, especially in West Houston.
*Granite Properties popped into the picture mentioning its spec office tower, Granite Briarpark Green, which delivered in Q4 and is already 50% leased.
*Houston was the second strongest market nationally for multifamily permits in 2013 (ending in November) with Dallas in third and Austin in fourth. (New York City was No. 1.)
*Mid- to high-rise apartment development in Houston is becoming the norm inside the loop. (Pictured, One Park Place, which probably inspired a number of them.) Expect to see more in 2014.
