Houston’s Seven Biggest New Industrial Developments
There’s been a slew of huge industrial parks announced lately, partially driven by industrial’s resilience against oil prices. (Between petrochemical activity and distribution, the sector’s looking strong.) Transwestern director of research Rachel Alexander and research analyst Rachel Andrae helped us dig up the ones you should know.
1. Gateway Southwest Industrial Park
Developer: USAA Real Estate and Conor Commercial Real Estate
Size: Three buildings totaling 526k SF on 36 acres
Breaking Ground: April
Completion: Phase 1 – Q4 ‘15
Submarket: Near Southwest
Las dos Rachels (as they're known around the office) tell us the Southwest submarket is dominating—it’s hosting four of the seven largest projects, and its development pipeline has grown from 116k SF in Q3 (six months ago) to 481k SF under development and significantly more proposed. These new projects are along or near the Beltway, Rachel Alexander says, and are in close proximity to other major thoroughfares with less congestion than other parts of town. This emerging area also has a greater availability and affordability of land than markets like the Northwest that have been in high demand for so long.
2. Beltway Southwest Business Park
Developer: Hines
Size: Two buildings totaling 350k SF
At Build-out: 950k SF on 75 acres
Breaking Ground: July
Completion: Phase 1 – Q1 ‘16
Submarket: Far Southwest
Read all about Hines' big plans here.
3. Park 8Ninety
Developer: Trammell Crow and Artis REIT
Size: Three buildings totaling 330k SF
At Build-out: 1.8M SF on 127 acres
Breaking Ground: Mid-year 2015
Completion: Mid-year 2016
Submarket: Far Southwest
4. 5 Corners Business Center
Developer: The Levey Group
Size: Four buildings totaling 546k SF
Completion: Q2 ‘16
Submarket: Far Southwest
Levey released this new rendering to us this morning.
5. Lower Kirby District
Developer: Cresa
Size: 180k SF
At Build-out: 500k SF on 32 acres
Breaking Ground: Q3 ‘15
Completion: Phase 1 – mid-year 2016
Pre-leasing: Phase 1 – 60%
Submarket: Far South
6. West Ten Business Park
Developer: Parkside Capital and Vigavi Realty
Size: 15 buildings on 35 acres
At Build-out: Park 10 totals 470 acres, much of which is already developed with big projects like Igloo's distribution center
Breaking Ground: First 20k SF spec building starts in August
Completion: Phase 1 – 2015
Submarket: Far Northwest
7. I-45 and Airtex Boulevard
Developer: KTR Capital Partners (soon to be Prologis)
Size: 28 acres, first development is an 87k SF spec building
At Build-out: Three buildings totaling 430k SF
Completion: Phase 1 – Q4 ‘15
Submarket: Far North
