The Future of The Woodlands
The Woodlands is widely considered one of Houston’s top two submarkets, with construction booming particularly in office and multifamily (and those properties filling up before they deliver). Yesterday’s Bisnow Future of The Woodlands luncheon delved into its success. (If you're talking about the positives, we could've been there through dinner.)
Nearly 700 packed the Woodlands Waterway Marriott for lunch and secret Woodlands intel.
The Woodlands Area Economic Development Partnership CEO Gil Staley says 2012 was a record year for new construction in The Woodlands… but then formal RFPs increased 100% in 2013. (Pity the record keepers because we are working them ragged.) If all last year’s proposals go through, they’ll create 4,800 new jobs. Here, Gil’s with ExxonMobil’s Dr. Leslie Hushka. (Check out tomorrow’s issue for details she shared on Exxon’s campus.)
Colliers co-chairman Bob Parsley says The Woodlands has 6% of Houston’s office product, but racked up 33% of all absorption in Q1. Class-A vacancy ended the quarter at 6.6%, the second lowest in our metro. Bob (the oldest of 10 siblings) and our reporter Catie Dixon were about to take a selfie together when someone intervened and saved their dignity.
Marcus & Millichap’s Nate Newman says Class-A office rents rose 8% in The Woodlands last year, and he expects a 4% increase this year. Nate has backpacked to 62 countries but stuck closer to home last weekend with a trip to Big Bend.
Montgomery County (Precinct 3) commissioner James Noack, TxDOT Houston district engineer Mike Alford, and Barron & Adler partner Kimberli Deagen Loessin gave an update on the Grand Parkway. Nearly every major interchange is under construction for the $1.1B, 38-mile project. (It takes supervisors all day just to get from one end of the project to the other, because of all the traffic created by the project.) Michael says a late 2015 completion is still the target. If these three were stuck on a deserted island with one song apiece, Kimberli would crank up AC/DC’s Back in Black, Mike would rock out to The Highwayman, and James would enjoy blissful silence.
The opening of the Grand Parkway will broaden The Woodlands’ residential reach, says Caldwell Cos EVP Ron Roberson (who got his MBA last year at 52 years old). Caldwell’s community at 249 and the Grand Parkway will drop from a 30-minute commute into The Woodlands to a measly 10-minute drive when the highway opens. (Though that means you need to start thinking about excuses now for getting to work late.)
We'll certainly need houses to go somewhere—James says Montgomery County will have one million residents by 2035. (The "you can't chew gum unless you bring enough for everyone" rule is gonna be a big pain.)
Our sponsor Century 21 is doing its best to house them all. Its Connie Peirce and Cindy Dodd are among 40 realtors in the firm’s Woodlands office. (It’s got North Houston covered with offices also at Lake Conroe, Magnolia, Cypress and Kingwood.) Cindy showed off a brand-new listing, a home at 11 Violetta Court in The Woodlands. It boasts an impressive pool and is listed for $730k.
