CXRE » Houston commercial property

2020 List of Houston’s Largest Commercial Construction Firms

Even in the midst of pandemic-induced economic turmoil, Houston is a hotbed for a wide range of commercial construction projects. Around Houston, new commercial construction projects continue to reshape the metro area. For example, a nearly-40-year-old apartment building in the Museum District is undergoing a huge renovation project. When completed, the building will have smart technology-capable wiring, balconies for each resident, and designer finishes. Plus, the property offers sweeping views of adjacent Hermann park with floor-to-ceiling windows in each apartment. It will feature 195 residential units, a sky lounge, amenity decks, a conference area, a cafe bar, and a fitness area. Though the project got off to a slow start due to the Coronavirus shutdown, construction is now underway and slated to finish in December 2021 On November 21, the Museum of Fine Arts completed its 8-year renovation, opening the $476 million expansion. Houston’s Largest Commercial Construction Firms Construction continued to forge ahead during 2020, […]

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The State of Self-Storage Investing in Texas in 2020

Self Storage unit

If you rent or have ever rented a self-storage unit, you have Texans Russ Williams and his stepson Bob Munn to thank. In 1964, the pair constructed the first modern self-storage facility in Odessa, Texas. Of course, there were storage facilities before 1964, but Williams and Munn revolutionized the industry. . The pair added garage-style doors, allowing easier access for clients. You might say the Lone Star State is the home of modern self-storage. The Rise of Self-Storage Investing In the 1960s, Americans enjoyed unparalleled income growth. Therefore, consumerism increased nationwide, leading to more possessions in each household.  Enter the self-storage unit. As more and more homes amassed possessions, they struggled to find places for everything they owned. As a result, self-storage investing became increasingly popular as well. Throughout the decades, self-storage has shown steady returns for investors. Even during the 2008 economic recession, this sector saw positive returns. Self-storage real estate investment trusts (REITs) […]

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Westchase Submarket Update

The Westchase submarket has seen quite a lot of volatility this past cycle due to the oil downturn. The vacancy rate for Westchase as of fourth quarter 2019 is 22.8%, which is quite high. However, it seems that rates have finally evened out. Some 20 million square feet of office space make up the Westchase submarket. 55% of that space is attributed to four- and five-star office buildings. Westchase is about 15 miles outside of downtown Houston. It is easily accessible by Interstate 10 and within close proximity to high-end residential neighborhood Memorial Villages. Key industries in this area are energy, oil and gas, and engineering companies. With the oil industry projected to remain flat over the next couple of years, this could negatively affect office demand in the Westchase submarket. We will definitely keep our eye on the submarket for future opportunities as Westchase will continue to be more favorable towards tenants. Leasing Opportunities […]

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Bellaire Submarket Update

The Bellaire submarket is one of the smaller markets in Houston with just under 5 million SF. It is located close to the Uptown/Galleria market, Texas Medical Center, and is within the Houston-Sugar Land- Baytown metro area. The vacancy rate for Bellaire as of fourth-quarter 2019 is 12.4%, with a twelve-month net absorption of 107,000 SF of space. Bellaire Submarket Office and Medical Buildings Bellaire has an aging office inventory with most properties built in the 1970’s and 80’s, with little development taking place this past cycle. A high number of medical tenants occupy space in this submarket due to its location near Texas Medical Center. Bellaire also has strong demographics with surrounding residential neighborhoods. Some of the larger tenants that lease office space in this submarket are AT&T, Well Care Health Plans, and Texas Children’s Hospital. We see Bellaire as a good investment for tenants, especially those in the medical industry. Investors continue to […]

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