The Commercial Real Estate Business in Houston
Effective in 2012, Houston’s commercial real estate outlook was more promising than that of the rest of the U.S., but with a cautious eye. Each sector of Houston’s commercial industries which includes healthcare and research institutions, energy, science centers, sports facilities, performing art construction, gas and oil construction, educational institutions, manufacturing, aeronautics, transportation and the Port of Houston have all seen increased construction throughout the city.
The year of 2010 brings us to a resurgence of commercial real estate, with the government’s encouragement and continuation of deep water oil drilling which resulted in Houston’s population expansion and industry growth. Land expansion and global manufacturing interest in Houston has seen a construction boom in North Houston, The Woodlands and Uptown. The state of Texas’ economy has surpassed many U.S. states because Houston’s lending institutions have opened their doors to more loans at lower interest rates.
Houston’s Association of Realtor’s Commercial Division, has forecasted that 91,000 additional jobs will be available at the beginning to the middle of 2012, with a zealous commercial interest in building on vast land for medical interests and multifamily construction. Houston has ranked No. 18 for its economic growth, which takes into account the strong growth in construction in and outside of the Beltway and the Loop. These commercial real estate ventures include corporate buildings around Towne Lake, downtown Houston, and the Galleria in the Uptown area.
Houston’s Highland Village has welcomed a stand alone Apple Store, prompting an increase in the tourist industry and the hiring of new employees in the hotel industry. In the cities of Pearland and Manvel in the southern Houston area, residents will see a huge oil and medical construction growth, bringing new employment figures. The construction of the new BBVA Compass Stadium has created over 1,500 jobs with additional jobs scheduled and the Stadium will also generate millions of dollars for the city of Houston.
The Woodlands growth will be exponential with Class A oil companies Canada and the U.S. announcing their move to Houston to open towering headquarters and office parks, between 2012 and 2014. When looking at the evening news we don’t equate what the story is about to where we live, but Greater Houston does. The unrest in Iraq and other Middle East nations find that American interests are closing down and returning home to Houston, re-establishing corporate offices. Houston’s commercial real estate stands for continual growth with its partnership with Comcast and its SportsNet multi-million dollar production facility.