The extension of the Grand Parkway and the construction of Exxon Mobil Corp.’s new campus in north Houston have inspired Los Angeles-based CBRE Group Inc. to change the way it tracks Houston real estate activity. It has created the north submarket and also revised boundary designation revisions for the Kingwood and The Woodlands submarkets.
“We are proactively planning for the future development expected near the Exxon Mobil campus and along Highway 99. The changes allow CBRE to track office development in a meaningful way from day one,” Angie Bauer-Hamilton, a research analyst at CBRE, said in a statement.
Many industry experts are calling north Houston the second Energy Corridor. It is expected to see major growth in the coming years as the Exxon Mobil campus comes to fruition next year.
The north submarket includes 12 office buildings totaling approximately 958,000 square feet and is 90 percent occupied. An additional 3.8 million square feet is under construction, reports CBRE.
The submarket is between the FM 1960/Highway 249 submarket to the south and The Woodlands submarket to the north.
CBRE also extended the Kingwood submarket to the north to take into account the expansion of the Grand Parkway, which will pave the way for additional development, and to the south to include FMC Technologies’ Generation Park under development.
The Kingwood submarket includes 18 office buildings totaling 955,000 square feet and is 87 percent occupied. Most major tenants in the area are banks, reports CBRE.
It is bordered by FM 1314 on the north, Mount Houston/North Lake Houston Parkway on the south, Lake Houston on the east and Highway 59 to the west.
The Woodlands submarket shifted slightly north to define clear boundaries between Interstate 45 north from Sawdust/Rayford Road to Loop 336 West. It includes 55 office buildings totaling nearly 7.1 million square feet and is 92 percent occupied. An additional 826,000 square feet is under construction, reports CBRE.
Last year, CBRE created two new submarkets West Belt and Far West to more accurately track growth.
Read the original article here.