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What's New in Houston:
Since the onset of the pandemic, demand for commercial office space has drastically declined across the nation due to a widescale shift from in-person to remote and hybrid work. However, despite sparse office demand in other metros, Houston's real estate market has seen a number of office projects come together recently. As individuals return to in-person work, Texas is experiencing a widespread migration of corporate HQs to the state. Here's a look at several exciting new office projects in the works and how they're poised to shape Houston's real estate landscape.
Hicks Ventures Carbon Neutral Offices
Houston-based developer, Hicks Ventures, has unveiled plans for Texas's first net carbon-neutral commercial office building. Named "Framework @ Block 10", the building will feature six stories and span 200,000 sq. ft. It will also serve as Houston's first mass timber office building, constructed from sustainably sourced heavy timber. Framework @ Block 10 is expected to kick off in Q4 2023, with an anticipated completion date in Q4 2024
Memorial City Renovation by MetroNational
Local real estate giant MetroNational has recently completed its $25 million renovations to a three-building office structure in Memorial City. Modern renovations were long overdue, as the buildings were initially developed in the 1980s and 90s. The renovation includes interior and exterior improvements, amenities like a gym, air-conditioned walkways between buildings, and a full-service conference center. However, the main addition to the development was "The Porch," an outdoor conference space for business meetings and networking events.
Kraton Cos. And Kodiak Gas Move to the Woodlands
The Howard Hughes Corporation, the real estate development giant behind The Woodlands, announced three new tenants in its Forest Tower at 9950 Woodloch. Kodiak Gas Services, Kraton Corporation, and US Oncology Inc. will soon call The Woodlands home as demand for office space surges in the area. Low taxes and world-class amenities have led companies from all over to flock to The Woodlands.
Tag(s): Texas Digest
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