Houston has 19 million sf of office space under construction, 54% more than a year ago, and its highest level since the booming 1980s, according to local news reports.
Nearly 40% of this new office space is corporately owned, according to the Houston Business Journal, which points specifically to a 3-million-sf campus being built by Exxon Mobil, a 1.1-million-sf campus in Westchase suburb by Phillips 66, and a 515,000-sf building that Southwestern energy is erecting.
New building begets higher land prices. CBRE research estimates that land values throughout the Houston metroplex are increasing strongly. For example, land prices in the Uptown/Galleria area range from $125 to $315 per square foot in the second quarter, according to the Houston Chronicle.
Construction workers are also benefiting from all of this activity. The Associated General Contractors of America says that Houston added more construction jobs that any major metro in the U.S. from August 2013 to August 2014. Houston’s employment in all business sectors has jumped by 10% since 2008, or twice the percentage in San Francisco, according to The Daily Beast.
The Business Journal reports that 10.8 million sf of office space are on schedule to be delivered by year’s end, a sizable jump over the 3.2 million sf delivered in 2013.
Related Stories
| Mar 27, 2013
RSMeans cost comparisons: college labs, classrooms, residence halls, student unions
Construction market analysts from RSMeans offer construction costs per square foot for four building types across 25 metro markets.
| Mar 26, 2013
Will Google Glass revolutionize the construction process?
An Australian architect is exploring the benefits of augmented reality in the design and construction process.
| Mar 24, 2013
World's tallest data center opens in New York
Sabey Data Center Properties last week celebrated the completion of the first phase of an adaptive reuse project that will transform the 32-story Verizon Building in Manhattan into a data center facility. When the project is completed, it will be the world's tallest data center.
| Mar 22, 2013
8 cool cultural projects in the works
A soaring opera center in Hong Kong and a multi-tower music center in Calgary are among the latest cultural projects.
| Mar 22, 2013
Earn $500 as a DOE proposal reviewer
The DOE'S Building Technologies Office this morning put out a call to the AEC industry for expert reviewers for its new energy-efficiency initiative for small commercial buildings, which make up more than 90% of the commercial building stock.
| Mar 21, 2013
Best Firms to Work For: Enermodal Engineering is green to the core
At Enermodal Engineering, there’s only one kind of building—a sustainable one.
| Mar 21, 2013
Are charter schools killing private schools?
A recent post on Atlantic Cities highlights research by the U.S. Census Bureau's Stephanie Ewert that shows a correlation between the growth of charter schools and the decline in private school enrollment.
| Mar 20, 2013
Folding glass walls revitalize student center
Single-glazed storefronts in the student center at California’s West Valley College were replaced with aluminum-framed, thermally broken windows from NanaWall in a bronze finish that emulates the look of the original building.