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
| Jul 12, 2012
Chicago Public Schools names Lend Lease team as construction manager
Under this Capital Improvement Program, the Lend Lease team will be responsible for renovation and life safety work at over 100 Chicago Public Schools across the City.
| Jul 12, 2012
Cramer joins Gilbane’s NYC Business Development Team
New Business Development Manager brings over 30 years of experience to Gilbane.
| Jul 12, 2012
Cardoso joins Margulies Perruzzi Architects
Senior architect brings experience, leadership to firm’s healthcare practice.
| Jul 12, 2012
EE&K and Knutson Construction selected for the Interchange in Minneapolis
Design-build contract for $79.3 million transportation hub will connect transit with culture.
| Jul 11, 2012
New BDC University course: Design Criteria for Ceramic Tile/Stone Installations
Everyone that successfully completed to course will receive 1.0 HSW/LU AIA LU.
| Jul 11, 2012
Perkins+Will designs new home for Gateway Community College
Largest one-time funded Connecticut state project and first designed to be LEED Gold.
| Jul 11, 2012
HOK honored with Los Angeles architectural award
42nd annual awards from the Los Angeles Business Council honor design excellence.
| Jul 11, 2012
Skanska relocates its Philadelphia metro office
Construction firm’s new 19,100-sf office targets LEED Gold certification.
| Jul 9, 2012
Modular Construction Delivers Model for New York Housing in Record Time
A 65-unit supportive housing facility in Brooklyn, N.Y., was completed in record time using modular construction with six stories set in just 12 days.
| Jul 9, 2012
NELSON, Torchia announce merger
Former competitors seek competitive advantage by joining forces.