Houston Office Space Market
By admin on Jan 28, 2008 in Houston
Integra Realty Resources recently conducted a study that determined that the Houston office space and suburban market will grow well into the year 2011. This includes office space in the Houston’s downtown and surrounding areas. This is great news that has many Houston Commercial Realtors, specializing in the commercial sector, excited.
According to Integra Realty Resources Houston’s downtown office space will expand by 14% within the next four years. This means that over six million square feet of office space will be built. The current amount of Houston space that is in existence is estimated to be around 43 million square feet.
The rate, at which Houston office space is predicted to expand, ranks Houston as the fourth city, in the United States, for construction in the downtown. To be ranked fourth, is a great honor that proves how strong Houston commercial development is. The cities that were also listed in the top ten were Miami, Chicago, Seattle, Charlotte, Nashville, Boston, Salt Lake City and Washington D.C.
The report stated also that the suburban market of Houston will grow by 3.5 percent over the next four years. In the next four years, it is estimated that over 6 million square feet will be built. Houston’s current suburban market consists of 189 million square feet.
The city of Houston is expanding in many profitable ways. Throughout the next four years is the prime time to invest in the Houston suburban and office space market. The Houston commercial real estate market is really hot right now. This is why so many real estate investors are flocking to the Houston area.
