Houston TX real estate retail developments continue to respond to the increasing demand. Several new developments near Sugar Land TX real estate and Missouri City Texas homes are following the westward growth of the city. But investment properties in other areas such as Houston's downtown and Upper Kirby District are also forging ahead.
Sugar Land Town Center
With sales up and a variety of industries opening new jobs and for residents and newcomers to Houston TX homes, retail real estate in Houston has been evading the national trends. Leasing space for Houston real estate averaged 91 percent, even after the city absorbed 1.17 million square feet of new retail space this year, according to Nancy Sarnoff of the Houston Chronicle. Sarnoff mentioned that many landlords are employing revenue management to enable them to bend with the ups and downs of the economy. That means using price optimization systems to change the cost of rentals based on supply, demand, and historical data, sometimes on a daily basis.
The largest retail project in progress is City Centre, a $500 million mixed-use development on the corner of Interstate 10 and Beltway 8 in one of the wealthiest neighborhoods around the Memorial Villages. Due to be completed in 2009, a fair share of the 400,000 square-foot complex is under contract already. The Time Life Athletic Club, an eight-screen movie theater serving food and drinks, Banks & Biddle, Sur La Table, Anthropologie, Potbelly, Chipotle, and successful restaurants from out of the area are on the list of occupants. Midway Companies, a Houston-based developer, is spearheading this project, a redevelopment on the site of the former Town & Country Mall.
City Centre Houston
In addition, the Beltway Crossing Business Park with 282,880 square feet will also be on line next year in Missouri City. Plans call for expansion to 500,000 square feet of industrial space and will build to suit the needs of its tenants. The industrial park is located near Beltway 8 and U.S. 90.
In the second quarter of 2008, HomeVestors of America Inc., ranked the city of Houston Second Best Market in the Nation for real estate investing. Contact Roger Mallett of Trend Setter Realty at 281-635-7424 for information about residential and commercial real estate in the Houston community.
