Skip to main content

Bayou Business Download: A Rough Outlook for Office and Multifamily Real Estate

Published Sep 16, 2020 by A.J. Mistretta


Houston Office Vacancy Rates

In this episode of Bayou Business Download we take a deep dive into Houston's commercial and residential real estate market. What sectors of the market are doing well six months into the pandemic and which ones are struggling in the current environment? 

Key topics include: 

  • The rising vacancy rate in the office market and the problem newly built inventory presents. 
  • The potential problems ahead for the industrial market. 
  • Retail's resiliency despite the negative absorption caused by shuttered stores, restaurants and other businesses. 
  • The multifamily conundrum, tens of thousands of new units in a market with little job growth on the horizon.
  • The bright spot of single-family home sales and what it says about Houstonians long-term outlook. 

Learn more about Houston's real estate market

Bayou Business Download is presented by: 

pnc

Related News

Construction

Construction Tech Pioneer Mercator.ai Launches AI- Powered Business Development Platform in Houston's $25B Commercial Construction Market

12/6/24
[PRESS RELEASE] Construction projects are won through relationships, 65% of business developers' time is spent searching for leads. Mercator.ai brings its visionary AI business development platform to Houston, flipping that equation for Texas's largest construction market.   HOUSTON, TX (December 2024) -- Mercator.ai, the leading AI-powered business development platform for commercial construction, announced its expansion into the Houston market. This strategic move follows the company's successful launch in Austin earlier this year and marks another milestone in Mercator's ambitious Texas growth strategy.   Houston's robust commercial construction sector, a cornerstone of Texas's $22.3 billion construction industry, represents a strategic growth opportunity for Mercator.ai's innovative construction technology platform. The expansion enables Houston-based general contractors, subcontractors, and construction service providers to access real-time insight into upcoming project opportunities earlier than ever before.    "Houston's sprawling growth and increasing competitive landscape make it ripe for innovation and the perfect next step in our Texas expansion," said Chloe Smith, CEO & Co-founder of Mercator.ai. "Our platform transforms how construction professionals discover and qualify new projects, reducing weeks of business development research into minutes and enabling teams to start building mutually profitable relationships at the earliest possible project stage."   The platform's expansion into Houston includes:  Access to relationship mapping and contact information for key project stakeholders Complete coverage of private and public commercial and industrial construction projects across the City of Houston Real-time monitoring of early project signals including land and real estate transactions, permitting, and development proposals Houston construction firms using Mercator.ai gain measurable advantages in project pursuit efficiency. Early adopters report reduction in pursuit research time by over 50%, and increase in lead identification - identifying five times as many qualified opportunities in the same time traditionally spent in a single networking meeting. The platform's early project detection capabilities are especially valuable in Houston's fast-moving market, where being first to the opportunity often means a higher probability of winning the work.   Mercator.ai's expansion into Houston builds on the company's growing Texas presence, with plans to actively participate in key industry events and construction community initiatives throughout 2024 and 2025. The company will maintain its commitment to relationship-based business development while providing contractors with the digital tools to enhance their project and relationship intelligence.   "Houston's construction community is known for innovation and relationship-building," said Chloe Smith, CEO of Mercator.ai. "We're excited to offer Houston contractors a 7-day free trial of our platform, allowing teams to experience firsthand how early project detection can optimize their most limited resource - time."   General contractors and construction professionals interested in exploring Mercator's early project detection platform can visit www.mercator.ai to start their free trial.   About Mercator.ai  Mercator.ai is an AI-powered relationship-based business development software for General Contractors, Sub-Contractors, Suppliers, and Construction Service Providers. It is the fastest and most accurate way to find early, viable construction opportunities. From commercial to industrial projects, Mercator.ai provides 100% coverage of public and private opportunities from concept to completion in real-time. Empower your teams with real-time insights to develop targeted business development strategies in less time. 
Read More
Real Estate

Major Redevelopment Projects Transforming Houston into Pedestrian-Friendly Urban Hub

11/26/24
Houston is undergoing a transformative wave of redevelopment, driven by the efforts of local organizations and developers to enhance the city’s quality of life and urban landscape.   A Downtown Transformation  Click to expand GreenStreet, the four-block mixed-use district in downtown managed by Texas-based real estate firm Rebees, is slated for a multimillion-dollar makeover. Already home to popular destinations such as House of Blues and The Laura Hotel, this renovation project will further enhance its appeal, positioning it as a premier destination for residents and visitors.  Planned updates include converting the former Forever 21 building into a vibrant, pedestrian-friendly alleyway filled with dining, retail and nightlife attractions. Additional enhancements feature the installation of rooftop solar panels, improved landscaping with lush gardens and upgraded office spaces with multi-level amenities. Phase one of construction is expected to commence in Q1 2025 and be completed by Q3.  “The readaptation of GreenStreet will create a new model for urban space in Downtown Houston,” said Mark Motonaga, Creative Director and Partner, RIOS, the design firm leading the project, in a statement. “Our vision draws inspiration from Houston’s diverse culture and seamlessly blends nature, sustainability, and architecture to create a new urban streetscape experience that unfolds across three distinct blocks and builds toward a central hub of activity connecting people at the ground level.”  Breathing New Life into Baytown  Click to expand In Baytown, Fidelis Realty Partners recently broke ground on the redevelopment of the former San Jacinto Mall, which closed its doors in 2022. The 105-acre project, dubbed San Jacinto Marketplace, will include 500,000 square feet of retail and dining space, complemented by a public green space known as Pelican Green, designed for community gatherings and events. Pedestrian walkways will also be constructed to connect key areas throughout the marketplace, enhancing accessibility and walkability.  According to the Houston Business Journal, phase one of the project is expected to be completed by 2026, while phase two, which includes the development of multifamily, hotel and office space, is still in the planning stages.  Walkable District in Westchase  Click to expand Meanwhile, Johnson Development has unveiled plans to transform the former Halliburton campus in the Westchase District into Park Eight Place, a walkable, 70-acre mixed-use destination. The $1 billion project will feature a mix of residential, retail, hotel and office space with access to nature and recreational amenities in the adjacent 200-acre Arthur Storey Park.   Park Eight Place is set to become Houston’s first developer-initiated Walkable Place, a designation granted by the Houston City Council to promote pedestrian-friendly urban development. This designation allowed Johnson Development to secure additional land for the project. Construction on roads and utilities is scheduled to begin next year.  “This is a prime location that is just about 15 minutes from anywhere you want to go in Houston,” said Charles Lusk, General Manager of Park Eight Place, in a statement. “But within Park Eight Place, you will find everything you need and all within a five- to eight-minute walk from your door. Park Eight Place will emerge as a vibrant urban village where health, connection, sustainability and convenience converge.”  Learn more about living in Houston. 
Read More

Related Events

Executive Partners