Houston Commercial Real Estate
Houston, the nation’s fourth largest city, and the largest city in the State of Texas, bases the backbone of its economic health on the energy industry, particularly oil and natural gas. Additionally, the Port of Houston is considered one of the most important ship channels in the world, and supports a flourishing international trade community. Businesses of many types flourish here, and, in 2006, Houston was named among the three best cities in the country for business and careers by Forbes Magazine. Houston commercial real estate; office space, retail space, hotel/motel, mobile home parks, farms, ranches, industrial and warehouse space and multifamily housing offer exciting opportunities for investment and growth in this vibrant and thriving business-oriented city.
Houston Office Space
As would be expected in Houston’s healthy business climate, demand for available Houston office space is strong. Developers have been responding to this need with continued development. Downtown Houston currently has about 44 million square feet of office space, and Uptown Houston approximately 24 million square feet. Square footage costs for Houston office space on an annual basis run in the $24/sq ft range. Rates vary in accordance with location, as would be expected, with square footage rates as low as $16/sq ft in the East, and about $26/sq ft in the Energy Corridor.
Houston Industrial and Warehouse Space
The cost of Houston industrial and warehouse space per square foot is considerably lower in Houston (approx. $5/sq ft) than in many other parts of the country. Comparable areas in California and New York average $8 per square foot on an annual basis.