Mason, who specializes in the industrial market, tells GlobeSt.com that he is working right now to put together deals just east of George W. Bush Intercontinental Airport as a result of a trickle-down effect from an air cargo distribution facility that's under construction. It's definitely an area to watch from the industrial perspective, emphasizes Mason.
The city's northwest sector is bolstered by its large workforce, easy accessibility to Texas 290 and, foremost, the benefits of deed-restricted parks owned by institutional investors that aren't necessarily found in other parts of town. Construction on the distribution center is being managed by Granite Properties.
Other real estate professionals bolster Mason's case for the strength of the industrial market this year despite fears of a national recession. According to a CB Richard Ellis report, the Houston economy should be counter cyclical to the national economy. "Even with the potential of a national recession, the Houston real estate market will continue the steady growth it has experienced over the last five years," says Will Penland, senior managing director of CB Richard Ellis in Houston. "Our markets are in balance."
CB Richard Ellis backs these statements up by citing the 5.7 million sf that had been absorbed in the industrial market last year, 2.2 million of which had been snatched in the fourth quarter. Gray Gilbert, CB Richard Ellis' vice president, says that this is "a good head of steam, which has already carried into 2001." Gilbert compares the 308 million sf of industrial space citywide with its 5.8% vacancy rate, the lowest ever recorded as another indicator of the industrial market's power and its ability to maintain momentum.
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