This brings the business park to 84% occupancy, Kelly Landwermeyer, Weingarten Realty broker tells GlobeSt.com. The park's third phase had delivered in fourth quarter 2000, taking the development to 157, 500 sf. Landwermeyer says the first two phases are filled to the max, with phase three leasing riding at 50%.

Sam Houston Parkway or Beltway 8 is the next major transportation artery after Loop 610. The beltway, with its vast land bank, is a prime development area and is in sharp contrast to Loop 610, where little land can be had for projects. Northwest Houston has seen serious industrial development along the beltway, while the office market in Westchase, a Beltway submarket, is boasting class-A office rates of $23.68 per sf.

"The beltway is the new frontier in land availability," says Landwermeyer. He believes the beltway's development in conjunction with the CBD's revitalization is more a function of an overall city growth than a population shift. The city is pushing in both directions, he notes.