"We'll probably be leasing the property for approximately 55 cents per sf gross," comments Travis Land, an associate with NAI Houston, who's steering the preleasing campaign. The structure will be the first of similar spec and build-to-suits that will be positioned on the 20-acre tract near the intersection of Interstate 10 and US Highway 90. Land says the owners bought and held the land two years ago, waiting for better market conditions in which to build.

The completion date for the first phase is scheduled for the end of first quarter 2006. Land tells GlobeSt.com that four to six buildings have been planned for the site, depending on market conditions which, at this time, are improving. "That's the plan," he says. "To build one, lease it, then see if there is enough interest to build more."

Land adds there has been strong interest from potential tenants in a building the far west region and "that's what prompted us to propose a spec building to the property owner," he says.