HOUSTON-Pointing to the near lease-up success of its first three buildings at Greenspoint Business Center, owner and developer IDI has launched construction on two more. The speculative space, known as Greenspoint Business Center Building C (at 106,700 square feet) and Greenspoint Business Center Building E (244,500 square feet) are anticipated to deliver at the end of Q1 2014 and during the first part of Q2 2014, respectively.
Located along Interstate 45, just south of the intersection with Beltway 8 in the Greenspoint submarket, Greenspoint Business Center currently consists of three buildings (A, B and D) totaling 406,000 square feet and is collectively 93% occupied. Building A is 100 % occupied, thanks to a recent 7,920-square-foot lease by Valspar. Bill Buntyn and Trey Erwin of Colliers International represented Valspar in the deal and Ben Newell represented IDI.
Newell tells GlobeSt.com that IDI was encouraged to build more speculative space in the north submarket because demand continues huge, while vacancies continue dropping.
According to CBRE's Q2 industrial market figures, the vacancy in the northern part of the area stands at 5.9% out of an inventory of 68.3 million. Meanwhile, Colliers International's statistics for the same period of time points to an inventory of 73.6 million and a vacancy rate of 6.3%.
Either way, the story is the same. Single-digit vacancy and plenty of demand.
"While there has been a lot of new construction in the north submarket, the majority of the delivered product has been absorbed," Newell comments. Furthermore, he adds, there is a definite lack of available product with larger spaces.
Once Buildings C and E are completed, Greenspoint Business Center will boast more than three-quarters of a million square feet. And there's acreage for more, if demand warrants it. Newell says there is space to build a 54,000-square-foot rear-load building, and a 345,240-square-foot cross-dock facility.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
