A Houston developer wants to bring a bit of urban sensibility to the Energy Corridor, a section of west Houston known for its suburban office campuses, chain-filled strip malls and outsized apartment buildings...
The developer, PM Realty Group, is committing $1 billion to building a bustling mixed-use community of upscale apartments, outdoor restaurants, hotels and high-rise office towers housing companies seeking to recruit a younger generation of workers who value the outdoors, collaboration with colleagues and an abundance of amenities.
At the end of March, the amount of available office space in the Katy Freeway market area reached 26 percent, up from 14 percent the same time last year, according to commercial real estate firm Savills Studley, which specializes in representing tenants.
"There are not as many deals as there were a couple years ago," said Mark O'Donnell, executive vice president of the company's Houston office. By and large, those deals involve companies that are moving because their leases are expiring, not because they're growing, he said.
O'Donnell noted four new office buildings looking for tenants within a "stone's throw" of the PM Realty site.
"It's just a lot of space out there," he said...Developer plans urban-style enclave in Energy Corridor
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National Office Sector Report (Q4 2014)