Downtown Houston’s top office buildings show promising upswing

Here’s some welcome news for downtown Houston landlords.

Downtown Houston, despite its historic reliance on the kind of tenant that’s reducing its footprint, has a lower vacancy rate than the city’s average vacancy rate of 22.4 percent, according to a recent report from Chicago-based JLL’sHouston office. The submarket posted promising leasing numbers and has started to attract serious investors, too, per the report.

Click to read more at Houston Business Journal. 

Developer to unveil second phase of massive master-planned community northwest of Houston

The Howard Hughes Corp. (NYSE: HHC) is launching the second phase of Bridgeland, an 11,400-acre master-planned community in Cypress, northwest of Houston.

The Dallas-based developer and its Houston-based subsidiary, The Woodlands Development Co., are set to unveil on July 24 more detailed plans, new renderings and the homebuilder lineup for Parkland Village, the second of four planned villages in Bridgeland. Stay tuned next week for more information about Bridgeland’s newest village.

Click to read more at Houston Business Journal.

Impoverished neighborhoods on the rise in Houston’s suburbs

Poverty is often thought of as an “inner city” problem, but it is increasingly spreading out into the suburbs, according to a new report.

Apartment List, an online rental marketplace, analyzed housing data from Harvard University, and found that Houston had the eighth highest increase nationally in the number of suburbs where at least 20 percent of the population is living in poverty. The U.S. Census Bureau defines poverty as a family of four, including two children, making less than $24,339 a year.

Click to read more at Houston Business Journal.

Developer behind Museum District medical office building renovation has more planned for Houston

The California-based company that’s launching a $10 million renovation of a medical office building in the Museum District has more Houston projects in the pipeline.

Irvine, California-based HCP Inc.(NYSE: HCP) owns the 177,476-square-foot tower at 1213 Hermann Drive, along with several other medical office and senior housing facilities throughout the Houston area. HCP is also planning a renovation of another “high-profile” Houston property, according to Transwestern’s Ashley Cassel.

Click to read more at Houston Business Journal.

50 top-selling master-planned communities nationwide include 10 in Houston

Among the 50 top-selling master-planned communities nationwide in 2017, 10 are located in the Houston area.

That’s more than any other metro area on RCLCO Real Estate Advisors’ midyear update. However, the firm’s lists in previous years have ended at 20.

Click to read more at Houston Business Journal.

Houston office report: ‘Tenant demand remains muted’

Houston’s sublease glut, even in spite of its overwhelming size, is contracting, per a recent report from the Houston office of Chicago-based JLL. But any positive momentum in the city’s office market is largely overshadowed by the amount of vacant space still weighing it down.

The amount of sublease office space available in Houston has dipped more than 1.1 million square feet, per the report, from its record-high and now sits at 11.1 million square feet.

Click to read more at Houston Business Journal.