Astrodome renovation plan a win-win

Love it. Hate it.

Tear it down or recreate it.

The decaying, outdated and unused Astrodome is one of Houston’s greatest cultural and architectural landmarks. The fact that $105 million now will be used to renovate the former home of the Astros and Oilers – the money finally greenlighted after years of public arguments and following the destruction from Hurricane Harvey – is also very Houston.

 Harris County commissioners voted unanimously to modernize the much-loved/loathed Dome, approving a multi-stage project that eventually will transform the embarrassing eyesore next to NRG Stadium into a venue that will house conventions, conferences, festivals and more. Of course, the once-brilliant Eighth Wonder of the World also will honor our car-obsessed city with about 1,400 new parking spaces.
 
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Report: Apartment/commercial construction retreats in U.S., holds steady in Houston

Houston bucked the national trend for new commercial and multifamily construction projects in 2017, a report showed.

The value of commercial and apartment construction projects started in the Houston area in 2017 held steady at $3.9 billion after experiencing a big drop in 2016, Dodge Data & Analytics reported.

Seven of the top 12 markets showed declines, including the biggest markets of New York, Los Angeles, Dallas and Washington, D.C. The San Francisco, Atlanta and Philadelphia areas experienced double-digit gains in the value of construction starts, while Seattle was unchanged along with Houston.

 Dodge Data & Analytics tracked office buildings, stores, hotels, warehouses, commercial garages and multifamily housing in the report.
 
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Local retail rent stays competitive, office prices surge in The Woodlands

Although The Woodlands area holds the reputation of being a retail destination in the Greater Houston area, local experts say the area’s retail rental rates remain on par with those of neighboring communities, while local business owners say the rental rates can be discouraging to small businesses.

In 2017, The Woodlands’ average retail rental rate was $21.76 per square foot—making the community the 13th most expensive retail rental market in the Greater Houston area, according to data compiled by J. Beard Real Estate Company’s research department through third-party data providers.

Compared with similar Greater Houston area markets, retail in The Woodlands is more expensive than Cy-Fair, at $21.21 per square foot; Spring-Klein, at $18.98; and Sugar Land-Missouri City, at $18.34, according to data compiled by Caldwell Companies.

Read more at communityimpact.com

Demand Surge Puts Houston on Top in 4Q

Houston was the nation’s leader for apartment demand in 4th quarter 2017 as a flurry of leasing activity following Hurricane Harvey drove up the metro’s overall numbers. The big surge in demand provided a shot in the arm to an apartment market which had struggled for momentum over the previous two years.

The number of occupied units in the Houston metro jumped by 13,755 in the final three months of 2017. Houston’s demand figure was nearly three times that of the nation’s #2 metro, Dallas, which absorbed 4,715 units in the quarter.

Read more at realpage.com

Available Capital, Market Growth Boost Houston’s Commercial Real Estate Industry; Experts at BoyarMiller Real Estate Forum Reflect Optimism

The availability of capital for Houston, ongoing population growth and the improving economy influence positive trends in the city’s commercial and industrial real estate industry, cite three market experts at the annual BoyarMiller Real Estate Forum.

“There was much optimism expressed about the city’s real estate markets and overwhelmingly our panel of experts believe that this is a good time for the industry,” said Chris Hanslik, chairman of BoyarMiller. “Our attendees were encouraged by the positive news and they appreciated the insights from three leaders involved in the research, development and transactions that fuel this important sector of Houston’s economy.”

Read more at PR Newswire.

Judge gives Montrose Management District new deadline

In October, a judge ruled that the district illegally collected nearly $6.6 million in assessments and that it must reimburse the money to property owners. That case is now on appeal. The Montrose Management District can go back to operating as usual, but a judge late Tuesday ordered it to do a more thorough review of a petition seeking its dissolution.

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