River Oaks Equity Brokers Inverness at Westador

River Oaks Equity Partners, as exclusive advisor and agent, is pleased to announce the sale of the Inverness at Westador apartments located in Houston, Texas. The firm represented the seller and procured an established local investor to acquire the offering which traded at 97.4 percent of full list price. Inverness at Westador is located at 17417 Red Oak Drive, Houston, Texas 77090.

These are Houston’s long-term commercial real estate strengths and challenges

Though there’s a few more weeks left in 2017, the year has proved itself as one of the most eventful for Houston’s commercial real estate market.

Hurricane Harvey sent demand for the city’s multifamily and hotel sectors skyrocketing as displaced Houstonians continue to seek out temporary lodging. Houston’s industrial market, in large part due to an influx of demand from e-commerce giants like Amazon and others, has maintained a vacancy rate of less than 5 percent and established Houston as a formidable distribution hub. Meanwhile, the city’s office market continues to buckle under the weight of its 10 million square feet of available sublease space.

Click to read more at Houston Business Journal. 

Saudi Aramco subleases 200,000 SF in downtown tower

The state-owned Saudi oil company, Saudi Aramco, will soon relocate to downtown from its building in Bellaire, which flooded during Hurricane Harvey.

Saudi Aramco subleased approximately 200,000 square feet in Two Allen Center, sources close to the deal told the Houston Business Journal. The company has long occupied around 160,000 square feet in the 419,260-square-foot 9009 West Loop South, which Saudi Aramco has owned since 1988, per city records.

Click to read more at Houston Business Journal. 

Global co-working company to open first Houston location in Kirby Grove

Another company that operates co-working spaces is entering the Houston market.

Spaces, which bills itself as a “creative workspaces pioneer,” plans to open its first Houston location in the Kirby Grove mixed-use development. Spaces expects to open in the spring and will occupy the entire sixth floor — about 25,000 square feet — of the development’s office building.

Founded in Amsterdam, Spaces has locations in the Netherlands, the U.K., Australia and Asia, plus other U.S. cities. It offers a “creative working environment for the corporate shaker, freelancer, energetic entrepreneur, international worker, mobile worker, startups and well-established companies,” according to a press release from Kirby Grove developer Midway Cos.

Click to read more at Houston Business Journal. 

New Washington Ave. redevelopment to include co-working space

A little over a year ago, two Houston-area developers scooped up an historic property on Washington Avenue with plans to renovate. Though the property’s vacant space hasn’t been leased yet, more details on the developers’ plans for the building were revealed.

The second floor of the historic, 17,000-square-foot property at 1919 Washington Avenue will likely contain co-working space, Jason Baker and Kenneth Katz of Baker Katz shared with the Houston Business Journal. It would be one of the first co-working concepts in the Heights and Washington Avenue corridor. So far, most of Houston’s newest co-working concepts have been concentrated in the city’s downtown core or sprinkled throughout the suburbs.

Click to read more at Houston Business Journal.

World Series title in hand, Houston Astros now get down to business for 2018

Freshly minted as World Series champions, the Houston Astros are now focused on boosting attendance and capitalizing on the first title in the franchise’s 55-year history.

Much like the Astros’ on-field product, the club’s business side is digging out of a deep hole inherited by owner Jim Crane in late 2011. Attendance fell to a low of 1.6 million the following year, representing barely half the yearly totals registered after Minute Maid Park first opened in 2000, and has since slowly climbed back to a level of 2.4 million this past season.

Click to read more at Houston Business Journal.