Houston among top 10 most expensive cities in the world for construction

Houston is one of the most expensive cities in the world to build commercial and residential projects, according to a new report.

Turner & Townsend, a global professionals services firm based in the U.K., recently released its 2017 international construction market survey. The annual study examines construction costs for commercial and residential projects in 43 cities around the world.

Click to read more at Houston Business Journal.

Galveston wraps up $20 million beach expansion

Galveston recently finished a project to shore up some of its beaches.

The city completed a $19.5 million effort to replenish and expand its seawall beaches from 12th to 61st streets, according to Houston Public Media. The project also added new facilities such as toilets and showers.

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There’s a population in Houston worth $44 billion, and retailers are noticing

Real estate retail activity among businesses that target Houston’s growing Hispanic population is drumming up, said Rafael Melara, senior vice president of brokerage services at Houston-based Hunington Properties.

“I am seeing much more activity,” Melara said, when asked about real estate activity among Hispanic-facing businesses in 2017 compared to years prior. “People are trying to lease now because you don’t see as much vacancy. That’s really driven demand.”

Click to read more at Houston Business Journal.

Houston companies plan new industrial developments in Pasadena and Missouri City

New industrial developments continue to rise around the Houston area, with two new projects announced so far this week.

One Houston-based developer has announced a new industrial park in southeast Houston, while another plans to build warehouses in southwest Houston.

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Here’s how many packages FedEx’s new massive Houston hub will process per day

More details were revealed on one of the largest commercial real estate developments set to deliver in Houston this year.

The massive, 815,000-square-foot facility that Memphis-based FedEx Corp. is building in Houston will be completed by Sept. 10, said Brady Bates, senior manager of the Houston FedEx Ground hub, at a Katy Economic Development Council meeting.

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These are the types of multifamily projects lenders will back in Houston

Houston apartment developers are wrestling with a challenging economic environment even as the city slowly recovers from the oil slump.

Banks and institutional lenders are tightening their purse strings amid a national apartment construction boom. This is nothing new for Houston developers, who have struggled in recent years to find financing amid the oil slump.

Click to read more at Houston Business Journal.