19 million square foot of office space is under construction in Houston, TX. This is 54% more than a year ago, and its highest level since the booming 1980s, according to local news reports.
According to the Houston Business Journal, , 40% is corporately owned. Specifically, a 3-million-square foot campus is being built by Exxon Mobil, a 1.1-million-square foot campus by Phillips 66 and a 515,000-square foot building that Southwestern energy is constructing.
This surge in construction is driving up the real estate prices. CBRE research estimates that land values throughout the Houston metroplex are increasing strongly.
Construction workers are also benefiting from all of this activity. The Associated General Contractors of America says that Houston added more construction jobs that any major metro in the U.S. from August 2013 to August 2014. Houston’s employment in all business sectors has jumped by 10% since 2008, or twice the percentage in San Francisco, according to The Daily Beast.
The Business Journal reports that 10.8 million sf of office space are on schedule to be delivered by year’s end, a sizable jump over the 3.2 million sf delivered in 2013.
To learn more about what is the driving force behind this construction, visit this link