Office: Constrained Space, More Construction

HOUSTON-Anyone traveling around the region on any given day, whether driving west on Interstate 10 near Katy, TX or moving far north of the CBD on Interstate 45 to The Woodlands, will see a lot of cranes. The reason for those cranes is that demand for office space in those and other submarkets has led to a variety of construction launches – and experts tell GlobeSt.com to expect more of that to happen in 2013.

Within the past several months, ground has broken on the 450,000-square-foot Energy Tower III on the far west side along Interstate 10 and the 197,000-square-feoot One Hughes Landing in The Woodlands – both buildings are scheduled for a 2014 delivery.  Redstone Cos. and Stream Realty Partners LP launched construction on a 320,000-square-foot building in the Galleria submarket, of which BBVA Compass is the anchor tenant while, less than a mile away, Skanska USA Commercial broke ground on a 302,000-square-foot speculative office building.