HOUSTON–GlobeSt.com talked with HFF Senior Managing Director Todd Marix to get his perspective on the Houston multifamily market. Marix will be one of the panelists on the Multifamily Focus panel at Thursday’s RealShare Houston conference at the Houstonian Hotel.
GlobeSt.com: It seems like everyday I’m writing another story about a new multifamily development starting in the Houston area. Where do you see the market now in that regards?
Marix: Much of the discussion seems to center around new supply, what gets a lot less coverage is new demand. According Greater Houston Partnership – we’re adding 120,000 people a year. We’ll have 7.2 million people here in 2020. You think it’s hard to park now…
GlobeSt.com: What do you think is driving the incredible population growth Texas has seen lately?
Marix: Business friendly climate, low cost of living, no State income tax and you can get a job here.
GlobeSt.com: What market/area do you find the most interesting now?
Marix: Inner Loop and increasing density. It’s getting harder and harder to harder to get around Houston – people are going to pay to be closer to work and reduce their commutes.
GlobeSt.com: The Exxon Mobil campus is driving a lot of multifamily project. Can you share your thoughts on the impact the campus us having on the multifamily market?
Marix: If you look at new supply around The Woodlands – most of it AROUND The Woodlands, apartment developers have certainly targeted Spring Woods Village, but the other surrounding perimeter Woodlands markets too.
GlobeSt.com: Do you worry about overbuilding in any one particular area?
Marix: Inner Loop, Energy Corridor, and The Woodlands are going to be the most competitive.
GlobeSt.com: In the cycle of a market, where would you say Houston is now?
Marix: In the sixth inning, but we’re going into extra innings!
GlobeSt.com: How is the market different today than it was five years ago?
Marix: 2014 versus 2009 – can’t imagine any two more contrasting years. 2009 was so bad, we just didn’t know how long it was going to last. 2014 is so good, we just don’t know how long it’s going to last.