HOUSTON-Job growth and the eventual completion of the Grand Parkway extension will benefit the office, retail and housing markets in the Houston area.

The bullish outlook comes from panelists who participated at the recent BoyarMiller Real Estate Breakfast Forum.

“The Grand Parkway is a game-changer and the Katy area is now the fastest growing community in the United States,” said Jay Sears, managing partner of NewQuest Properties. “New development in that community is driving retail with grocers leading the way. We are seeing new grocers coming to the market and some that are moving to the suburbs for the first time.”

Katy recently attracted Maryland insurance giant Geico, which established a 135,00-square-foot office near the Grand Parkway at 21420 Merchants Way, according to the Houston Business Journal.

Construction began on The Grand Parkway extension in July. The roadway will run from I-10 in Katy to U.S. Highway 290 to U.S. 59 North. The stretch between I-10 and 290 is expected to open by Dec. 21.

In terms of the office market in the Houston area, Jonathan Brinsden, president and CEO of Midway, said that there is 11.5 million square feet of office space under construction in Houston, with 74% of the space pre-leased.

“Driven by the energy sector where one direct energy job produces four other jobs, the office landscape is changing to a campus style that addresses both the type of work being done and the generational changes of the workforce,” Brinsden said. See story in the Houston Business Journal.