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HOUSTON-More than a year after acquiring 103 acres, Atlanta-based Industrial Developments International Inc. has broken ground on the $50-million Greenspoint Business Center. The first phase, located just south of Beltway 8, will consist of 356,066 sf of distribution space in three buildings.

David Boyd, principal with local Boyd Commercial, says that IDI’s project in the northern submarket already has attracted interest from potential tenants. He predicts a substantial amount of the space will be committed by year’s end when the project is slated to come on line. “Historically a lot of the distribution space has been in the northwest submarket, which is now mature, and doesn’t have much space available,” says Boyd, whose company is preleasing the buildings at 11710 N. Freeway and 51-101 Esplanade Blvd.

IDI is building a 244,550-sf cross-dock for medium- to large-size users; 106,698-sf rear-load for medium-size users; and 54,818-sf building for flex tenants. Boyd isn’t discussing specific lease rates, but he tells GlobeSt.com that the quotes are aggressive–and the market is responding positively. Recent industrial reports place rents for similar product in the north submarket at $6.17 per sf for warehouse and distribution space. The 24.2-million-sf submarket has a 7.3% vacancy.

According to an IDI press release, Greenspoint Business Center’s future phases will include build-to-suits and more market-driven spec space. Boyd says demand is growing, predicting the north submarket will be the next huge growth area when it comes to development and leasing industrial product. “Developers are moving there from the northwest because there’s land available,” he says, adding that roads and other infrastructure are also creating a favorable environment for future development.

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