X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Heights at Park Row Demand is increasing for Energy Corridor multifamily, including The Heights at Park Row.

HOUSTON—An increase in demand for apartments in Houston’s energy-centric areas–including the Energy Corridor–is being driven by an increase in jobs and a shrinking pipeline of new apartment construction, according to Wolff Companies. This construction slowdown has helped the market right itself. According to CBRE, 7,800 units are currently under construction with most scheduled for completion within the next two years. CBRE data shows multifamily permits dropped 83% from a record-high third quarter in 2014.

Multifamily absorption is the highest in the Energy Corridor, Katy, The Woodlands and Spring, TX according to Apartment Data Services. Thousands of units built in recent years are predicted to be absorbed this year, and nearly 11,000 new apartment units have been absorbed already in the first half of the year. For comparison, Houston had about 4,500 apartments absorbed in all of 2016, according to Bruce McClenny, president of Apartment Data Services.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.

More from this author

GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.