Katy Is Growing Three Times as Fast as the Rest of Houston. Here’s Why.
The Grand Parkway is not quite complete yet in North Houston, but it's already having a major impact on the west side. While the Houston/Galveston area averages 1.8% growth annually according to the Houston-Galveston Area Council, Katy is sitting pretty with a growth rate between 4% and 6% over the last decade. According to Transwestern, 247 properties totaling over 10M SF have been developed in the Katy area in the past 10 years. Katy also boasts 21 properties under construction and 63 proposed developments, although not everything on the docket will get built. Transwestern regional president Kevin Roberts (in his son's "office" at the PGA Championship at Whistling Straits) says mixed-use projects along the Grand Parkway are doing especially well. La Centerra at Cinco Ranch and the Grandway West project are both benefiting from their unbeatable locations on the Grand Parkway as well as their vibrant live/work/play environments and amenities.
A few other players in the Katy market include US Silica, which leased 17k SF at Katy Ranch Crossing (a 2M SF development at I-10 and the Grand Parkway); Academy, which selected the area for its new HQ; and DNVGL, which doubled its office space to accommodate growth. Construction is also underway on Typhoon Texas, a 43-acre waterpark east of Katy Mills Mall. Developer Keith Dalton tells us the site was selected for its proximity to I-10, Katy Mills Mall, and you guessed it, the Grand Parkway.
Katy Area Economic Development CEO Lance LaCour says the Grand Parkway is a key piece of infrastructure as it's spurring a growing number of companies to set up shop along the Grand Parkway Mason Road corridor. But he points out other catalysts for growth: Katy ISD Schools and businesses relocating to the area.