Phase 3 Of The Bay Area Business Park To Bring 1.3M SF To Southeast Houston
Stream Realty closed on an additional 95 acres adjacent to the business park to build Phase 3. The 1.3M SF industrial expansion will consist of three buildings at 250K SF, 300K SF and 784K SF, respectively. The largest facility is expandable to 1M SF if necessary for a tenant.
Houston has a strong appetite for additional industrial space. The overall vacancy was 5.4% at the end of Q4 2018, and was even tighter in the southeast submarket at 5.2%, according to NAI Partners.
A lion's share of the 12M SF industrial development underway was concentrated in the north and southeast, with 4M SF in each submarket at year-end.
"These statistics, coupled with the extremely strong annual absorption trends, motivated us to build additional space and capture demand anywhere from 57K SF to over 1M SF," Stream Realty partner Justin Robinson said in a release.
Phase 1 of the business park delivered in 2009 totaling 1.2M SF, and the next phase wrapped up in 2016, adding nearly 850K SF. Tenants at the Bay Area Business Park include Floor & Decor, Calpine, Honeywell and Dunvant.