Two master-planned communities are driving the bulk of activity in North Houston—The Woodlands and Springwoods Village. Howard Hughes EVP Paul Layne (speaking at Bisnow's third annual Future of The Woodlands event) says office absorption has been amazing in the former. His last two offices started spec and delivered 98% leased, and Two Hughes Landing will open next month around 70% leased. Hopefully hotel demand is similar, because the 300-key luxury hotel is breaking ground next week. (He recommends watching the construction site from Crave Wine Bar.)
CDC Houston EVP Keith Simon (a serious Breaking Bad addict) hopes to announce a major medical facility later this year in Springwoods Village, and it’s developing the first phase of the mixed-use Town Center. The firm isn’t cooling its heels after snagging Exxon—Keith says corporate facilities love to embed into master-planned communities. (All of Houston is waiting to hear which companies it’ll bring on board next!) And now it’ll be easier for those users to find the property—Spring Crossing is being renamed Springwoods Village Parkway, and the highway signs will reflect the change soon. (Don't look at them though. Watch the road!)
J Beard VP Josh Feinberg says the typical real estate cycle is seven years (like cicadas or the astrological Saturn cycle), but he thinks The Woodlands’ upswing will last longer. J Beard closed 240 deals in the submarket last year. Josh, a huge Alice in Chains fan, went to a concert the night of our event.
Our sponsor Kirksey is working on several Woodlands projects, including 10 Waterway (modeled here), Wildwood Corporate Center, and Hughes Landing. Here’s the design team: John Wilkinson, Bob Inaba, Scott Wilkinson (John's dad!), Michelle Old, and James Fuex.
Mea culpa: In yesterday’s publication, we wrote that Marcus & Millichap’s Nate Newman sold 3000 Research Forest, but his colleagues Justin Miller and Derek Hargrove handled the deal 1.5 months ago.
