Bay Area Business Park Phase 2 has broken ground, which will make the project the largest industrial multi-tenant development in southeast Houston. Principal Real Estate Investors–in development and leasing partnership with the always-busy Stream Houston—completed Phase 1 in ’09. Those three buildings total 1.2M SF and are fully leased to tenants such as Honeywell International. Now PrinREI and Stream are adding four more spec buildings—an additional 850k SF, including two facilities that can house HazMat users. They’ll be available in September 2016.
BABP is the closest industrial development to the Port of Houston’s Bayport Container Terminal, a driving factor in building this much speculative space. That shouldn’t be a problem for the park considering the submarket boasts an outstanding vacancy rate of 3.1% as opposed to 20% when Phase 1 was completed in 2009. (That wave of activity is driving prices way up in East Houston.) Phase 2, like Phase 1, is LEED pre-certified so the project should be as energy efficient as it is massive.
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