Houston Update with Joshua Vita. Job growth, demolition of parking structure, and lease vacancies
By: Joshua Vita
Posted in: construction business tv weekly update
Josh: Hello, and welcome to this edition of weekly update my name is Joshua Vita. This weekend on our update we have Houston leads the nation in decline of sublease vacancies, George Bush Intercontinental Airport garage demolished for terminal expansion, and Tomball growth creates jobs and a boom in business and technology. All this after the intro.
OK, our first story up today is about the decline in sublease vacancies in Houston. As of right now Houston leads the nation in the amount of sublease office space absorbed by the market in 2020, according to Cushman and Wakefield. Local tenants took 71,000 square feet of sublease space off the market last year. That makes Houston, one of ten cities, that saw a net decline in sublease vacancies. There was a slight rebound last quarter in Houston , but office vacancies continue to rise. Colliers International report on Houston's office marker and that of 1,680 existing office buildings, 92 of those have 100,00 square feet or more contiguous space available for leasing or subleasing, and 26 of those buildings with 200,000 square feet available.
OK, next story today is about the George Bush Intercontinental Airport garage demolished for terminal expansion. So, the airport is moving forward wit this project which is going cost about @1.23 billion for this expansion. The Terminal D/E parking garage permanently closed on March 1st and any car full parked there after March 18th will be towed. There is currently no set fate for the demolition of the garage, and the expansion will be ht most significant expansion program in the 52-year history of the airport.
Ok, The last story up today is about Tomball's growth, creating jobs and a booming business and technology. So, Kelly Violette, Executive Director of the Tomball Economic Development Corp. TEDC for short, said there is a tremendous growth in industrial and commercial development in Tomball. TEDC invested $725,000 dollars to help with job creation, retention, and infrastructure costs for ongoing industrial and commercial objects within the City of Tomball. There are a halal of seven projects in place which will yield approximately 415 new jobs over the next decade. Seven project/companies areas follows: Element Sportsplex, Power Now Llc, INVACOR Solutions, LLC, Houston Poly Bag I, Ltd, JDR Cable Systems, CCJ Collaborations unmade brewery, Kinsley Armelle is the last one. These businesses/projects will be located in Tomball Business and Technology Park, located at Holderrieth and Hufsmith-Kohrville Roads.
Thank you agin for watching this edition of weekly update. If you liked the video, make sure to give it a big thumbs up. Also, make sure to hit the subscribe button and bell icon down there to stay up to date on what's happening in construction business. Also, if you are contractor or any tradesman, of any kind or own a construction company, there 's a tab down there in the description where you can set up an interview with me to get featured hereon Construction Business. I hope you have a wonderful weekend. I will see you next week
