597,000-SF Montgomery Summit Business Park heads near Conroe

MONTGOMERY – The Montgomery Summit Business Park, a 96-acre business park located on FM 1097, will include 597,200 sf of retail, office and office/warehouse flex space. Phase I of the project is estimated to cost $11 million.

The development will be anchored by an 87,000-sf Uncle Bob’s Self Storage, which is scheduled to open in spring 2015.

The project will break ground this month and building construction will begin in October. The developer is Summit Universal.

Overall, industrial vacancy in Houston is 6.3 percent, the lowest vacancy on record in recent years, and down from the 7 percent recorded during the same quarter last year, reports Commercial Gateway, the commercial division of the Houston Association of Realtors.

There are currently 45 spec and build-to-suit industrial buildings totaling 5.2 million sf under construction in Houston.

The average rental rate for Houston’s industrial market is $5.44 per sf. That’s a 5 percent jump over last year, reports JLL.

Houston’s industrial market continues to be hot, with warehouse/distribution properties recording the largest share of absorption last quarter.

Continuing a six-year trend of positive absorption in the industrial market, warehouse/distribution properties had the lion’s share of 85 percent of the total absorption in second quarter 2014, which equates to 1.6 million square feet, reports Commercial Gateway.