Houston: One of world's largest spec projects underwayHouston: One of world's largest spec projects underwayhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=47032014-03-08T17:37:00Z2014-03-08T00:00:00Z

HOUSTON - Construction has started on one of the largest spec office projects in the world. The Hines project — 609 Main at Texas — is a 48-story, 1,050,000-sf office tower at the corner of Main St. and Texas St. in downtown Houston.

The company planned to build a smaller building, but increased the size of the tower because demand for space in the building appears to be growing. Construction is expected to take 36 months with delivery scheduled for February 2017.

Houston’s energy business has been expanding and generating growth in other sectors for several years. Houston, with 82,000 new jobs last year, led the nation in job growth and housing starts in 2013.

Office occupancy is exceptionally high in Houston and rents are rising. The Energy Corridor in west Houston has and Class A occupancy rate of 99 percent. The Houston CBD vacancy rate is 9.2 percent in overall and 7.5 percent in Class A, according to CBRE.

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Houston-The Woodlands-Sugar Land
http://realtynewsreport.com/2014/03/05/hines-announces-construction-start-for-48-story-tower-in-houston-one-of-the-largest-spec-projects-in-the-world/Read more at {Source}

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