Amongst several commercial infrastructures set to be erected within The Woodlands, a twenty-story office building is one of its most significant to date. According to plans made by the community?s developers, the Class A tower will be constructed within the town centre, along 10 Waterway.
Although a construction date is yet to be released, this project will soon become the third tallest structure within the area, close behind two Anadarko towers ? one standing 31-storys tall, while the other (currently under construction) 30-storys high. ?The Woodlands real estate market is still not done growing.
According to reports, the development group says that tower will be constructed LEED Silver Certified, and feature over 500,000 square feet of office space for rent. Before a constructional timeline can be given, Susan Vreeland-Wendt, current director of marketing for The Woodlands Development Company, says that a major tenant must be secured beforehand. Moreover, interested tenants may impact set plans for the development?s specifications.
?We are now pre-marketing this building, but the design could change depending upon the needs and desires of the tenant or tenants,? she said.
Aside from this building, which is specifically going to be built across from 24 Waterway Avenue, other office facilities are being planned, or are currently under construction today. According to Josh Cheatham, vice president at NAI Houston, a large contributing factor for increased demand for office space (two percent vacancy rate as of today) is the upcoming ExxonMobil campus.
?ExxonMobil is the driving force,? Cheatham said. ?It is also being located at Grand Parkway, so there are a lot of tenants following ExxonMobil moving north. Certainly being in close proximity to the airport is a reason for the interest.?
He then went on to explaining how The Woodlands? numerous amenities also play a role in building commercial real estate demand within the community. ?Just The Woodlands itself is a nice place to recruit talent. It?s a nice suburban market, with a lot of amenities,? he said.
The Woodlands Development Company says that phase II of The Millennium Waterway luxury apartments are under construction as well, and is predicted to be completed by 2013 or 2014.
Source: http://www.thewoodlandsproperty.com/2012/11/new-high-rise-office-building-in-the-woodlands/
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