Teardowns are common in the residential real estate market, particularly in communities like Bellaire, the Heights and the West University Palace. The houses are completely demolished and replaced by better and bigger structures.
What was now just being witnessed in the residential real estate sector, is also moving towards the commercial sector at a rapid pace.
Sanford Criner, who takes up the post of the vice president at the CBRE Group and is an expert in office leasing, stated that a large number of commercial offices are going to go down and new buildings will be rebuilt on the same places.
A reason behind this new crazy move could be the fact that old buildings are not efficient in terms of energy and technology. As such, their performance falls below par and they struggle to compete with new structures. So if any old building is standing at a prime street or is occupying an important corner, there is a good chance that it will be completely demolished and the site will be used for a new, modern building built right from scratch.
The Houston job market is probably among the hottest and most coveted markets in not just the entire country, but probably the world as well. Since quite some days, this has been all over the news. The rents are rising and vacancies are coming down. This could be another reason as to why the move is being made. The bigger enterprises would all be able to take advantage if there were more buildings in Houston that would feature cutting edge technology and design.
As of now, there are several developers that are revamping old buildings and constructing new office towers. A large number of these projects have been initiated in the Woodlands and West Houston.
A new office complex by the name of Town Centre I is being built by Moody Ramblin Interests at the Queensbury Lane, next to the intersection of Katy Freeway and Beltway 8. The building will have ten floors. The project will provide ample space for office needs and will have a capacity for the parking of almost 140 cars. There will also be a theater and auditorium that will take up an area of 22,000 square feet.
Another building for office use is being constructed in Montrose. Developed by the Redstone Cos. and Hansen Partners, this will be a six level building.