D’Agostino Cos. Breaks Ground for The Offices at Sam Houston in West Belt Submarket
- Sep 04, 2014
Eight months after proposing development of a four-story, 113,000-square-foot office property at the corner of Sam Houston Park Drive and Houston Oakes Drive, D’Agostino Cos. broke ground on The Offices at Sam Houston. CBRE has been pre-leasing the asset; plans were to begin construction as soon as the property was at least 25 percent pre-leased, and it is now more than 50 percent spoken for.
The project will rise along Beltway 8, between highways 249 and 290, on a 4.3-acre site. That’s good news for the West Belt submarket, which, according to the Houston Business Journal, has been the subject of some concern among real estate experts, since in the last quarter only one out of nine proposed projects broke ground and only one office building out of 10 was completed.
The West Belt submarket received its moniker last year, when CBRE research data showed that the area along the Sam Houston Tollway had begun to differentiate itself from the neighboring FM 1960 and North Loop submarkets. Benefits included an increase in rents and growing development activity. In the third quarter of 2013, when the research was conducted, two new office assets totaling 541,000 square feet had been completed in the West Belt: Houston Crossing II and 8 West Centre.
“West Houston has been one of the most dynamic office markets in the nation over the last two years, with robust new construction and exceptional occupancy rates,” said Angie Baeur-Hamilton of CBRE Houston. “As more development emerges in the West Houston submarkets, CBRE Research is recalibrating to capture that trending data.”
Image Courtesy of CBRE