Houston Realty Advisors Inc. has a new listing available FOR LEASE in Pasadena, TX. This property is located at 906 Witter St. it’s a Flex/ Warehouse/ Office Building. containing 13,450 Square Feet of Building.
For more information please contact us.
Photo of exterior and by Alex Ayres Photography
1 of the 7 offices on this Listing. Photo credit: Alex Ayres Photography
Privacy gate
Break room Photo credit: Alex Ayres Photography
Houston’s commercial property values will continue to trend upward in 2020 as demand for development opportunities expands amid the region’s positive job growth, according to Deal Sikes, a leading Houston-based valuation firm.
“Although there are a few exceptions, the real estate market in Houston is headed for another good year,” said Mark Sikes, principal with Deal Sikes. “The region’s economy is healthy and although the energy industry is in a lackluster period, the overall economic outlook is outstanding.”
Houston’s industrial market is attracting interest from around the nation and research indicates that more than 15 million square feet of warehouse space is under construction in the Greater Houston area.
“Prices for land or urban infill development property has risen significantly in recent years,” Sikes said. “Rising land prices have pushed the wave of industrial development farther away from the center of the city and outer suburban land prices have increased accordingly.”
Property values in the urban core of the city remain strong as developers and builders locate buildings for redevelopment or seek sites that are appropriate for new construction, Sikes said.
“Multifamily construction is strong in Houston and researchers report more than 25,000 units are now under construction, although the pace is expected to be slightly more moderate in 2020 as the new inventory is absorbed,” Sikes said. “Investor demand is good and multifamily valuations have not yet peaked in most submarkets.”
Newer office buildings and Class A towers under construction are leasing briskly, although Houston’s office market is the most sluggish sector.
The Texas Medical Center, where more than 100,000 people are employed, is a source of growth for Houston and several hospitals and research facilities are expanding.
“Houston’s commercial real estate values will be on a solid upswing in 2019,” said Matthew Deal, principal with Deal Sikes. “With Houston expected to gain population significantly in the next decade, the long-term forecast must include rising property prices that will be very impressive over the long haul.”
Memorial Hermann Health System, Houston’s largest health system, opened a new 17-floor critical care tower at its Texas Medical Center hospital.
Memorial Hermann-Texas Medical Center’s new tower, dubbed the Susan and Fayez Sarofim Pavilion, began accepting emergency room patients effective Feb. 20, according to a hospital spokesperson.
Susan and Fayez Sarofim, the billionaire behind Houston-based investment firm Fayez Sarofim & Co., donated $25 million for the project — the largest gift Memorial Hermann had ever received when it was announced in February 2018. The Sarofim Pavilion was part of a roughly $700 million renovation and expansion project at Memorial Hermann-Texas Medical Center, according to Memorial Hermann.
“The Sarofim Pavilion enables Memorial Hermann to stay ahead of the fast-growing advances in medicine, keep pace with the extraordinary growth of the greater Houston metropolitan region and, most importantly, meet the health needs of our community for years to come,” David Callender, president, and CEO of Memorial Hermann said in a news release.
The new 17-floor tower has more than 140 patient rooms; 24 operating rooms, including three hybrid ORs; a 335-seat cafeteria dubbed the Arboretum Café; and 900 new parking spots. Sarofim Pavilion also is the new home of the Red Duke Trauma Institute at Memorial Hermann-TMC — one of two adult Level 1 trauma centers in Houston.
Operations for Memorial Hermann’s air ambulance service, Life Flight, moved on top of the new tower. The new John S. Dunn Heliport is 10,000 square feet larger than the old helipad and is capable of handling the weight of a Black Hawk helicopter.
“As the Houston community is growing by leaps and bounds, the need for access to quality health care increases exponentially,” Susan Sarofim, chair of the Memorial Hermann Foundation board between 2015 and 2017, said in the release. “Memorial Hermann has stepped up to the plate to deliver a new facility with greatly increased patient capacity and state-of-the-art equipment. Fayez and I are so proud to support Memorial Hermann as the health system continues to deliver award-winning, innovative care to the Houston community.”
Construction began on the Memorial Hermann-TMC expansion in 2015. The building of Sarofim Pavilion took over 5,500 workers and 3.5 million man-hours, according to Memorial Hermann. Houston-based Vaughn Construction served as the project’s general contractor.
