The Energy Corridor D a v i d W . H i g h t o w e r E x e c u t i - - PowerPoint PPT Presentation

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The Energy Corridor D a v i d W . H i g h t o w e r E x e c u t i - - PowerPoint PPT Presentation

Feb 08, 2024 105 likes •279 views

Future of The Energy Corridor D a v i d W . H i g h t o w e r E x e c u t i v e V P a n d C h i e f D e v e l o p m e n t O f f i c e r , W o l f f C o m p a n i e s P r e s i d e n t , T h e E n e r g y C o r r i d o r D i s t

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The Energy Corridor

  • Future of

D a v i d W . H i g h t o w e r E x e c u t i v e V P a n d C h i e f D e v e l o p m e n t O f f i c e r , W o l f f C o m p a n i e s P r e s i d e n t , T h e E n e r g y C o r r i d o r D i s t r i c t

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The Energy Corridor

Source: The Energy Corridor Management District.

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Greater West Houston

The Energy Corridor, City Centre/Memorial City, Westchase and Westway Park make up the Central Business District (CBD) of Greater West Houston. All four areas are within five minutes of the intersection of I-10 and Beltway 8.

Source: West Houston Association and Wolff Companies.

Westway Park

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0.18 0.35 0.71 1.00 1.48 1.72 1.97 2.34 2.62 3.02

  • 0.50

1.00 1.50 2.00 2.50 3.00 3.50 1970 1980 1990 2000 2010 2015 2020 2030 2040 2050

West Houston Population

(In millions; 1970-2050)

Population

West Houston is now almost ten times larger than it was in 1970. Today, if it were incorporated into its own city, West Houston would be the fifth largest city in the United States – ahead of Philadelphia, Phoenix or Dallas. By 2025, the epicenter of the Houston metropolitan region is projected to be I-10 and Barker Cypress.

Source: U. S. Bureau of the Census for 1990-2010. CDS Market Research for forecasts. West Houston Association. 4

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17 149 243 318 458 595 708 798 969

  • 200

400 600 800 1,000 1,200 1970 1980 1990 2000 2010 2020 2030 2040 2050

West Houston Employment

(In 000; 1990 to 2050)

Employment

In 2015, West Houston had 30 times more jobs than it had in 1970. The CBD of West Houston is now the largest employment center in the metropolitan area!

Source: U. S. Bureau of the Census for 1990-2010. CDS Market Research for forecasts. West Houston Association. 5

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Major Employers in The Energy Corridor

The Energy Corridor is home to major employers, such as BP, Conoco Phillips, Shell, WoodGroup Mustang, Sysco, Gulf States Toyota, Methodist Hospital and Texas Children’s Hospital. All companies shown below have more than 1,000 employees.

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Energy Corridor 30-Minute Commute Area

Within 30 minutes of The Energy Corridor are…

  • 37.5% of the population
  • 39.3% of the households
  • 39.7% of employed persons

…in the Houston MSA.

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The “energy” in The Energy Corridor is not fossil fuels, it is people!

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Architects and Engineers

This area also includes 50% of all Houston Architects and Engineers.

Source: PCensus for ArcView, Nielsen Demographics 2016. 8

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Business and Financial Professionals

As well as 51% of all business and financial professionals.

Source: PCensus for ArcView, Nielsen Demographics 2016. 9

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Information Technology Professionals

And 51% of all information technology professionals.

Source: PCensus for ArcView, Nielsen Demographics 2016. 10

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Net Office Absorption

From 2012 to 2015, West Houston had net absorption of 7.3M square feet, 36% of all office space absorbed in Houston. In contrast, Downtown had negative net absorption of -900K.

Source: The CoStar Office Report: Houston Office Market Year-End 2015. 11 451,634 (26,419) 427,326 (1,767,530) 1,714,599 1,743,821 3,055,427 791,046 2,555,391 2,590,168 5,400,725 3,629,943

  • 3,000,000
  • 2,000,000
  • 1,000,000

1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 2012 2013 2014 2015

Net Office Absorption

2012-15

Downtown West Houston Rest of Houston

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3,625,003 3,543,769 4,546,586 7,781,919 42,704,238 44,448,059 47,503,486 48,294,532 46,329,241 47,991,828 52,050,072 56,076,451

2012 4Q 2013 4Q 2014 4Q 2015 4Q

GWH Office Space

In square feet, 2012-2015

Vacant SF Occupied SF 12

Companies Continue to Locate in GWH

West Houston now has over 56 million square feet of office space. Recent moves to West Houston include Air Liquide (597K), BASF (110K), Linde (50K), First Service Credit Union (50K) and Siemens (29K). Shell also recently completed 672K of new office space where they have consolidated operations from downtown and other locations.

Source: The Co-Star Office Report – Year End 2015. Includes sub-lease space.

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Residential Options Continue to Grow

Single and multi-family residential options continue to expand in GWH, including the Heights at Park Row, which opened in Wolff Companies’ Central Park in 2015.

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Healthcare Continues to Expand

In Texas Medical Center West Campus, Methodist and Texas Children’s Hospital are expanding. By 2017, they will have over 1.5 million square feet, representing a $760 million investment. Later this year, MD Anderson will break ground on a 175K square foot diagnostic center in Wolff Companies’ Central Park.

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Major Infrastructure is Being Implemented

Investments continue to be made to improve mobility and access in The Energy Corridor.

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Park Row Extension Project The Energy Corridor Circulator

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The Future of the Energy Corridor

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Market Research Presentations

For copies of this presentation, please go to www.wolffcompanies.com or email David Hightower at dwh@wolffcompanies.com. For copies of The Energy Corridor 2016 Land Use and Demographics Report, please go to www.energycorridor.org.

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