NAI Partners’ latest Houston media breakfast, held on Wednesday, December 2, 2020, was covered by Realty News Report in an article entitled “Houston Real Estate Update: Industrial Market Healthy as Office Market Struggles.”
“Lots of positive things” are happening in the industrial submarket, said Clay Pritchett, who handles the manufacturing trade for Houston-headquartered NAI Partners.
Demand, he said, is beginning to crank up for large (over 200,000 SF) properties while 4.5 million SF of industrial space is under construction, generally in the western and southwestern submarkets.
As for “trends” happening as the third quarter of 2020 ends, Pritchett said “decision makers are moving. There is demand for e-commerce space.” Movement can be seen in the market for distribution centers and warehouses.
Amazon has been expanding at rapid pace, occupying large distribution buildings as e-commerce grows.
Pritchett pointed out that he and fellow NAI partner Zane Carman represented 10631 Corporate Drive Realty, LLC, which purchased a Class A corporate office and food processing facility at 10631 Corporate Drive in Sugar Land. It consists of about 153,000 SF of combined office, freezer-cooler warehouse and food processing space.
“Demand for specialized freezer-cooling facilities is a first for Houston,” Pritchett said.