Levit Green, a 53-acre mixed-use district, is expected to start construction in Q2 2021 on its first project, a five-story, 270,000-sq.-ft. advanced laboratory and life sciences facility.
Vacancy at 16.6%. Overall vacancy for medical office space in the Houston market is at 16.6%, down 50 basis points from 17.1% this time last year. In addition, office medical space recorded 166,000 sq. ft. of leasing activity—which is comprised of both new leases and renewals—while net absorption (move-ins minus move-outs) is at negative 16,000 sq. ft. So far this year, developments under construction stand at 864,000 sq. ft. The average asking full-service rent is at $25.86 per sq. ft., up $0.82 from last year at this time, while Class A medical office space is averaging $30.73 per sq. ft., down from the prior period at $31.34 per sq. ft.
53-acre life sciences project to break ground. The Texas Medical Center is in position for another change as Hines and 2M Real Estate Interests prepare to break ground on the first phase of Levit Green, a 53-acre mixed-use district. Construction is expected to start in Q2 2021 on the five-story, 270,000-sq.-ft. advanced laboratory and life sciences facility, the first building on this project.
Texas A&M University System completes renovations. The first phase of its proposed mixed-use campus in the Texas Medical Center, and its public-private partner is advancing on office and residential additions to the proposed $550 million campus. The university system finished work renovating an 18-story building housing the system’s new medical engineering program as students began moving into the tower for the spring semester. The $145 million makeover project transformed a former bank building at 1020 Holcombe Blvd. into an academic campus. The tower anchors a proposed 5-acre mixed-use project called Innovation Plaza, which was first announced in Q1 2020.
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