Houston – (Realty News Report) – A new business park just south of the historic Astrodome will be marketed by CBRE, the commercial real estate firm announced Tuesday.
Named Corporate Center Fannin, the development is an 18.6-acre, master-planned business park located at 10001 Fannin Street in Houston. CBRE will represent Summit Real Estate Group in marketing the property.
Corporate Center Fannin includes Fannin I, a 219,000-square-foot Class A warehouse, and Fannin II, a new 152,000-square-foot Class A warehouse scheduled for completion in Summer 2020. Method Architecture designed Fannin II, and Burton Construction will serve as the general contractor. The new building will offer Class A features such as a 32-foot clear height, ESFR sprinkler system, expansive modern truck courts and ample parking.
“We selected this infill investment because of its proximity to the Texas Medical Center and the many last-mile opportunities,” said Mark Billeaud, partner at Summit Real Estate Group. “The business park sits two miles from the Texas Medical Center and a half mile from the 610 Loop. It’s also within a 30-minute drive of nearly 3 million people. The TMC zip code alone is home to some 21,000 physicians, scientists and researchers—the highest concentration in the country.”
More than 100,000 people work in the Texas Medical Center, including roughly 10,000 professionals holding PhD or MD degrees.
Demand for close-in distribution space—commonly called “last-mile” warehouses—has grown as e-commerce accelerates.
CBRE’s research indicates that consumer preferences have shifted toward faster delivery, driving a surge in demand for last-mile real estate. Well-located light-industrial properties are in particularly high demand, outpacing larger warehouse needs as local economic activity and urban population growth push logistics operators to place facilities closer to consumers. This trend is expected to sustain strong demand for smaller, strategically positioned warehouse properties as companies expand networks to improve service and reduce delivery times.
Dec. 3, 2019 Realty News Report Copyright 2019
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