Cy-Fair Edition | February 2022

DEVELOPMENT UPDATES

Developments underway in the Cy-Fair area

COMPILED BY DANICA LLOYD

Newdistribution centers under construction alongHwy. 290 Cy-Fair’s industrial real estate market added more than 1.5 million square feet of space in 2021, according to data provided by Caldwell Cos. Most of this has consisted of new distribution and warehouse facilities, and another 1.3 million square feet of space was under construction as of the start of 2022. region with three signicant developments along Hwy. 290 slated to open in 2022, including Weiser Business Park, 290 Commerce Center and Barker Cypress Distribution Center. The Houston region as a whole saw signicant growth in its industrial market in 2020 and 2021, according to a report from commercial real estate rm JLL. The leasing volume averaged 10 million square feet per quarter in 2021. This is about

declined each quarter in 2021, ending the year at 7.7%. Another 14.1 million square feet are under construction in the region, JLL reported. “Demand remains well ahead of supply, and given the current tenants in the market pipeline, this trend is expected to continue. Strong market performance drove healthy rent growth this year, and landlords are likely to keep pushing rates in 2022,” said Rachel Alexander, senior vice president of research, in JLL’s fourth quarter 2021 Houston Industrial Insight report.

Occupancy has increased from 86% at the end of 2020 to 91.7% by the end of 2021, and Cy-Fair’s total inventory is about 510 industrial buildings. Additional projects are underway throughout the

73% higher than the average of the past ve years. The total vacancy for Houston’s industrial sector

RENDERING COURTESY LEE & ASSOCIATES

RENDERING COURTESY VIGAVI

RENDERING COURTESY MOLTO PROPERTIES

WEISER BUSINESS PARK Trammel Crow Co. and Clarion Partners LLC are developing Weiser Business Park at the former location of Weiser Air Park. The developers have not conrmed specic tenants but have said it is ideal for ecommerce, consumer goods and homebuilding companies. Space: 130 acres Square footage: 1.5 million Timeline: Phase 1 to open in second quarter 2022; fourth building to break ground in rst quarter

290 COMMERCE CENTER The 290 Commerce Center is expected to open this summer, according to documents on developer Vigavi’s website. Vigavi ocials told Community Impact Newspaper they could not conrm any information about the site due to a nondisclosure agreement. Space: 36.86 acres Square footage: 531,327 Timeline: opening summer 2022

BARKER CYPRESS DISTRIBUTION CENTER Ocials with Molto Properties, the developers behind the Barker Cypress Distribution Center currently under construction, said they selected the location because of the proximity to Hwy. 290. Space: 11.92 acres Square footage: 142,100 Timeline: opening spring 2022

290

WEISER RD.

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13902 Spring Cypress Rd. Cypress, TX 77429

CYFAIR EDITION • FEBRUARY 2022