The Woodlands | January 2023

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Developing technologies Companies such as Cellipont working in emerging technologies use genetic modications to create therapies for individual patients.

Oce space in demand The Woodlands area had greater demand for oce space than the surrounding Houston metro area in late 2022 despite

a higher average asking rate. Q3 2022 total oce vacancies : Houston metro: 23.3 % The Woodlands: 16.6 % Average direct asking rate*

2. Genetic modications are introduced to cells.

3. Re-engineered cells are optimized and multiplied.

Houston metro: $ 30.01

The Woodlands: $ 34.33 *Full-service gross per square foot

1. Cells are harvested from a patient or donor.

4. Cells are infused into a patient.

SOURCES: THE HOWARD HUGHES CORP., THE WOODLANDS AREA ECONOMIC DEVELOPMENT PARTNERSHIP, U.S. BUREAU OF LABOR STATISTICS, CELLIPONT, ALEXANDRIA, COLLIERSCOMMUNITY IMPACT

communications for Alexandria. “We choose The Woodlands to rede- velop and develop a one-of-a-kind Alexandria-branded, mission-critical multitenant collaborative campus, which will bring to the Greater Hous- ton market for the rst time a highly cost-eective and safe work-play- live environment for life science and other advanced technology entities,” Marcus said in an email. The rst company announced to be leasing space at the site is Nurix Therapeutics, headquartered in San Francisco. According to The Wood- lands Area EDP, the company held a groundbreaking Dec. 13 for the proj- ect. According to Alexandria, the company works in the eld of pro- tein modulation to treat cancer. The company will operate its research and development facility at the site. National interest Jim Carman, president of The How- ard Hughes Corp.’s Houston region, said 33 companies have announced relocations or expansions into The Woodlands among its leasing agree- ments since 2020, representing more than 500,000 square feet of oce space and 2,000 new residents follow- ing those jobs. Howard Hughes leases space in the 31- and 32-story The Wood- lands Towers at The Waterway, for- merly the Anadarko towers, which it acquired at the end of 2019. The tower at 9950 Woodloch Forest Drive will house several new headquar- ters or corporate oces, including Obagi Cosmeceuticals—moving from California—and Centric Infrastruc- ture Group, moving from within The

Woodlands. A New York cryptocur- rency company, NYDIG, also is estab- lishing oce space there. “We have seen denitely over the last couple years particularly a diver- sication in our customer organiza- tions,” Carman said. “One of the most interesting is really several companies in the renewable company sector.” Those companies include Lan- cium Technologies, which located from within Texas to a full oor at The Woodlands Towers in 2022. The company works with renewable energy infrastructure and technology, according to its website. Other technology companies mov- ing to The Woodlands from out of state include SmartDraw Software, which relocated from California in 2022 to Hughes Landing, and SI Group, which works in the chemi- cal and pharmaceutical elds, and relocated from New York in the fall, according to Howard Hughes. Carman said despite a shift to remote work among many compa- nies, he believes the need for oce space is still strong. According to third-quarter information from real estate brokerage rm Colliers, oce space leasing in The Woodlands was more robust than the Houston metro area with a 16.6% vacancy rate in The Woodlands compared to 23.3% in the metro overall. Companies relocating to The Wood- lands are also attracted by the prox- imity of the community to work sites and amenities, he said. “The real estate needs of these companies hasn’t changed consider- ably; they need the same square foot- age,” Carman said. “The dierence is

a growing focus on amenities. If we’re going to have our employees come to the oce, we’re going to give them more of a reason to be here than a pay- check and a desk.” Educating future workers Staley said companies relocating to The Woodlands will largely be hiring locally. “They want to see a very educated workforce for recruitment of employ- ees,” Staley said. According to the ve-year estimates from the 2021 U.S. Census Bureau American Community Survey, 64.3% of The Woodlands residents age 25 and older had a bachelor’s degree or higher, compared to the national average of 33.7%,. The presence of companies in new sectors such as life sciences could also spur further development of educa- tional programs, he said. Staley said the EDP planned to begin discussions with the Lone Star College System in early 2023 to dis- cuss life sciences programs. Linda Head, senior assistant vice chancellor at LSCS, said programs could include medical lab and man- ufacturing technicians as well as clean room instruction and ongoing worker training. “We’reworkingveryquicklytodesign the right programs and labs and mod- ify what we have already so that we’re ready in six months or so,” Head said. Jessica Shorten contributed to this report.

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THE WOODLANDS EDITION • JANUARY 2023