Katy Edition | February 2023

To stay in step with Houston’s initiative to transform the energy industry, the Energy Corridor Management District launched its Redening Energy campaign in November. This initiative will add more mixed-use developments to attract new tenants and provide amenities for the business district. Refreshed landscape MORTON RD . N. ELDRIDGE PKWY. PATTERSON RD.

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Regional draw Data shows more than 30,000 workers from Katy-area ZIP codes commute to the Energy Corridor daily.

“Employees have to eat; they need dry cleaners and coee places, they need services with beauticians and dentists, they need places to stay—it all has an eect that is tied to the job opportunities located here in the Energy Corridor,” Williams said. Moreover, many people who work in the Energy Corridor live in the sur- rounding suburban area; 2022 data from the Texas Workforce Commission showed more than 30,000 Katy-area residents work in the corridor. Notable tenants The Energy Corridor is composed of oce space, dining and retail, and parks and open space. It is also home to various industries, and its largest employers include American Petro- leum Institute, MD Anderson West Houston, Shell and Baker Hughes—the most recent of six Fortune 500 compa- nies to relocate to the district. Larger corporations nd West Hous- ton areas such as the Energy Corridor more attractive because it is where their employees live, said Ryan Barbles, managing director for Stream Realty Partners’ Houston division. Stream Realty, a commercial real estate devel- oper, leases and manages a handful of properties in the Energy Corridor. Additionally, suburban workplaces also help companies add density to their workforce by increasing the number of employees, he said. “In theory, companies move out of downtown so they can get denser,” Barbles said. “Parking ratios are big- ger, they can hire more people [and] t more bodies in a building versus downtown [Houston].” Baker Hughes will begin relocating its headquarters from near George Bush Intercontinental Airport to 575 Dairy Ashford Road in late fall or winter 2023, a Baker Hughes spokesperson said.

AVERAGE DAILY COMMUTERS

250-499

1K-3K 10K+

500-999

3K-5K

5K-10K

ENERGY CORRIDOR

BEAR CREEK PIONEERS PARK

N. ELDRIDGE PKWY.

PARK ROW

DAIRY ASHFORD RD.

77433

77493

PARK AND RIDE DR.

77095

99 TOLL

FEM DR.

GRISBY RD..

77041

COUNTRY PLACE DR.

529

77449

ADDICKS HOWELL RD.

77043

S. MAYDE CREEK DR.

77084

77079

MEMORIAL DR.

77094

PARKWAY PLAZA DR.

77494

77077

WILCREST DR.

77042

ENCLAVE PKWY.

B R

77450 77082

GEORGE BUSH PARK

SOURCES: KIEWIT, BAKER HUGHES, ENBRIDGE, ENERGY CORRIDOR MANAGEMENT DISTRICT, U.S. CENSUS BUREAU, TEXAS WORKFORCE COMMISSIONCOMMUNITY IMPACT

than the West Loop, Galleria and Westchase submarkets. Despite this, Williams said the Energy Corridor’s post-pandemic story has mostly been a positive one. “We have a strong economic base with some long-term corporate pres- ence, and that represents a good bit of 5 may transform the park and ride from a concrete lot and bus stop to one that also includes retail and other businesses. WATERMARK DISTRICT Midway Development will transform the ConocoPhillips campus into oce and multifamily spaces, high-end retail and restaurants, and boutique hotels. STREETSCAPES DESIGN GUIDE This plan provides guidelines for roadway, green space, transit and street amenities to aid in mobility and create more walkable spaces within the business district.

The spokesperson said the company was attracted to the concentration of oil and gas companies in the district, which brings them closer to its major customers, and the amenities the dis- trict oers its employees. Meanwhile, Canada-based energy infrastructure organization Enbridge subleased oors of the Energy Cen- ter V oce building in March 2022. The relocation from its Galleria-area oces occurred in stages and con- cluded early this year, company COMPANIES THAT RELOCATED TO THE CORRIDOR SINCE 2019 KIEWIT Employees: 800+ Space: 171,266 sq. ft. in Energy Center I Move-in date: July 2020 ENBRIDGE Employees: 1,000+ Space: nine oors in Energy Center V Move-in date: rst quarter of 2023 1 2

BAKER HUGHES

Employees: 1,400 Space: 130,000 sq. ft. at 575 Dairy Ashford Road, Houston Move-in date: fall 2023

REDEVELOPMENT PROJECTS

ADDICKS PARK & RIDE The Metropolitan Transit Authority of Harris County is considering this as a top location for a mixed-use development, and 4

spokesperson Michael Barnes said. Data from the fourth quarter of 2022 showed there was 34.87 million square feet of total inventory for oce space in the Katy Freeway submarket, according to a report from Colliers, a commercial real estate company. Colliers data for the Katy Freeway submarket—which includes business districts along I-10 such as the Energy Corridor, Katy, Memorial City and City Centre—showed a 20.1% oce vacancy rate. However, this is lower

stability for the area,” he said. Reimagining the workforce

One of the largest inuences of the pandemic has been the re-evaluation

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