Business owners interested in physically expanding or otherwise growing their company often turn to shopping for real estate. A new building means more space for inventory or offices. It can even be an investment to attract new clients. Thanks to a booming industrial market in Houston, commercial real estate in the city is becoming a commodity.
According to Commercial Gateway, which a division of the Houston Association of Realtors, the city's industrial sector grew last year. That growth is expected to continue, according to the report. There is a
7.1 percent vacancy in the local industrial market, which is higher than the 6.7 percent rate from last year. Commercial Gateway also reported that manufacturing space has the lowest vacancy at 5.2 percent.
Contributing to those numbers is the Alamo Crossing Commerce Center, which is located halfway between Interstate 610 and Sam Houston Tollway on the Highway 290 corridor. The four-building complex in the city’s industrial section touts more than 1 million square feet. The entire building is currently occupied with tenants, including Ford Motor Company. The building was recently acquired for an undisclosed amount by a real estate advisory firm based in Chicago. The firm has enlisted the help of a local realty partner to act as the property manager.
Closing on commercial mortgages can be an intricate process requiring extensive documentation. A company typically has to research and vet the property in addition to navigating the necessary paperwork. An attorney can help in the process through ensuring all loose ends are tended to, mitigating the risk of litigation down the road.
Source: Houston Business Journal, “Chicago firm buys NW Houston industrial building,” Jenny Aldridge, Feb. 24, 2014