The Energy Corridor • Future of David W. Hightower Executive VP and Chief Development Officer, Wolff Companies President, The Energy Corridor District
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The Energy Corridor• Future of
D a v i d W . H i g h t o w e r
E x e c u t i v e V P a n d C h i e f D e v e l o p m e n t O f f i c e r , W o l f f C o m p a n i e s
P r e s i d e n t , T h e E n e r g y C o r r i d o r D i s t r i c t
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The Energy Corridor
Source: The Energy Corridor Management District.
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Greater West HoustonThe Energy Corridor, City Centre/Memorial City, Westchase and Westway Park make up the Central Business District (CBD) of Greater West Houston. All four areas are within five minutes of the intersection of I-10 and Beltway 8.
Source: West Houston Association and Wolff Companies.
Westway Park
0.18 0.35
0.71
1.00
1.48
1.72
1.97
2.34
2.62
3.02
-
0.50
1.00
1.50
2.00
2.50
3.00
3.50
1970 1980 1990 2000 2010 2015 2020 2030 2040 2050
West Houston Population(In millions; 1970-2050)
PopulationWest Houston is now almost ten times larger than it was in 1970. Today, if it were incorporated into its own city, West Houston would be the fifth largest city in the United States – ahead of Philadelphia, Phoenix or Dallas. By 2025, the epicenter of the Houston metropolitan region is projected to be I-10 and Barker Cypress.
Source: U. S. Bureau of the Census for 1990-2010. CDS Market Research for forecasts. West Houston Association. 4
17
149
243
318
458
595
708
798
969
-
200
400
600
800
1,000
1,200
1970 1980 1990 2000 2010 2020 2030 2040 2050
West Houston Employment(In 000; 1990 to 2050)
EmploymentIn 2015, West Houston had 30 times more jobs than it had in 1970.The CBD of West Houston is now the largest employment center in the metropolitan area!
Source: U. S. Bureau of the Census for 1990-2010. CDS Market Research for forecasts. West Houston Association. 5
Major Employers in The Energy CorridorThe Energy Corridor is home to major employers, such as BP, Conoco Phillips, Shell, WoodGroupMustang, Sysco, Gulf States Toyota, Methodist Hospital and Texas Children’s Hospital. All companies shown below have more than 1,000 employees.
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Energy Corridor 30-Minute Commute Area
Within 30 minutes of The Energy Corridor are…
• 37.5% of the population
• 39.3% of the households
• 39.7% of employed persons
…in the Houston MSA.
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The “energy” in The Energy Corridor is not fossil fuels, it is people!
Architects and EngineersThis area also includes 50% of all Houston Architects and Engineers.
Source: PCensus for ArcView, Nielsen Demographics 2016. 8
Business and Financial ProfessionalsAs well as 51% of all business and financial professionals.
Source: PCensus for ArcView, Nielsen Demographics 2016. 9
Information Technology ProfessionalsAnd 51% of all information technology professionals.
Source: PCensus for ArcView, Nielsen Demographics 2016. 10
Net Office AbsorptionFrom 2012 to 2015, West Houston had net absorption of 7.3M square feet, 36% of all office space absorbed in Houston. In contrast, Downtown had negative net absorption of -900K.
Source: The CoStar Office Report: Houston Office Market Year-End 2015. 11
451,634
(26,419)
427,326
(1,767,530)
1,714,599 1,743,821
3,055,427
791,046
2,555,391 2,590,168
5,400,725
3,629,943
-3,000,000
-2,000,000
-1,000,000
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
2012 2013 2014 2015
Net Office Absorption2012-15
Downtown West Houston Rest of Houston
3,625,003 3,543,769 4,546,586 7,781,919
42,704,238 44,448,059 47,503,486
48,294,532
46,329,241 47,991,828
52,050,072
56,076,451
2012 4Q 2013 4Q 2014 4Q 2015 4Q
GWH Office SpaceI n s q u a r e f e e t , 2 0 1 2 - 2 0 1 5
Vacant SF Occupied SF
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Companies Continue to Locate in GWHWest Houston now has over 56 million square feet of office space. Recent moves to West Houston include Air Liquide (597K), BASF (110K), Linde (50K), First Service Credit Union (50K) and Siemens (29K). Shell also recently completed 672K of new office space where they have consolidated operations from downtown and other locations.
Source: The Co-Star Office Report – Year End 2015. Includes sub-lease space.
Residential Options Continue to GrowSingle and multi-family residential options continue to expand in GWH, including the Heights at Park Row, which opened in Wolff Companies’ Central Park in 2015.
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Healthcare Continues to ExpandIn Texas Medical Center West Campus, Methodist and Texas Children’s Hospital are expanding. By 2017, they will have over 1.5 million square feet, representing a $760 million investment. Later this year, MD Anderson will break ground on a 175K square foot diagnostic center in Wolff Companies’ Central Park.
Major Infrastructure is Being ImplementedInvestments continue to be made to improve mobility and access in The Energy Corridor.
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Park Row Extension Project
The Energy Corridor Circulator
The Future of the Energy Corridor
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Market Research Presentations
For copies of this presentation, please go to www.wolffcompanies.com or email David Hightower
For copies of The Energy Corridor 2016 Land Use and Demographics Report, please go to
www.energycorridor.org.
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