The growth of Austin's commercial real estate market during the last four years has been curtailed by a lack of funding for many projects that were planned when the market's health was considerably better. Now, growth is being slowed by a flood of applications for new business office spaces and commercial properties.
The commercial real estate market in Houston has attracted businesses far and wide, in part because of the region's favorable jobs market and steady economy. At the same time, new construction has not progressed to meet increasing office space demand, creating a dearth of available properties at a time when more businesses seek office space in Houston.
With the presence of NASA office space in the Houston area, it is clear that the space program is firmly entrenched in Texas' economic fabric. However, to this point, an official launch site has eluded state officials who wish to send private ships into space from Texas.
This week we feature the offices of Frankel Building Group, an award winning Houston custom home builder. Located in the heart of Tanglewood, this family business is run by President Jim Frankel and his two sons Kevin and Scott. Considering their reputation for building exquisite custom homes, we expected their headquarters to be pretty impressive and it certainly didn't disappoint.
Following up on our story about the possible future of the former site of Astroworld, we thought it was worth mentioning another tidbit of news we found exciting. This could be huge. Several commercial real estate insiders have told us that Top Golf, the awesome golf driving range concept with stateside locations in Dallas, Chicago, and Northern Virginia is on its way to the Greater Houston area in the near future. They also have several locations in the United Kingdom.
Since closing in 2005, the site of the former Six Flags: AstroWorld amusement park has sit unused and all but forgotten. The park's 104 acres have traded hands in that time - a 2010 report from the Houston Chronicle noted that a Fort Worth investment firm purchased it solely for its appreciation value.