{"id":1004723827,"date":"2024-08-02T04:02:38","date_gmt":"2024-08-02T12:02:38","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004723827"},"modified":"2024-08-02T04:02:40","modified_gmt":"2024-08-02T12:02:40","slug":"standard-idv-team-up-to-develop-houston-industrial-campus","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/standard-idv-team-up-to-develop-houston-industrial-campus\/","title":{"rendered":"Standard, IDV Team Up to Develop Houston Industrial Campus"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004723832\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/standard-idv-team-up-to-develop-houston-industrial-campus\/veterans-memorial-business-park\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Veterans-Memorial-Business-Park.jpg\" data-orig-size=\"2880,2160\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Veterans Memorial Business Park\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Veterans-Memorial-Business-Park.jpg?w=1024\" height=\"768\" width=\"1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Veterans-Memorial-Business-Park.jpg?w=1024\" alt=\"Veterans Memorial Business Park\" class=\"wp-image-1004723832\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Veterans-Memorial-Business-Park.jpg 2880w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Veterans-Memorial-Business-Park.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Veterans-Memorial-Business-Park.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Veterans-Memorial-Business-Park.jpg?resize=1024,768 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Veterans-Memorial-Business-Park.jpg?resize=1536,1152 1536w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Veterans-Memorial-Business-Park.jpg?resize=2048,1536 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Veterans Memorial Business Park will comprise three spec industrial buildings. <em>Image courtesy of Standard Real Estate Investments<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Investment &amp; Development Ventures, along with equity partner Standard Real Estate Investments, is planning to develop Veterans Memorial Business Park, a 463,000-square-foot industrial campus in Northwest\u00a0Houston. The site, which counts as infill, is at 10326-10330 Veterans Memorial Drive, with construction slated to begin by the end of the year.<\/p>\n\n\n\n<p>Veterans Memorial Business Park will consist of three spec buildings of 219,000 square feet, 151,000 square feet and 93,000 square feet. All of them will have 32-foot clear heights and were designed to accommodate tenants as small as 46,000 square feet.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/getting-in-the-heads-of-industrial-tenants\/\">Getting in the Heads of Industrial Tenants<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>\u201cHouston is one of the few major industrial markets with an enviable list of diverse industrial demand drivers,\u201d Shubhra Jha, principal at Standard, told <em>Commercial Property Executive<\/em>.<\/p>\n\n\n\n<p>Those drivers include the busiest U.S. port relative to overall tonnage, U.S.-leading population growth, access to other major Texas and southeastern U.S. cities. Houston also has a massive manufacturing sector that includes the world\u2019s largest petrochemical complex, Jha said.<\/p>\n\n\n\n<p>\u201cThat deep bench of demand generators, along with a business-friendly and low-cost environment, makes Houston\u2019s industrial market attractive to a diverse slate of owners and users.\u201d<\/p>\n\n\n\n<p>Standard has been active in other markets as well. The firm recently invested in such industrial projects as a 180,000-square-foot facility in Reno, Nev., with Mohr Capital, and partnered with Trammell Crow on the development of the Apopka Business Center in Orlando, Fla.<\/p>\n\n\n\n<p>The company targets shovel-ready warehouse\/logistics projects between 150,000 square feet and 500,000 square feet in major logistics markets nationwide. <\/p>\n\n\n\n<p>As for IDV, the firm has developed more than 9 million square feet of projects since its formation and delivered 4.1 million square feet of warehouse space since the start of 2023. Three-quarters of the completed space has been either leased or sold to a user or institutional equity buyer.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-houston-s-industrial-market-still-healthy\">Houston&#8217;s industrial market, still healthy<\/h2>\n\n\n\n<p>The Houston industrial market had 3.2 million square feet of absorption in the first quarter of this year, down from its postpandemic peak, but slightly above its prepandemic (2016-2019) average, according to an Avison Young report. The market&#8217;s tenant base is fairly diverse, including logistics, but also wholesalers and industrial equipment and machinery businesses.<\/p>\n\n\n\n<p>Construction activity in the market, by contrast, is currently at its lowest point since 2016, the same report shows, with just 985,000 square feet breaking ground in the first quarter of 2024. Before the pandemic, development averaged 4.2 million square feet per quarter. The trend in Houston mirrors the wider <a href=\"https:\/\/www.commercialsearch.com\/news\/industrial-development-pipeline-slows-down\/\">U.S. slowdown of industrial development<\/a>.<\/p>\n\n\n\n<p>The postpandemic surge in industrial development in Houston may have ebbed, but the sizable influx of space in recent quarters (including a record total in 2023) has pushed the market&#8217;s vacancy rate up 190 basis points year-over-year in the first quarter, coming in at 7.6 percent. But since demand is still robust, vacancies will probably head downward again as the new space is absorbed.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Upon completion, the infill complex will include three spec buildings.<\/p>\n","protected":false},"author":1023,"featured_media":1004723832,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,1589,21748,21742,51973],"tags":[33022,52051],"class_list":["post-1004723827","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-houston","category-industrial","category-latest","category-southwest","tag-avison-young","tag-standard-real-estate-investments"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Standard, IDV Team Up to Develop Houston Industrial Campus - 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