Real Estate Pros Discuss “Future of Greenspoint”

[houstonmacbro]

http://greenspoint.org/Mobile_Content.aspx?ID=Mzc=&&PageId=bisnow2013

Real Estate Pros Discuss “Future of Greenspoint”

Greenspoint’s future is bright despite a few challenges facing the area in the next few years. That’s the consensus from a panel of commercial real estate professionals convened Sept. 11 by Bisnow, the company behind an electronic newsletter delivering daily tidbits on the people and deals shaping the nation’s commercial real estate landscape. Bisnow covers activities in key target cities around the country, including Houston, and hosts monthly events in those cities to explore the health of their major market areas and industries.

“The Future of Greenspoint” event, held at the Hilton Houston North, featured speakers who represent some of Greenspoint’s largest commercial properties. Greenspoint District President Jerry Lowry also participated. Panelists in addition to Lowry included: Chip Covill, president of Covill Office Properties; Dan Bellow, president of Jones Lang LaSalle Houston; Zaya Younan, chairman and CEO of Younan Properties; Lee Jeane, principal of Avison Young; Palmer Letzerich, managing director of Hines; and Bryan Marsh, VP of Digital Reality Trust. Michelle Wogan, EVP of Transwestern, moderated the panel.

Discussion focused on Greenspoint’s strengths in attracting businesses to the area.

Proximity to Bush Intercontinental Airport was cited as a major advantage by both Bellow and Jeane.

They agreed that the future of Greenspoint looks bright despite large blocks of office space becoming available within the next couple of years. Proximity to the massive new developments in the Spring area, with better lease rates and land values in Greenspoint, were cited as the reasons for the rosy predictions.

Covill agreed, calling Greenspoint one of the region’s hottest markets for investors.

Concerns for the area were also addressed, including the future of Greenspoint Mall. Lowry explained that the right deal has not come along yet to motivate the owner to either sell or redevelop the property, despite the availability of public funds from the Greenspoint Redevelopment Authority to enhance a redevelopment.

Bellow said that as long as there is continued investment in Greenspoint, the future of the area looks promising. He noted that area amenities are extremely important to relocating businesses, and he advised the Greenspoint District to remain focused on improving area amenities.

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