1215 Seamist Drive
- 1215 Seamist Drive, Houston, TX 77008
- Property Type:
- Single Tenant
- Square Feet:
- 51,224 sqft
- Lot Size:
- 1.72 acres
- Price Per Square Foot:
- Year Built:
- Prime Development Opportunity, Located in Hot Market for Wide Variety of Uses
- Property Located in CBD-NW Inner Loop Submarket, Which Contains Nearly 12.5 Million Square-Feet of Industrial Space
- Submarket Currently Experiencing a Vacancy Rate of 5.4%, Lower Than That of the Houston Market
- Property is Situated Between Three Major Highways: Highway 290, Interstate 610, and Interstate 10
- Submarket is Experiencing Major Development Activity in Close Proximity to Subject Property
Marcus & Millichap is pleased to present the opportunity to acquire the property located at 1215 Seamist Drive in Houston, Texas. The subject property consists of approximately 51,224 square-feet of space and is situated on 1.72 acres of land. Located in a hot market, the asset features a prime development opportunity with a wide variety of uses. The property is conveniently situated between three major highways: Highway 290, Interstate 610, and Interstate 10.
The asset is located within the CBD-NW Inner Loop submarket, which is relatively large containing 12.5 million square-feet of industrial product. At 5.4 percent, the submarket’s vacancy rate is lower than the overall Houston market. Unperturbed by the recent economic upheaval, vacancies have actually fallen by 170 basis points over the previous four quarters. CBD-NW Inner Loop is experiencing major development activity in close proximity to the subject property. Net absorption over the past year clocked in at about 130,000 square-feet. Rents have posted an average annual gain of 2.3 percent over the past decade, and the average rent is higher than the surrounding market at $8.06 per square-foot. With no industrial projects currently under construction, there are no supply-side pressures on vacancy or rent in the near-term. Moreover, the inventory has actually contracted over the past 10 years, as demolition activity has outpaced new construction (CoStar).
Industrial properties traded with regularity last year, consistent with the generally high level of activity over the past three years. As the fifth most populous metro area in the U.S., Houston houses nearly 6.9 million people in southeastern Texas. The market is composed of nine counties: Harris, Galveston, Brazoria, Fort Bend, Chambers, Montgomery, Austin, Liberty and Waller. The Gulf of Mexico, which borders the metro to the southeast, provides access to markets around the world via the Port of Houston, making it a prime location for import/export. Houston’s economy has diversified in recent years, with the healthcare and technology sectors showing strong growth. As Houston’s population continues to grow, primarily to the northwest, many companies are expanding to the region to provide goods and services to the increasing population.