News broke this week that Amazon had released a shortlist of cities under consideration for their highly anticipated HQ2. After an outrageous bidding war which included proposals from 238 North American cities, the tech giant has narrowed the list of potential cities down to 20—and it doesn’t include Houston. While this is a huge let down for the Greater Houston Partnership which lobbied hard for H-Town, many are hopeful that Houston may still get a piece of the pie if Amazon settles in another Texas city.
Despite Houston’s well-known energy sector, it would seem that “our strengths in the area of innovation are not widely recognized,” at least not by the most valuable retailer in the nation. With Austin and Dallas ranking high on key factors for consideration, there is a definite possibility that one of Houston’s sister cities may land HQ2, bringing 50,000 jobs and massive growth in the entire state’s tech sector.
Despite missing out on this opportunity, Houston is primed for growth and continues a steady economic climb bolstered by CRE development and investment and a rebounding energy sector. While we would have loved to welcome Amazon to Houston, we know that business opportunities are only expanding in this great city, and that 2018 will see much activity across Houston markets. Check back soon for more of the latest industry updates and commentary from Belvoir.