As oil prices steady, Houston’s real estate market is making a rapid comeback throughout the greater Bayou City area. This especially rings true in downtown Houston, where new construction, infrastructure improvement and increased tenant interest are revitalizing the city and rebranding its center as “the place to be.” Downtown Houston is slowly being redefined, as the old is cleared to make way for the new and public perception of the area is altered.
The changes are spearheaded by several developments that reimagine Houston’s past. The building once occupied by Continental Airlines (later United Airlines) at 600 Jefferson Street has received a makeover and an address change – it will now be known as 1801 Smith. In addition to multi-million dollar renovations to the interior of the building, the first two floors have been encased in high-end glass to create a jewel-box effect.
On the 800 block of Texas Avenue, a new story is being written for the old Houston Chronicle Building, as new tenants are flooding into a project for a 47-story tower with 1 million SF of office space, community gardens, networking spaces, restaurants and a fitness center scheduled to open in 2021. The downtown post office building, a former institution, will be transformed into a coworking, shopping and culinary destination with a concert venue, hotel and rooftop farm. The project will be called POST Houston.
As the Bayou City continues to heal and transform in the wake of the oil downturn and a devastating hurricane, quieter industrial areas of downtown are being reinvigorated by these new spaces that celebrate Houston’s metropolitan allure, its magnetism for business and, above all, its growth.