Josh: Houston warehouse market expands due to online shopping, Live Nation will open concert venue in post Houston development and Costco to build first Houston area business center. Thank you for tuning into Construction Business TV. My name is Joshua Vita, and this is the Houston Weekly Update.
Hello and welcome back to this issue of Weekly Update if this is your first time to channel Welcome glad to have you here with us also like to mention if you are in the commercial real estate, residential real estate, or a trade of any kind in construction, go to that description right now and schedule your free interview again that is a free interview. Also make sure hit that Bell and subscribe Button to stay up to date on what’s happening in construction. Business. OK, let’s hit that first story today.
OK, our first story up today is about that Houston warehouse market expanding. So, CBRE in JLL report that the number of visas from the first quarter of 2021 continued to overtake others from recent quarters. CBRE said that net absorption continues to rise here, since industrial vacancy rate has hit 6.5% in all, and the market has absorbed 4.02 million square feet of space in the past three month. The demand for these spaces due to the reliance on online services throughout the COVID-19 pandemic. Also, during the first quarter, Houston had an uptick in activity from third party logistics providers. According to CBRE. Last quarter Houston broke ground on three projects exceeding 1,000,000 square feet and according to the Industrial Pipeline reports from commercial search, Houston expected to add another 10.3 million square feet of new industrial space this year, 2021, putting it at on the firm's list of metro areas with the most industrial deliveries.
OK, let's go into our next story about the new concert venue. So, Live Nation will open new concert venue covering 90,000 square feet that is part of redevelopment project in downtown Houston. By Lovett Commercial. The venue will hold 5000 people and is already under construction as well as scheduled to open later this year. The venues designed by OMA architecture firm, in collaboration with Powers Brown architecture, Harvey Builders are the… are managing the project as of right now. In locations or posters development, concert venue is at 401 Franklin St.
OK, last story up today is about Costco building that new business center. So, Costco Wholesale Corporation will become the anchor tenant of The Grid. A mixed-use development in Stafford. Costco Purchase 13 acres in the development and are in the process of building one of its Costco business centers there. The store will cover 148,000 square feet and they're pnly 20 other Costco business centers in the country because they are different from the traditional Costco Wholesale stores that we tend to know. The date for the opening of the business center has not yet been released.
Thank you again for watching this edition Weekly Update. If you like the video make sure to give it a big thumbs up, always appreciate it. I Hope you all have a wonderful weekend, and I will see you next week.
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