There may be a new office skyscraper constructed in the city of Houston in the near future, which has been supported by a recent improvement in commercial real estate conditions in the area, according to the Houston Chronicle.
The current vacancy rate for the city's high-end buildings was below 9 percent. One development firm is considering building a tower on the current site of Rice Hotel, according to the news source. The firm, Hines announced that it would be interested in building a tower that could include approximately 1 million square feet. However, the firm does not plan to build without a tenant who signs on. Hines noted it would be interested in another site at Allen Center, which could be as much as 1.3 million square feet.
"I think that every developer has a new building in their drawer ready to pull out as soon as the market's ready," Laura Van Ness, director of business development for Central Houston, said during a public appearance, according to the news source.
Skanska USA Commercial Development also was interested in a redevelopment of the 811 Rusk Houston Club building, if the tenants leave, the source added.