Latest news with #EnergyCorridor
Yahoo
19-05-2025
- Business
- Yahoo
Zaya Younan and Industry Experts Forecast Significant Recovery for National Office Market
National Trends Indicate Robust Turnaround especially in some major cities like Houston Houston's Energy Corridor Leads Submarket Performance Future Outlook Brightens. Los Angeles, CA, May 19, 2025 (GLOBE NEWSWIRE) -- Zaya Younan, CEO of Younan Properties, along with industry analysts, have projected a substantial recovery for the national office market, bolstered by compelling recent market data reflecting growing optimism. Recent data from Cushman & Wakefield highlights that national office leasing surged to 115 million square feet in Q1 2025, marking a significant 35% increase over the previous quarter and the highest quarterly total since 2019. Additionally, the national office vacancy rate has declined from its peak of nearly 20% to 14.8% for class A buildings, demonstrating improving market conditions and increasing tenant confidence. Keeping in mind that pre-pandemic in 2019 class A office building vacancy was at 11.5%. Per JLL leasing volume reached 50.4 million square feet in the first quarter of 2025, a 15% increased to Q1 2024, indicating a rebound to 89% of pre-pandemic levels. CBRE data shows the U.S. Office market recorded 2.3 million square feet of positive net absorption, marking the fourth consecutive quarter of rising tenant demand. Moreover, rental rates, which had been stagnant for several years, have started to climb nationally, registering a 3.5% year-over-year growth as reported by JLL, indicating a clear shift toward market recovery. Office building sales volume reached $63.6 billion in 2024, reflecting a notable 20% increase from the prior year, underscoring renewed investor confidence. Houston, Texas, is among the most dynamic and resilient office markets in the country, with its Energy Corridor emerging as a leading submarket. Positive Momentum Accelerates in Houston in the last 4 quarters. Houston's office market has mirrored these national improvements. Colliers International reports that Houston leased approximately 1.5 million square feet of office space in the last quarter alone, achieving a significant decrease in city-wide vacancy rates by nearly 100 basis points. Rental rates have also risen modestly by 2.8% year-over-year, marking a clear reversal from previous declines. One of the key drivers behind the rapid rebound of Houston's office market—particularly the Energy Corridor—is the significant migration of tenants relocating from other submarkets within the city. This internal migration, combined with an influx of companies from states such as New York and California, has accelerated growth in the area. Businesses are increasingly attracted to Houston's favorable business climate, lower cost of living, exceptional quality of life, and supportive local government policies. Collectively, these factors have significantly boosted demand not only in the Energy Corridor but across Houston's broader office market, fueling sustained positive momentum. "You simply cannot ignore the compelling recent data emerging from the office market, specifically in major cities. It's time we stop looking in the rearview mirror—focusing only on past struggles—and instead direct our full attention forward. Much like driving on the freeway, constantly glancing backward risks disaster ahead. The latest figures unmistakably demonstrate significant improvements across major office markets nationwide. Anyone reviewing this data objectively must acknowledge that we have clearly turned a critical corner toward sustained recovery and renewed growth. The resurgence in leasing and rental rates demonstrates a notable rebound,' said Zaya Younan. 'The Houston market, in particular, is seeing renewed enthusiasm from investors and tenants alike.' Houston's Energy Corridor Leads Submarket Performance. The Energy Corridor has emerged as Houston's standout submarket, showcasing superior performance compared to other local sectors. In the last 18 months, Two Westlake Park, located at 580 Westlake Park Blvd, has secured an exceptional 185,000 square feet of new leases—the highest positive absorption recorded within this area. This remarkable leasing activity contributes significantly to the overall 300,000 square feet of positive net absorption recorded in the Energy Corridor for Q4 2024 alone. This submarket hosts prominent headquarters and significant operations for industry-leading corporations including BP, Shell, ConocoPhillips, McDermott International, TechnipFMC, Wood Group, Citgo, and a substantial presence from major banks and financial institutions. These robust corporate presences underpin the Energy Corridor's continued attractiveness and stability. Renovations and modernizations, such as those at Energy Tower II, have attracted large-scale leases like the recent 46,000-square-foot lease signed by a prominent engineering firm, further driving positive market dynamics. Future Outlook Brightens. Younan, alongside other industry experts, expects sustained positive trends throughout 2025 and beyond. Forecasts suggest continued improvement in leasing activities, decreasing vacancy rates, rising rental rates, and elevated investment interest, particularly in high-quality office spaces within key markets such as Houston's Energy Corridor. 'We're witnessing clear signs of recovery nationally and locally, particularly within Houston's premier submarkets,' Younan concluded. 'These indicators strongly suggest that the office market has indeed turned the corner toward robust and sustained growth.' About Younan Properties, owned by Younan Company, is a leading international commercial real estate investment, development, and management firm specializing in high-quality, high-rise office properties throughout the United States and Europe. With over 25 years of extensive industry experience, Younan Properties is dedicated to creating exceptional environments for tenants and delivering consistent returns for investors. The firm's proven strategy involves acquiring properties with low occupancy, repositioning them effectively, and stabilizing them rapidly. Over the years, Younan Properties has owned and managed some of the most iconic office buildings in major metropolitan areas, demonstrating a consistent track record of successful real estate investment and management. Attachments Houston's Energy Corridor Leads Submarket Performance Future Outlook Brightens. CONTACT: Alexandra Younan Younan Properties 8187039600 AYounan@
Associated Press
08-05-2025
- Business
- Associated Press
Physician Demand Fuels Lodgeur's Energy Corridor Expansion
HOUSTON, TX - May 7, 2025 ( NEWMEDIAWIRE ) - Houston's design-forward provider of flexible furnished apartments, is expanding to West Houston with a new location at Resia Ten Oaks in the Energy Corridor, now open and welcoming guests. Lodgeur Energy Corridor is located at 18036 Park Row Blvd, directly across the street from Texas Children's Hospital West Campus and Houston Methodist West Hospital. The expansion was driven by a steady increase in demand for high-quality furnished apartments in the area - demonstrated, in part, by hospital physicians walking over to Resia Ten Oaks and asking the property management team for a better housing solution for visiting patients. 'When physicians are literally walking across the parking lot to ask for furnished apartments, that tells you there's a real need for this kind of solution,' said Sebastien Long, CEO and Founder of Lodgeur. 'We saw a meaningful opportunity to bring Lodgeur's flexible hospitality model to West Houston and serve a guest profile we know well from our Midtown and Texas Medical Center locations - those in town for treatment, work, or relocation. Our model is purpose-built to meet the needs of extended stay medical visitors and business travelers.' Lodgeur at Resia Ten Oaks offers fully furnished one-, two-, and three-bedroom apartments starting at $89 per night on extended stays of 30+ nights. Lodgeur is the exclusive provider of flexible stays at this location with a two-night minimum for short-term rentals. Lodgeur furnished apartments feature carefully curated designer furnishings - chosen for style, comfort, and function - and include chef-ready, fully equipped kitchens, in-unit washer/dryers, and hotel-style amenities. Resia Ten Oaks features three 12-story residential towers - the only high-rise apartment buildings in West Houston - with the area's only skyline views. The property includes 573 thoughtfully designed units and was built with sustainability in mind. Guests will enjoy access to the property's resort-style pool, 24/7 fitness center, coworking lounge, playground and free parking. Stays can be booked directly on Lodgeur's website, just like a hotel. Guests can book any length of stay and easily modify their checkout date as their treatment plans evolve - providing essential flexibility for medical travel. This opening marks Lodgeur's third Houston location, joining its flagship properties in Midtown - where Lodgeur operates the area's largest portfolio of furnished apartments - and the Texas Medical Center, where it is listed on the Joe's House directory, a national lodging resource for cancer patients and their families. 'We've been honored to serve Texas Medical Center patients and their families at our Midtown and Medical Center locations,' said Brooke Bornick, Co-founder of Lodgeur. 'Our new Energy Corridor property allows us to expand that support westward, providing patients with comfortable, flexible accommodations just steps from care.' As one Lodgeur guest put it, 'My mom calls this place her second home. We visit Houston for routine doctor visits and can't imagine staying anywhere else but Lodgeur.' Strategically positioned along I-10 in the heart of the Energy Corridor, the new Lodgeur location also caters to the global energy sector, with BP, Shell, Chevron, ConocoPhillips, and other multinationals operating major facilities nearby driving demand for corporate housing. 'The Energy Corridor is home to thousands of engineers, project teams, and international specialists on extended assignments,' said Long. 'Lodgeur's fully furnished apartments offer the comfort of home with the ease of hotel-style booking - ideal for long-term stays, relocations, and project-based work.' The property is now open and accepting reservations. Lodgeur will also soon announce another Houston location - this one offering affordable furnished apartments for visitors to the Texas Medical Center main campus, located in one of Houston's most desirable neighborhoods. About Lodgeur provides fully furnished apartments that combine the space and comfort of home with the consistency and convenience of a hotel. With locations in Midtown, the Texas Medical Center, and now the Energy Corridor, Lodgeur is Houston's fastest-growing provider of short-term and extended-stay housing for medical patients, relocating professionals, and corporate travelers. Social Links Instagram | Facebook | LinkedIn Media Contact Full Name: Taylor Lewis Title: Head of Sales & Service Company Name: Lodgeur Email: [email protected] Phone Number: +1-855-LODGEUR Website:
Malay Mail
29-04-2025
- Business
- Malay Mail
Melaka's Pulau Konet joins energy corridor project as state pushes maritime, oil development
MELAKA, April 27 — Pulau Konet has been gazetted as part of the Melaka Energy Corridor (MEC) development project, which is aimed at expanding the Telok Gong Industrial Area, in Alor Gajah. Chief Minister Datuk Seri Ab Rauf Yusoh said that among the proposed developments under the MEC were the development of maritime industries as well as shipping support industries, oil and gas support industries, the construction of a Customs, Immigration and Quarantine (CIQ) Complex and infrastructure facilities to support industrial growth. 'The project involves land reclamation concessions around Pulau Konet covering an area of 202.34 hectares, which is the main component of the MEC,' he told the State Assembly here today. He was responding to a supplementary question from Low Chee Leong (PH–Kota Laksamana) about the plan to develop Pulau Konet as part of the MEC. Earlier, to a question from Datuk Rosli Abdullan (BN–Kuala Linggi), whether there was a proposal to develop Pulau Konet as a tourism product for marine and coastal recreation areas, Ab Rauf said the island was not suitable for development as a tourist area despite its unique feature. Citing the results of the Fisheries Department's monitoring, he said, it was found that there were only a few coral reefs and no ornamental fish species in the rocky area. To a supplementary question from Datuk Zaidi Attan (BN–Serkam) regarding the construction of a sovereignty monument on Pulau Konet, Ab Rauf said it was built on September 7, 2022, at a cost of RM80,000 as a symbol of the government's presence and supervision of the country's waters. 'The intention of the National Security Council (MKN) in placing the national sovereignty monument there is to uphold and affirm the country's sovereignty over the islands that belong to the country,' he said. — Bernama
Barnama
29-04-2025
- Business
- Barnama
Pulau Konet Gazetted As Part Of Proposed MEC
MELAKA, April 29 (Bernama) -- Pulau Konet has been gazetted as part of the Melaka Energy Corridor (MEC) development project, which is aimed at expanding the Telok Gong Industrial Area, in Alor Gajah. Chief Minister Datuk Seri Ab Rauf Yusoh said that among the proposed developments under the MEC were the development of maritime industries as well as shipping support industries, oil and gas support industries, the construction of a Customs, Immigration and Quarantine (CIQ) Complex and infrastructure facilities to support industrial growth. 'The project involves land reclamation concession around Pulau Konet covering an area of 202.34 hectares, which is the main component of the MEC,' he told the State Assembly here today. He was responding to a supplementary question from Low Chee Leong (PH-Kota Laksamana) about the plan to develop Pulau Konet as part of the MEC. Earlier, to a question from Datuk Rosli Abdullan (BN-Kuala Linggi), whether there was a proposal to develop Pulau Konet as a tourism product for marine and coastal recreation areas, Ab Rauf said the island was not suitable for development as a tourist area despite its unique feature. Citing the results of the Fisheries Department's monitoring, he said, it was found that there were only a few coral reefs and no ornamental fish species in the rocky area. To a supplementary question from Datuk Zaidi Attan (BN-Serkam) regarding the construction of a sovereignty monument on Pulau Konet, Ab Rauf said it was built on Sept 7, 2022, at a cost of RM80,000 as a symbol of the government's presence and supervision of the country's waters. "The intention of the National Security Council (MKN) in placing the national sovereignty monument there is to uphold and affirm the country's sovereignty over the islands that belong to the country," he said. -- BERNAMA
