The Exxon Mobile Effect: The Woodlands, Texas Real Estate
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More than 2,000 of those employees, according to a release from Exxon Mobil, will come from the company’s Fairfax, Va., offices. Others will relocate from Akron, Ohio, and still others will relocate to the campus from Houston area locations.
Couple Exxon’s plans with construction of a new 550,000-square-foot office tower by Anadarko Petroleum Corp., construction by The Woodlands Development Corp., of the 231,589 square-foot, 11-story 3 Waterway Square and construction of the Research Forest Lakeside Office Park’s 386,000 square feet of office space and it presents “unprecedented numbers we have not seen before when it comes to vacancy rates.
Buildings are going up here and the majority of the space is already committed,” said Gil Staley of The Woodlands Area Economic Development Partnership. “It’s not all because of Exxon, but the growth is primarily oil and gas exploration companies and related service providers at this point,” Staley added.
Alex Sutton, president of The Woodlands Development Corp., said 3,600 lots are left in The Woodlands. “We are evaluating the needed pace for lot production,” he said.
The developers of Harper’s Preserve, located one mile east of I-45 on Texas 242, are experiencing similar results to their counterparts in The Woodlands proper.
“We are selling homes as fast as we are building them and the average price continues to move up,” said Sam Yager III of developers Sam Yager Inc.
Yager said 86 homes have been sold in Harper’s Preserve since July 2011. He expects to deliver another 95 lots in the fourth quarter of this year. He said 255 lots were delivered in Phase 1, since July 2011, 230 of which have been contracted to builders. All 95 of the anticipated fall deliveries have been contracted.
Yager said the average home price in Harper’s Preserve sat at $244,000 up to December. So far this year, the average sale price has risen to $263,000. “It’s amazing how much activity there has already been. We’ve even seen lots of interest in our commercial properties on (Texas) 242,” he said.
