Vault Partners has tapped Stream Realty Partners as exclusive leasing agent for Vault Distribution Center, a Class A industrial development in Houston.
The project, which broke ground earlier this week, marks the developer’s first distribution building. Plans call for a total of 185,250 square feet of space, with an expected shell completion in the fourth quarter of 2023.
Stream Realty Partners’ team of Managing Director Tyler Maner and Senior Associate Woody Hillyer are marketing the project for lease.
The rear-load development is located at 13606 Furman Road and will feature 32-foot clear heights, two drive-in ramps, 34 dock-high doors, 23 trailer parking spots and 137 vehicle parking spots. The development is situated 10 miles from Pearland, Texas, 12 miles from downtown Houston and within 31 miles from George Bush International Airport.
According to CommercialEdge data, there were 691 million square feet of new industrial space under construction in U.S., as of January. Leading the list of the nation’s largest pipelines were Dallas-Fort Worth and Phoenix, with 61.7 million and 52.5 million square feet, respectively. Houston, with 23.3 million square feet of industrial space underway, is the fifth market on the list, followed by Philadelphia (19.8 million) and Charlotte (15.9 million).
Since the start of 2023, multiple industrial projects have been moving forward in the area. Earlier in March, Greystar completed The Mill, its first logistics development in the metro, encompassing 166,000 square feet of space, while tapping Cushman & Wakefield as exclusive leasing agent. Houston’s average price per square foot stood at $6.26 as of December, representing a 3 percent year-over-year increase, while the national average saw a 6.9 percent increase to $7.13 during the same period.