Despite the hardships brought by Hurricane Harvey, the city of Houston had a pretty successful year in 2017. According to the Houston Chronicle, local job growth was stronger than expected, with 62,900 jobs added to the area. Now, according to the Chronicle report, local experts believe that the economic boom is poised to help local real estate developments. Real estate values are anticipated to grow over the coming year, with strong sales of single-family homes anticipated. The economic shifts are also spurring on property developers to acquire more land for development. What are some of the recent developments? Here are a few areas that may be impacted as developers invest into local properties. 

The Galleria

The Uptown area of town sits at the crossroads of some of the city’s most heavily trafficked highways, and few parts of the area are more popular than the Galleria. It’s a highly frequented part of the city, with many visitors coming to shop at the Galleria mall or dine at one of the many restaurants in the area. The Galleria recently saw the purchase of Marathon Oil Tower. Houston’s office market hasn’t always been its strongest feature, but developers feel the city is poised to see strong growth in this area. The Marathon Oil Tower is a prominent fixture in the area, sitting at 41 stories tall with over a million square feet of rentable space. Developers are hoping to lure tenants that will make the Galleria even more financially successful than it already is. 

Bellaire

Photo courtesy of City of Bellaire, Texas

New York-based property developers recently purchased the Office at Pin Oak Park, and the new owners hope to attract new tenants to this medical and office complex in the coming year. This should provide an economic boom to the already prosperous Bellaire area, which consists of subdivisions containing condos, townhomes, lofts, and single-family homes. Bellaire is also home to some of the city’s best performing schools, making it ideal for those raising a family. The neighborhood is just minutes away from the Galleria Mall and nearby River Oaks, both areas with shopping and dining. Plus, residents are just down the highway from expansive Memorial Park.

Shepherd Forest

Photo courtesy of Shepherd Forest

The office campus of Brookhollow Central was recently purchased, and the new owners feel they’ll be able to attract tenants due to the campus’ convenient location. The surrounding neighborhood of Shepherd Oaks is located close not only to the Galleria but also just 10 minutes from Downtown Houston. Shepherd’s Forest is full of both historic homes and new developments, with most constructed in the traditional or ranch style. Residents are positioned right along the White Oak Bayou Greenway, which gives locals the chance to easily go hiking or biking along the bayou. Plus, with downtown nearby, residents can also head into the city without much trouble.