HOUSTON – Houston’s commercial real estate market will have its ups and downs in 2016, but the city has something to boast about – namely, the largest industrial construction project in the nation, says Trey Odom, CEO of Avera Cos.
With 4 million square feet under roof, the $420 million Daikin Industries HVAC manufacturing plant under construction in northwest Houston will employ 4,000 people.
“That is the largest industrial project under construction in the nation,” Odom told the annual BoyarMiller outlook breakfast at the Houstonian Hotel Thursday.
Odom, a Houston-based developer specializing in industrial real estate, said the long-awaited Panama Canal expansion will supply some uplift to Houston real estate next year. But the main propeller will be a massive industrial expansion at the chemical plants near the Port of Houston and along the coast.
“The industrial market in Houston is extremely healthy,” Odom said.