Report anticipates growth of 41 percent in population, 54 percent in employment capacity and 60 percent in office space
Perhaps as a harbinger of a future less dependent upon the energy industry, a new land use and demographics report by Houston-based research firm CDS predicts The Energy Corridor will continue attracting companies, employees and residents over the next 15 years.
CDS expects 163,000 employees in The Energy Corridor by 2030, an increase of more than 54 percent over a current estimated employment capacity of 105,000. Population is projected to grow 30 percent to 31,000 residents from 22,000 – fueled in part by a growing number of new multi-family complexes being built in the area.
One of the prime reasons The Energy Corridor will continue to attract companies is that 81 percent of its office space is classified as Class A, explains Clark Martinson, general manager for The District. In fact, the overwhelming majority of offices built in The Energy Corridor since 1986 – some 16 million square feet worth – have represented Class A space, according to CDS.
Further, says Martinson, The Energy Corridor is easily accessibly to a highly-qualified workforce that companies can draw on to grow.
CDS reports that nearly 50 percent of Houston-area engineers and architects and more than 50 percent of the city’s professionals in business, financial, computer and mathematics fields live within a 30-minute drive of The Energy Corridor.
“The research tells the story that we are ready for the future,” says Clark Martinson. “The oil market may be cyclical, but both national and international companies from many industries continue to find great office space and abundantly skilled employees available here to reach their business goals. In addition, The District’s master plan vision is to create a high-quality, livable place, with more mobility, more safe places to walk and bike, and more connections to trails and recreational opportunities. All of which Millennials say they want when it comes to relocating for work.”
Currently, CDS reports, 22,000 people call The Energy Corridor home. That’s a 23 percent jump over the 2010 United States Census population of 17,841. Housing currently under construction could add 1,700 residents in the very near future, according to CDS.
For office space, The Energy Corridor now has the second largest inventory after downtown Houston, and CDS forecasts an additional 16 million square feet of office/mixed-use space by 2030 – a 60 percent increase.
Both hotels and retail continue to seek out The Energy Corridor. There are now more than 3,508 rooms among 26 hotels in the area. Hotel revenue has grown nearly 49 percent since 2010, the report says.
Retail is expected to add 660,000 square feet, while industrial/warehouse space will drop by 390,000 square feet – an indication of The Energy Corridor’s evolution into a more urbanized place, with more stores and restaurants needed to serve growing numbers of residents and employees, explains Martinson.
To view the latest CDS Land Use and Demographics Report, visit The District’s online resource library here.