These are exciting times for Uptown Houston. Office building construction is underway, new stores are moving to the Boulevard, pedestrian improvements and street trees are changing the character of the area, while numerous other development projects are in the planning phase.
Class A Office Market has an occupancy rate of 88.4 percent compared to Houston’s overall occupancy of 86.6 percent for the third quarter 2011.
The Retail Market is full with an occupancy rate of 99 percent with annual gross retail sales exceeding $4.73 billion in 2010. Latest numbers show that Uptown’s Hotel Market continues to lead the city in revenue per available room (RevPAR) of $98.43 for the second quarter 2011. Downtown Houston has a RevPAR of $86.62, while the city of Houston has an average RevPAR of $60.06.
Residential development continues to be a hot market with three major projects under constructed while others are being planned.