JLL today announced the firm has been awarded the leasing assignment for Park Air 59, a Class A industrial park planned for the northeast corner of Will Clayton Parkway and U.S. Highway 59 in Humble, Texas. 

JLL’s Mark Nicholas, Richard Quarles and Joe Berwick will lead the leasing and marketing efforts on behalf of Archway Properties. 

“We’re seeing sustained demand for big-box distribution centers that the market’s existing inventory doesn’t meet,” said Nicholas. “For end-users looking to capitalize on Houston’s strong economy and growing position as a distribution hub, this project will offer Class A distribution space with excellent freeway access and superior amenities.”

Encompassing approximately 38 acres and up to 700,000 square feet of distribution space, the completed park will include cross dock configuration and ample trailer storage. Just north of Beltway 8, the property offers immediate access to U.S. Highway 59 and George Bush Intercontinental Airport. Moreover, its location in the city of Humble provides lower tax rates than comparable properties in the northeast submarket, according to Archway Properties. 

The planned development will provide an infusion of new product to the northeast industrial submarket, which had no new industrial space deliver in 2017. The submarket closed the year with a vacancy rate of 2.8 percent.

Houston has seen a notable rise in the number of big box developments and deliveries to market. According to JLL research, there were 12 big-box warehouse distribution projects that either delivered or were under construction in 2017. This represents a 20 percent increase year-over-year and a 140 percent increase from 2015.