Houston has recently witnessed a remarkable shift in its real estate market with its suburbs emerging as vibrant and highly sought-after residential hubs.  Despite a slowdown in the market, Houston realtors sold over 100,000 homes in 2023, according to the Partnership’s Home Sales update. While the city saw some of these wins, a majority of home sales occurred in the suburbs, with the Fulshear/South Brookshire/Simonton community earning the greatest percentage increase of home purchases in the third quarter of 2023, with a 56.3 percent year-over-year increase, according to a Houston Association of Realtors (HAR) report.   In addition, other Houston-area suburbs have taken the spotlight recently, thanks in part to their compelling blend of affordability, new development and variety of master-planned communities.   Cypress and Katy recently topped the list of “Hottest Zip Codes” in the nation, ranking first and second for being the top neighborhoods where people bought homes the fastest in 2023. According to Opendoor, Cypress jumped six spots from its 2022 ranking, while Katy climbed up one spot, drawing praise for their tight-knit communities and close proximity to the city. “Many of these areas have more opportunity than meets the eye,” according to the Opendoor report. “They have smaller populations than cities, but are growing rapidly because they are accessible to major metros. Newly built homes, like many in these neighborhoods, are becoming a more accessible option, and developers continue to invest in these areas.”  Bridgeland, a nearly 12,000-acre master-planned community located in Cypress, has contributed to the city’s unprecedented growth. According to the same HAR report, Cypress ranked second in the third quarter of 2023, with transactions rising 47.8% percent year-over-year.   Kingwood, known as Houston’s “livable forest,” has recently become a growing hotspot for families, receiving recognition for its small-town charm and welcoming community. In a new report, All Star Home named Kingwood the second friendliest American neighborhood, outranking Memorial and Alief. According to the report, 18.75 percent of reviews of Kingwood businesses were described as “friendly.”   Earlier last year, Kingwood was also named the most popular neighborhood in the Houston area, according to HouseFresh. The report identified the most desirable neighborhoods in the nation based on the amount Zillow views homes in the area received. The findings revealed that Kingwood received over 12,000 daily views.   As Houston's suburbs evolve into highly desirable residential hubs, the burgeoning landscape not only offers an inviting lifestyle but also underscores Houston's robust potential for companies and professionals seeking a thriving ecosystem conducive to both personal and professional success.  Discover more about Houston’s suburbs.  

As the curtains close on 2023, Houston experienced significant economic resilience and growth amidst looming concerns of a recession. Despite slowdowns across sectors, the Bayou City continued to create jobs, adding 53,700 in the first 10 months of ’23, according to the Partnership’s Houston Region Economic Outlook report. While the real estate market faced challenges, the greater Houston region saw many dynamic projects come to life, including the opening of Helix Park, the Texas Medical Center’s first phase of its new 37-acre campus.  Looking ahead, here are a few developments that will impact Houston’s economy in 2024.  Arco Del Tiempo Serving as the centerpiece in Houston’s East End Guadalupe Plaza Park, Arco Del Tiempo is a new environmentally sustainable art installation aiming to advance the region’s transition to an energy abundant future. Standing at a 100-feet tall, Arco Del Tiempo will not only generate power for the nearby City-owned Latino multicultural performing arts theater, Talento Bilingüe de Houston, but it also will offer a gathering space for the community. Arco Del Tiempo is set to be installed in 2024.    Click to expand Austin Point Austin Point is a first-of-its-kind 4,700-acre master-planned town that will feature 1,600 acres of mixed-use commercial development space and a walkable downtown area with hospitals, life sciences labs and corporate headquarters. The first phase of the development will include The 1824, a central park and community center with a café, wine bar, large front porch, an event lawn, children's play area, beer garden, food truck court, walking trails and a dedicated space for outdoor fitness activities and games.     Autry Park Spanning 14-acres in Montrose, Autry Park is an urban village designed to increase connectivity and walkability to food, entertainment, retail and living in the area. The project's first phase includes two apartment buildings, Hanover Autry Park, a 24-story apartment tower with 324 units, and Hanover Parkview, an eight-story mid-rise with 421 units, both have already opened. Phase two is projected to open at the end of 2024 with additional commercial tenants and retail space.   BioHub II at Generation Park Generation Park, Northeast Houston’s massive commercial development, is set to open its new state-of-the-art, 45-acre biomanufacturing hub – BioHub II in 2024. The new master-planned campus will include 500,000 square feet for cGMP manufacturing, lab and office space and house the biomanufacturing workforce institute that will offer certificate coursework in bioprocessing to students, further expanding the region’s life sciences ecosystem and workforce.    Click to expand East Blocks  A redevelopment project led by Houston-based Pagewood and Wile Interests aims to transform former warehouses in EaDo into a walkable 10-block mixed-use district. East Blocks is expected to break ground in the second quarter of 2024 and will encompass 513,000 square feet southwest of Shell Energy Stadium. Phase one will include a unique blend of restaurants, shops, office and green space and will include existing tenants 8th Wonder Brewery and Pitch 25, while phase two will focus on additional retail and restaurant space.   The Allen The Allen, a sophisticated new mixed-use development is currently underway in Houston’s Allen Parkway corridor. The first phase, The Residences at The Allen, includes the development of a $290 million, 35-story skyscraper that towers over Buffalo Bayou Park. The stylish new building offers luxury condos, high-rise penthouses and a sleek 170-room Hotel – the Thompson. Phase II of The Allen is anticipated to break ground in early 2024 and will include more retail and restaurant space and luxury multi-family living.    Click to expand The Commons at Hermann Park Hermann Park is changing the game for green spaces in the Houston area with its new groundbreaking 26-acre development – The Commons. Slated for completion in early 2024, The Commons will revolutionize the beloved park with a unique collection of play areas, including an immersive space-themed area and a life-sized carousel. The commons will also feature many new gathering spaces including a Central Lawn and the Live Oak Terrace.    The Houston Astros Entertainment District  The Houston Astros expect to break ground on a new entertainment district adjacent to Minute Maid Park in Nov. 2024 The district will feature a 17-story hotel, 60,000 square feet of retail space for restaurants and shops and a three-level gathering area for fans to watch Astros games and other major sporting events on a massive outdoor screen. The venue will also host live music performances.   The Grand at 249 Situated at the corner of the Grand Parkway-Highway 249 intersection, the groundbreaking 65-acre retail center dubbed The Grand at 249 will span 404,256 square feet in Tomball, making it the largest retail concentration within Houston's northwest submarket. Slated for completion in 2025, The Grand at 249 will boast 12 pad sites and include tenants such as AT&T, Boomer Jack's, Gringo's, Jersey Mike's, Milano Nails and Two Pho Nine Asian Fusion.     Learn more about why businesses are choosing Houston and what it means to live, work and play in the Bayou City.