PC and printing giant HP Inc. (HPQ) has preleased 387,000 square feet of office space in Springwoods Village, a 2,000-acre mixed-use community in north Houston.
The Silicon Valley tech giant has preleased the massive space in two new buildings, according to a Patrinely Group spokesperson. The real estate development company, along with USAA Real Estate Co. and CDC Houston will develop the new HP campus set to house approximately 2,400 employees. The entire Springwoods Village community was developed by CDC Houston. (See also: HP Inc. Shows New PC Innovations at CES 2017.)
Coming in 2018
Construction of the new campus is expected to begin early this year and be complete by the end of 2018. HP Inc.’s employees at HP’s newest campus in Houston will have access to CityPlace Plaza, an outdoor public plaza with hiking trails and various amenities.
Keith Simon, executive vice president of CDC Houston, highlighted in a statement the existing presence of large enterprises such as Exxon Mobil, Southwest Energy and CHI St. Luke’s in Springwoods Village. HP Inc. will also join Houston-based American Bureau of Shipping in moving to the “high-quality walkable and mixed-use environment.” ABS preleased 303,000 square feet in City Place 2 last year.
The announcement of the Palo Alto, Calif.-based tech giant’s development of a massive campus in Texas reflects a larger initiative of Silicon Valley firms to harness talent through offering their employees a better work-life balance. As tech firms tend to move to places with a high concentration of engineers and professionals, it seems HP has targeted Houston as an attractive growth market. With an influx of large enterprises flooding the Houston area, particularly in the new Springwoods Village space, the city is positioned to benefit economically from the migration. (See also: What’s Ahead for HP Inc. in 2017.)