HOUSTON - A sky-high swimming pool in downtown Houston is trending - again. It’s priceless publicity for the apartment building in the midst of a city-wide slump.
A man’s feet floating 42 stories above Preston Street in a social media video is what has people talking again about Market Square Tower. The downtown Houston apartment building first opened in November.
“Pleasantly surprised to say the least,” says Philip Schneidau with Woodbranch Investment Corporation, the building’s owner.
KHOU 11 News got one of the first looks at the glass bottom pool that hangs six feet over the street months ago. Schneidau says being back in the news doesn’t hurt when you still have a lot to lease.
“We’re a little bit over 50 percent leased right now,” says Schneidau. “We’re about 51 or 52 percent and increasing every week.”
Like most other apartment communities in Houston, amenities only go so far in the current market.
There’s a surplus of new apartments amid the oil and gas slump. That’s why new developments, in particular, are offering unreal deals to fill units.
“We have a lot of different apartment that are offering anywhere from a month to three or four months free, or half of their lease term,” says real estate agent Jeremiah Gowen. “It depends on what building it is and what location it is and how badly they’re hurting.”
Gowen says a brand new building in the Galleria dropped the price on one unit to $1370 a month.
“The original price was 21 or 22 hundred,” said Gowen.
They’re not treading water back at Market Square Tower. Generous incentives should keep them on track to be fully leased by the end of the year.
“Downtown seems to be doing a little bit better than a lot of the other submarkets,” said Schneidau. “But time will tell.”
A national publication recently reported that Houston had a 3.6% annual drop in rents. That may not sound like a lot but New York City’s was just .7%.
Take a look at some of our exclusive content on the Market Square Tower pool: