As most of you know, ExxonMobil is constructing several office buildings on a 385 acre tract of land just south of The Woodlands. It is located in Harris County bordering Montgomery County. Currently, they plan on moving all their employees in the Houston area from Greenspoint, downtown Houston and West Houston, totaling approximately 8,000-9,000 employees to the newly constructed campus style setting of office buildings.
Construction has already begun and they plan to relocate employees in 2014 and be complete by 2015. They could still relocate many more employees from their Fairfax, Virginia location and their California office. They are still studying the viability of relocating the out of state employees, but many insiders believe this will eventually happen.
What does this mean to Montgomery County? This is the biggest consolidation in the country in many years and it is happening in our own back yard. Many and probably most of these employees from West Houston, downtown and possibly even Greenspoint will find a new or existing home close to work, and Montgomery County is right next door. The Woodlands area will benefit most, but many will want to enjoy the Conroe/Montgomery/Willis/Lake Conroe area lifestyle with it only being a 5-20 minute drive to work. Some will seek to relocate soon, others when the actual move occurs, and some years after relocating. So, the real estate market is going to finally get some good news that it has not had in several years. I believe the employees will gradually begin to move into the area in the next couple of years and increase significantly when they actually move to their new location. If ExxonMobil announces that they will transfer employees to the new office complex from Fairfax, Virginia and California, that would be icing on the cake.
This relocation will also bring many new restaurants, retail and service companies to the area. You will see many new residential developments begin construction in the area trying to capture all these new homeowners. Springwoods Village has already begun planning the development of an 1,800 acre residential development next to ExxonMobil.
Bottom line. Montgomery County got the best economic news than any other county or city in the country. With the growth in the Oil and Gas industry in Houston, the widening of I-45, the completion of the Grand Parkway from FM 249 to I-45, Montgomery County has a great future ahead with the already plentiful resources it has to offer such as Lake Conroe, the abundance of land for development, and the quality of life Montgomery County offers.