The Woodlands Development Company announced last month plans for the latest Class A office building to be located in Town Center, 10 Waterway.

Susan Vreeland-Wendt, director of marketing for The Woodlands Development Company, said the building will be located on the south side of The Woodlands Waterway, across from 24 Waterway Ave., a site that currently holds a surface parking lot.

When completed, the 20-story building will be the third tallest within Town Center, next to the two Anadarko towers. One of the Anadarko towers is 31 stories and the second, which is under construction, will be 30 stories when completed.

According to the development company, 10 Waterway will be constructed LEED Silver Certified and will feature 500,000 square feet of rentable office space.

Vreeland-Wendt said the development company is seeking potential occupants and once a major tenant is secured, a construction timeline will be determined.

"We are now pre-marketing this building, but the design could change depending upon the needs and desires of the tenant or tenants," she said.

The building at 10 Waterway is the latest in a flurry of new office facilities either under construction or proposed for Town Center and The Woodlands. According to the development company, office vacancy rates in The Woodlands are less than 2 percent.

Josh Cheatham, vice president of NAI Houston, a commercial real estate analysis firm, attributed the interest in companies operating in The Woodlands to the upcoming opening of the ExxonMobil campus.

"[ExxonMobil] is the driving force," Cheatham said. "It is also being located at Grand Parkway, so there are a lot of tenants following ExxonMobil moving north. Certainly being in close proximity to the airport [is a reason for the interest]."

He also said the draw of amenities The Woodlands offers is a reason behind the strong commercial real estate market.

"Just The Woodlands itself is a nice place to recruit talent," Cheatham said. "It's a nice suburban market, [with] a lot of amenities."

Currently under construction is 3 Waterway, which will be the headquarters of Waste Connections, Nexeo Solutions and Energy Alloys. Also planned by the development company for the waterway corridor is an improved pedestrian walkway across the Waterway, a 140-unit high-rise condominium and a hotel.

In addition, Phase II of The Millenium Waterway luxury apartments along Waterway Avenue are under construction, with a planned completion date for late 2013 or early 2014.

"This building would be part of the plans for the south side of The Woodlands Waterway and would be at the heart of The Waterway Square District within walking distance of The Woodlands Mall and other retail," Vreeland-Wendt said.

Cheatham said although the Houston commercial real estate market is strong, The Woodlands is leading the way.

"[The Woodlands] is certainly one of the tightest submarkets in the Houston area, for sure," he said. "Overall, the Houston market has seen a tremendous amount of growth, but if you had to pick one, it would be The Woodlands."