Classrooms of the future

Rice University breaks ground on massive business school expansion

Houston’s Rice University already has one of the country’s top business schools, and a new facility could further enhance its lofty reputation. On Thursday, May 9, the school announced it had broken ground on a new, 112,000-square-foot building for the Jones Graduate School of Business.

The still-unnamed building will serve as a compliment to McNair Hall, the business school’s current home that opened in 2002. With the growth in enrollment of both full-time MBA students as well as hybrid programs that include both on campus and remote learning, the Jones School’s faculty has increased by 41 percent, according to a release. The new building will also better help the school host events such as the Rice Business Plan Competition, Rice Energy Finance Summit and the Women in Leadership Conference.

“We are energized by the momentum of our innovative new programs, the addition of new faculty and students and a fresh outlook on the future,” said Peter Rodriguez, dean of the Jones Graduate School of Business. “Our commitment is to attract more talented and innovative students, faculty and staff to Rice, who will further improve our programs and research capabilities. This wonderful new facility is critical to fulfilling that commitment.”

Rice turned to New York City-based Architecture Research Office (ARO) to design the new facility. Built above an existing parking garage to help protect against flooding, the building’s structure will wrap around the south and west sides of McNair Hall to create new outdoor public spaces between the two buildings. By adding a glass facade and a coffered roof, it will transform an outdoor courtyard into an indoor/outdoor atrium with a skylight. Inside, students will have access to two, 120-seat classrooms as well as two, 65-seat classrooms. A dining area will offer both indoor and outdoor seating.

Critically, ARO and Nelson Byrd Woltz Landscape Architects have taken steps to ensure that the new building doesn’t detract from the Twilight Epiphany Skyspace installation by James Turrell. An angled facade will ensure that the building’s light doesn’t compromise views from within the installation. In addition, large windows in one of the building’s event spaces will provide a clear view of the artwork.

“With the opportunity to design this new building on Rice’s historic — and exceptionally beautiful — campus comes an enormous responsibility,” added Stephen Cassell, ARO’s principal-in-charge for the project. “Our task is to deliver an integrated and contextual yet forward-looking structure that embodies Rice Business’s focus on the future as it continues to grow.”

Along with the groundbreaking, Rice Business announced a $40 million fundraising campaign. The project is expected to be completed in spring 2026.

Courtesy of ARO

Construction is expected to finish in two years.

business school groundbreaking jones graduate school rice-university

So hot right now

Houston nails down No. 8 spot among fastest-moving luxury home markets

TK Images for Martha Turner Sotheby's International Realty

11095 Memorial Drive is for sale for $8.8 million.

For-sale signs on the lawns of luxury homes in Houston-area communities like Bellaire, River Oaks, West University Place, and The Woodlands are disappearing faster than in most U.S. markets.

November’s Realtor.com Luxury Housing Report shows luxury homes in the Houston metro area spent a median 61 days on the market in November, up 3.4 percent from last November. That puts the Houston metro in eighth place among the country’s fastest-moving luxury home markets.

Asking prices for Houston-area listings among top-tier luxury homes started at $794,576 in November, according to the Realtor.com report.

The Houston Association of Realtors (HAR) says stepped-up activity in the luxury home market helped boost the average single-family home price in the area to $422,552 in November. The luxury market — homes priced at $1 million and above — was the region’s top-performing home category in November, according to HAR, with sales up 23.4 percent compared with the same time in 2024.

The Realtor.com report ranks San Jose, California, as the fastest-moving metro for luxury home sales in November. There, luxury homes spent a median 56 days on the market, down 6.7 percent from last November.

“Luxury home dynamics are increasingly driven by local factors rather than national trends,” Antony Smith, senior economist at Realtor.com, says in a release. “Some high-cost metros are experiencing brisk demand and fast turnover, while others face slower sales even at elevated price points. Understanding these local dynamics is key for both buyers and sellers in today's luxury market.”

Roughly 200 miles west of Houston, the San Antonio metro lands on Realtor.com’s list of the country’s slowest-moving markets for luxury homes. San Antonio-area luxury homes lingered on the market for 99 days in November, up seven percent from the same time last year. That gave San Antonio eighth place on the list of the country’s slowest-moving luxury home markets.

Asking prices for San Antonio-area listings among top-tier luxury homes started at $766,548 in November, according to the report.

In November, 5.6 percent of home prices fell into the $750,000-and-above category, according to the San Antonio Board of Realtors (SABOR).

Bend, Oregon, tops Realtor.com’s list of the slow-moving markets for luxury homes. In the Bend metro area, luxury homes were stuck on the market for a median 146 days in November, up 14.1 percent from the same period in 2024.

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