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​AUSTIN – Brandywine Realty Trust is building Broadmoor, a 66-acre mixed-use development. 

Construction will start on 340 apartments and a 360,000-sf office tower in Block A, the first section of the campus, by the end of the year. Construction on an additional 500 units in ​Block F will follow. 

Block L will consist of two massive office towers totaling 1.3 million sf. 

In total, the development will have:

• three million sf of office space,

• three million sf of multifamily space,

• 400,000 sf of retail space, 
  

• 250,000 sf of hotels,
  

• nine acres of green space, and 

• a new MetroRail Red Line train station.  
  

​​ARLINGTON – The city council has approved Peyco Southwest's proposal to build 64 townhomes at 1001 W​. Mayfield Rd.

The 9.5-acre development will include a private dog park, a picnic area, and walking trail. 

The developer will upend hundreds of trees, install drainage channels in place of a stream, and create a detention pond near the property’s edge. 

A homeowners association will maintain the property, including roads and amenities.

Get more DFW-area news on the Real Estate Center's website:

• Dallas housing reports
• Texas Housing Insight
• Home Price Index
• Housing Activity Data
• Housing Affordability Data

​​​​Source: Fort​​ Worth Star-Telegram

DALLAS – REIT Brookfield Properties has acquired a 95,440-sf industrial facility on 15.2 acres at 4444 Irving Blvd. 

Built in 1958, the property has a 57,000-sf terminal with 118 doors and ample car and trailer parking space. 

The asset is fully leased to Dan Rich Enterprises Inc.

The Real Estate Center has more on DFW's industrial market:

• ​​​Texas Quarterly Commercial Report
• Dallas-Fort Worth-Arlington industrial news​

​​TEMPLE – The city’s housing market has slowed down as a result of ​the COVID-19 pandemic.

The number of housing starts declined in both April and May, falling 22.7 and 24.7 percent year over year, respectively.

Temple Planning Director Brian Chandler said the drop was expected "considering that fiscal year 2019 represented our largest number of housing starts by far."

Get more Killeen-area news on the Real Estate Center's website:

• Killeen-Temple real estate news​
• Local housing activity data
• ​Texas Housing Insight

​Source: Temple Dai​ly ​Teleg​ram

​​​​

WASHINGTON – In response to COVID-19, the U.S. Census Bureau has developed two new weekly pulse surveys—the Small Business Pulse Survey and Household Pulse Survey​. 

The Household Pulse Survey covers a wide variety of questions including health, food availability, economics, and education. The most recent survey includes new questions about the first round of stimulus checks, formally known as Economic Impact Payments (EIP). It has some revealing findings specific to Texans.

"There doesn't look like there was much difference between how homeowners and renters spent the EIP," s​aid Real Estate Center Senior Data Analyst Joshua Roberson. 

The number one usage of funds for renters was their rent. For homeowners with mortgages, mortgage payment was second only behind food (groceries/restaurants). 

"In general, homeowners do appear slightly more likely to use their EIP to either pay down consumer debts or save it," said Roberson.

Another takeaway was from the respondents who claimed to have mortgage deferments. Less than 3 percent of homeowners claimed to have had a deferment plan. This is lower than the national rate reported by Black Knight Inc., which reported closer to 9 percent of all active mortgages as of June 30th. This lower rate is likely due to the difference in COVID-19 business restrictions between states like Texas and others such as Michigan or some in the Northeast. An additional roughly 3 percent owned their homes free and clear. 

For those with deferment plans, the number one use of their EIP was to pay down consumer debt such as credit cards and student loans. Food was a distant third while mortgages were even further back at fifth. 

Homeowners with mortgage deferments also overwhelmingly indicated that, at least for the most recent survey week ending June 16th, they were able to pay for their everyday needs with their regular source of income. Other sources, such as unemployment benefits, the EIP, or savings, barely registered in comparison. 

Many in the real estate industry have kept their eyes on mortgage deferment (or forbearance) households as a leading indicator of things to come. 

​"In Texas, it seems that those who did arrange deferments may have used it as a defensive measure to prepare long-term for the tough economic times ahead," said Roberson. "Many of these households appear to have taken the money otherwise used on their mortgages to pay down debt and hopefully open up more cash flow​ in the future."

At the other end of the spectrum are renters, who in general are a younger demographic and tend to earn less than homeowners. Nearly a third of renter households in the survey reported earning less than $25k on their 2019 tax returns. Texas households in that income bracket have had a much higher proportion—nearly 60 percent—of some level of income loss whether through termination, furlough, or hours cut.  

Most renters in the most recent survey were still able to pay for their everyday needs through their regular income, but the frequency isn't as high as homeowners.

Renters were twice as likely to either use unemployment benefits or borrow money from family members to pay for expenses. The end result is less confidence with renters to pay their next month's rent payment.​

The Real Estate Center has a wealth of economic information online for free.

​HOUSTON​​ – Salt Lake City-based Alsco Inc. is opening a 95,000-sf industrial facility in midtown. 

The building will be on 3.4 acres at 2030 Kipling St. 

About 200 employees will move from the company's current facility in Upper Kirby/Montrose. Cushman & Wakefield is marketing the old building for sale. ​

Get more Houston-area industrial news on the Real Estate Center's website:

• Houston-area industrial news​
• ​​​​​Texas Quarterly Commercial Report

​Source: REBusiness Online

​​​FORT WORTH – Lineage Logistics is leasing an entire cold-storage facility totaling 300,000 sf. 

Built in 2019, the Class A facility is on 19 acres at 8200 Will Rogers Blvd. It has 250 parking spaces and 56 trailer parking stalls.

The company plans to occupy the facility by the end of the year.

The Real Estate Center has more on DFW's industrial market:

• ​​​Texas Quarterly Commercial Report
• Dallas-Fort Worth-Arlington industrial news​

​​SOUTHLAKE – The Westin Dallas Southlake, a 261-room hotel north of SH 114, is on schedule for a fall 2021 opening.

The six-story hotel will offer 27 suites, 26,000 sf of meeting space, an 8,000-sf event lawn, a restaurant and bar, fitness center, and pool.

SRH Hospitality is the developer. Harrell Hospitality Group will manage the property.

Get more Dallas hotel news​ on the Real Estate Center's website.

​​​​AUSTIN – Birmingham, Ala.-based Johnson Healthcare Real Estate has broken ground on a 101,000-sf medical office building in the Ascension Seton Medical Center at 1201 W. 38th St. 

Ascension Seton, the Capital Medical Clinic, and The OB/GYN Group of Austin will occupy the building. ​

Construction of the building and a 290-space parking garage will be complete in June 2021. 

Stantec is the architect. Hoar Construction is the general contractor. 

The Real Estate Center has more Austin​-area medical news​ on our website for free. 

​​​Source: ​Austin Business Journal

​WACO – John W. Erwin General Contractor Inc. is expanding Extraco Events Center at 4601 Bosque Blvd.

The 80,000-sf expansion will allow for flexible space for trade shows, banquets, and sports tournaments. 

Construction will be complete by February. 

If you're looking for more news like this, head to the Center's website.

• Waco real estate news
• ​Texas Quarterly Commercial Report
• "Waco's Wild Rise"​

​​​LA PORTE – Tuscaloosa, Ala.-based Cottondale Wood Products has leased a 75,000-sf warehouse from Hines. 

The distribution and manufacturing facility is at 359 Old Underwood Rd. 

The tenant, which was represented by Boyd Commercial, will move in this summer. 

Get more Houston-area industrial news on the Real Estate Center's website:

• Houston-area industrial news​
• ​​​​​Texas Quarterly Commercial Report

​Source: Houston Chronicle​

​SAN ANTONIO – The Travis Building, a high-rise office building at 1701 Congress Ave., is being transformed into a mixed-use property. 

The building will feature 63 Class A apartments and 20,000 sf of ground-floor retail space. 

Boston-based lender UC Funds provided an $18.2 million loan for the project.

The Real Estate Center has more news like this:

• San Antonio mixed-use news
• ​​Texas Quarterly Commercial Report
• San Antonio retail news​
• Area multifamily news
• Texas Quarterly Apartment Report

​GEORGETOWN – Glen Allen, Va.-based Weinstein Properties has purchased Hillstone at Wolf Ranch, a 332-unit apartment community at 2300 Wolf Ranch Pkwy. 

Built in 2018, the Class A property features one- to three-bedroom units. 

Amenities include a pool, fitness center, dog park, game room, and walking trails. 

NKF represented the seller, Dallas-based Leon Capital Group. 

The Real Estate Center has more news like this online for free:

​​ROUND ROCK – Locally based AYRO is relocating to a 24,000-sf facility at Settlers Crossing Business Park at 900 E. Old Settlers Blvd.

The new facility is double the size of the company’s old facility at Chandler Creek Business Park. 

The Real Estate Center has more office news for Austin-Round Rock:

• ​Texas Quarterly Commercial R​eport
• Austin-area office news​

​COPPELL – Apkudo Inc. has leased 30,747 sf at Coppell Trade Center at 800 W. Sandy Lake Rd. 

Holt Lunsford Commercial represented the landlord, LaSalle Investment Management. Stream Realty Partners represented the tenant.​

Built in 2005, the industrial facility totals 195,845 sf. 

The Real Estate Center has more on DFW's industrial market:

• ​​​Texas Quarterly Commercial Report
• Dallas-Fort Worth-Arlington industrial news​

​​FLOWER MOUND – TelTech Communications has signed a 198,854-sf industrial lease at 1901 Lakeside Pkwy. 

Completed in 2019, the rear-load property features 32-ft clear heights, 180-ft truck courts, and 38 trailer parking spaces. 

Lee & Associates represented the tenant. Transwestern represented the landlord, Denver-based Black Creek Group.

The Real Estate Center has more on DFW's industrial market:

• ​​​Texas Quarterly Commercial Report
• Dallas-Fort Worth-Arlington industrial news​

​GARLAND – Texas Wholesale Computers has signed an 81,263-sf industrial lease at Miller Park North.

Holt Lunsford Commercial represented the landlord, Boston-based TA Realty. 

Citadel Partners represented the tenant.

Built in 1986, the Class B building totals 281,643 sf.

The Real Estate Center has more on DFW's industrial market:

• ​​​Texas Quarterly Commercial Report
• Dallas-Fort Worth-Arlington industrial news​

​​​​COLLEGE STATION – Initial unemployment claims in Texas increased last week to almost 90,200 after decreasing the week prior.

From March 21 to June 27, nearly 2.7 million claims were filed in Texas, according to data from the U.S. Department of Labor (DOL). 

​Continuing unemployment claims increased the week of June 20 to 1.26 million.​

"The increase in the number of COVID-19 cases in Texas is affecting the re-opening of the state’s economy," said Real Estate Center Research Economist Dr. Luis Torres. "This is generating concerns that some people may be furloughed again and postponing companies' plans to re-open and bring people back to work.

"Although it's only one week of data, increases in both initial and continuing unemployment claims is concerning if COVID-19 cases continue to increase."  

The number of initial unemployment claims increased in Texas' major and border metros (with the exception of El Paso) the week of June 20 compared with the previous week.

Using data from the DOL and the Employment and Training Administration, the Center estimates that from March 21 to June 20, over 585,700 seasonally adjusted claims were filed in Houston-The Woodlands-Sugar Land. 

Houston registered the largest accumulated number of initial unemployment claims by any Texas​ metro during that 14-week period.

Here are Center estimates for other metros during that timeline:

• Dallas-Fort Worth-Arlington, 581,800 claims; 

• San Antonio-New Braunfels, 181,500 claims;

• Austin-Round Rock, 162,500 claims; 

• McAllen-Edinburg-Mission, 65,500 claims;

• El Paso, 61,000 claims; 

• Brownsville-Harlingen, 29,000 claims; and 

• Laredo, 18,200 claims. 

From March 21 to June 20, over 13,100 unemployment claims were filed in College Station-Bryan. The number of claims increased in the week of June 20 compared with the week prior. 

Accommodation and food services, administrative/support/waste management/remediation services, and retail trade represented the sectors with the biggest unemployment claims.

Almost 48.7 million Americans filed initial unemployment claims in the past 15 weeks. Those weekly claims numbers have continued to decline.

The Real Estate Center has a wealth of economic information online for free.

​​​WASHINGTON – ​National pending home sales increased 44.3 percent in May—a new record, according to the National Association of Realtors (NAR). 

After two previous months of declines, pending home sales are showing a market rebound, with every major region recording a month-over-month increase. 

According to NAR, the Pending Home Sales Index increased to 99.6 in May—the highest monthly growth since NAR began the series in January 2001. Since the same time last year, pending home sales have fallen 5.1 percent.

In the South—the region including Texas—pending sales increased 43.3 percent over the month and 1.9 percent over the year. 

Real Estate Center Research Data Scientist Gerald Klassen said Texas also saw a surge in pending home sales in May and June. 

"It looks like prospective buyers were able to continue virtual shopping during the lockdown and find homes they wanted to purchase," said Klassen. "When the lockdown ended, they were ready to physically visit and sign contracts. It appears that the pent-up demand is exhausting itself as the flow of pending​ sales falls back to last year's levels.

"It will be interesting to see in the next few weeks if the weekly flow falls below last year. We are late in the selling season so the recent burst of pending listings is likely not sustainable."

NAR expects existing-home sales to reach 4.93 million units in 2020, with new-home sales potentially hitting 690,000. 

"Tighter credit for low-priced and high-priced homes is a headwind that we didn’t have last year," said Klassen. "Lower mortgage rates for GSE-eligible mortgages is a tailwind. Soon we will see which factors have a greater influence on the market."​

In 2021, NAR expects sales to rise to 5.35 million units for existing homes and 800,000 for new homes.

The Real Estate Center has a wealth of economic information online for free.

​​​​F​​ORT WORTH – Marcus & Millichap has arranged the sale-leaseback of Elbit Systems of America's U.S. headquarters.

The 215,729-sf manufacturing and office campus was built on 25 acres at 4700 Marine Creek Pkwy. in 1980. It has been leased to Elbit Systems since 1993 on a triple-net basis.

A pension fund advisor purchased the campus as part of a portfolio sale that also included the tenant's manufacturing plant in Roanoke, Va. 

The Real Estate Center has more on DFW's industrial market:

• ​​Texas Quarterly Commercial Report
• ​Dallas-Fort Worth-Arlington industrial news​