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​​​​COLLEGE STATION – According to the U.S. Census, there were 2,498 actively engaged in the real estate business in Texas in 1900. As the 1970s began, more than 100,000 Texans held a real estate license.

In 1971, American household budgets were influenced by:

• new U.S. homes selling for an average of $23,900;

• gasoline priced at 40 cents a gallon;

• an average income of $10,600 annually; and

• 8-cent, first-class stamps.

Meanwhile, news headlines focused on Apollo 14 landing on the moon, the voting age being lowered to 18, Walt Disney World opening in Florida, and cigarette ads being banned from television.

While it did not make the front page, Texas Gov. Preston Smith signed Senate Bill 338 into law on May 18, 1971, creating the Texas Real Estate Research Center.

In the decades that followed, the Center has exceeded the dreams of its founders, including visionary Texas real estate broker and noted Realtor Julio Laguarta. More than 2,300 Center technical reports, articles, white papers, video programs, books, and other media have helped Texans make better real estate decisions. Key staffers are booked for speeches nationwide as much as a year in advance.

Interest in Center research has never been greater. The national media has discovered what Texans already knew: The Center is a valuable resource for information and data on a state that has weathered economic storms better than most.

While a lot has changed since 1971, our mission has not. We continue to help Texas make the best real estate decisions.

​DALLAS – The city council has approved PegasusAblon's plan to build two high-rise residential buildings off the intersection of Cedar Springs Rd. and Throckmorton St.

The two towers will include 400 residential units. The taller of the two will be 20 floors with retail on the lower levels facing a new plaza along Throckmorton.

The plan will preserve the nightclubs and retail that line the west side of Cedar Springs.

The Texas Real Estate Research Center​​​​ has more multifamily news online for free:

• ​​​​Texas Quarterly Apartment Report​​
• Dallas-area multifamily news

​Source: Dallas Morning News

​​PFLUGERVILLE – Austin-based greenhosue distributor Exaco has broken ground on a 42,100-sf facility at One Thirty Business Park.

The new location at 16001 Impact Way will include a distribution center and a 7,000-sf office and showroom.

Once the building is teady, the company will lease its existing 28,000-sf location in North Austin. 

One Thirty Business Park, at the southwest corner of SH 130 and E. Pecan St., was developed by the Pflugerville Community Development Corp.

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

• ​Texas Quarterly Commercial Report
• Austin-area office news​
  
• Local industrial and retail news
  

​AUSTIN – Texas will opt out of further federal unemployment compensation related to the COVID-19 pandemic, effective June 26, 2021. 

Gov. Greg Abbot has withdrawn the state from the $300 weekly unemployment supplement from the Federal Pandemic Unemployment Compensation program. 

Abbott also cut off the Pandemic Unemployment Assistance, which extended jobless aid to gig workers, self-employed people, and others who aren’t traditionally covered by unemployment insurance.

Nationally, those programs are available through September. 

"The Texas economy is booming and employers are hiring in communities throughout the state," said Gov. Abbott. "According to the Texas Workforce Commission (TWC), the number of job openings in Texas is almost identical to the number of Texans who are receiving unemployment benefits. That assessment does not include the voluminous jobs that typically are not listed, like construction and restaurant jobs. In fact, there are nearly 60 percent more jobs open (and listed) in Texas today than there were in February 2020, the month before the pandemic hit Texas."

According to the TWC, nearly 45 percent of posted jobs offer wages greater than $15.50 per hour. Approximately 76 percent pay more than $11.50 per hour. Only 2 percent of posted jobs pay around the minimum wage.

​BEEVILLE – A local investment group has purchased Yonder Inn Beeville, a 79-room hotel on US 181 about 65 miles north of Corpus Christi in Bee County.​

Marcus & Millichap represented the seller and procured the buyer.​

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

​​​​​​​​​​​​​​​​​​​​​​​​​COLLEGE STATION – Initial jobless claims in Texas decreased to​​​​ 30,100 the week en​​​ding May 8, ​marking six straight weeks of declines. 

​​About 5.09 ​​million unemployment claims have​​​ been filed since​ March 21, 2020, according ​to U.S. Department​ of Labor (DOL) data. 

Continuing unemployment claims increased ​to​ 261,600 the week ending May 1.

"Anecdotal evidence from service sector businesses points toward the lack of available applicants and generous unemployment benefits as major impediments in rehiring workers," said Dr. Luis Torres, a research economist for the Texas Real Estate Research Center. 

The number of workers receiving benefits through the pandemic unemployment assistance program, which is open to gig workers and others who don’t typically receive benefits, decreased the week ending May 1​.​​​​

​Last week, U.S. initial claims decreased to 473,000, bringing the 60-week total to 81.7​ million. 

According to the U.S. Bureau of Labor Statistic's Job Openings and Labor Turnover Survey ​(JOLTS), national job openings reached 8.1 million in March, the highest level of openings since the statistic started being calculated in December 2000.

There are more job openings than hires, showing the market is facing labor shortage issues. Quits are higher than layoffs and discharges, meaning ​people are leaving their jobs voluntarily for other jobs that possibly offer higher wages and benefits.

The JOLTS data collaborate findings that the labor market demand remains strong and labor supply is an issue.

Fewer people in most of Texas' major and border metros filed new unemployment claims the week ending May, marking four straight weeks of declines. Brownsville-Harlingen was the exception, registering a slight increase. 

Using data from the DOL and the Employment and Training Administration, the Center has estimated unemployment claims for Texas' major and border metros since March 21, 2020:

• Houston-The Woodlands-Sugar Land, 1.20 million claims;

• Dallas-Fort Worth-Arlington, 1.16 million claims;

• San Antonio-New Braunfels, 352,700 claims;

• Austin-Round Rock, 298,000 claims;

• McAllen-Edinburg-Mission, 139,700 claims;

• El Paso, 121,100 claims;

• Brownsville-Harlingen, 61,600 claims; and

• Laredo, 34,900 claims. ​​

"Increasing vaccination rates should lead to a faster recovery in the leisure and hospitality sector, possibly creating a wave of hiring that would allow thousands of laid-off workers to find jobs," said Torres.

Retail registered the highest number of initial claims the week ending May 1. The sector was followed by administrative/support/waste management/remediation services, healthcare and social assistance services, and construction. 

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

• 2021 Texas Housing & Economic Outlook
• Podcast 453: New year, new opportunities
• COVID-19 Impact Projections on ​Texas Economy​
• Texas employment data​
• Monthly Review of the Texas Economy​

​​Source: Texas Real Estate Research ​Center​​​​​​​​​​

​​​​WASHINGTON – Austin has ranked fourth on WalletHub's list of the best cities to start a career.

The Texas Capital ranked first in quality of life and 22nd in professional opportunities. 

Irving was the only other Texas city to land in the top 30, ranking 28th overall, 31st in professional opportunities, and 44th in quality of life.

Houston (94th) and Fort Worth ​(44th) were first and fourth, respectively, in highest monthly average starting salaries adjusted for the cost of living.

Brownsville, which was the 29th worst place to start a career, was fifth in fastest job growth​.

The rest of the top five cities are No. 1 Salt Lake City; No. 2 Orlando, Fla.;​ No. 3 Atlanta; and No. 5 Columbia, S.C.​

​To compile the rankings, WalletHub compared 182 cities across two key dimensions: professional opportunities and quality of life. The sample considers only city proper in each case and excludes cities in the surrounding metro area.​

​​​​​MESQUITE – KKR has acquired Skyline Commerce Center, a 198,000-sf, newly built industrial property.

The seller, Conor Commercial, beg​​​an construction on the two-building development in April 2020. 

Building 1 has 32-ft clear heights, 23 truck docks, 12 trailer parking stalls, and 133 car parking spots. Building 2 offers 28-ft clear heights, 18 truck docks, and 122 car parking spaces.

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

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

​​​​​​​​​​​​EL PASO – A New England-based private equity firm has purchased Bungalows at North Hills, a 342-unit multifamily property.

Rebranded as Forty649 North Hills Apartments​, the asset has studio and one-, two-, three-, and four-bedroom units.

Amenities include a pool, fitness center, clubhouse, and outdoor grilling areas. 

The property was built in 2009 on ​18 acres at 4649 Loma Del Sur Dr.

KeyBank Real Estate Capital has provided $30 million in Freddie Mac acquisition financing.

The Texas Real Estate Research Center has more news like this:

• "El Paso: Military and Manufacturing's Influence on Housing"
• Texas Border Economy​
• El Paso real estate news
• ​​Texas Quarterly Apartment Report

​​​​​​​​​SAN ANTONIO – Atlanta-based MDH Partners has acquired South Park Building IV, a 151,793-sf, Class A warehouse.

The cross-dock ​distribution facility is on 11.5 acres at 7042 Industrial Way. 

It is currently 60 percent leased to tenants such as CEVA Logistics and Glazer's Beer & Beverage. 

Llano Realty Partners LLC handles leasing and marketing for the property.

The Texas Real Estate Research Center has more on San Antonio's industrial ​market:

• San Antonio industrial news​​
• ​​Texas Quarterly Commercial Report​

​​​SAN ANTONIO – Charlotte, N.C.-based Big V Property Group, has acquired The RIM Shopping Center, a one million-sf retail and restaurant destinati​on. 

Big V picked up the property, which is part of a larger mixed-use development, in partnership with New York-based Kimco Realty and San Diego-based Equity Street Capital. 

Get more San Antonio-area retail news on the Texas Real Estate Research Center's website:

• San Antonio-area retail news​
• Texas Quarterly Commercial Report

​​​​Source: REBusiness Online​

​​​​​HUTTO – The city council has approved to annex 456.8 acres to create the Lakeside Municipal Utility District No. 9 (Lakeside MUD 9).

The purpose of the annexation agreement, which swaps Hutto land with a comparable plot in Pflugerville's extraterritorial jurisdiction, was for a Hutto ISD and Pflugerville ISD boundary exchange to make the whole community part of Hutto ISD. The boundary exchange should be completed before the 2021-22 school year begins.

Lakeside MUD 9 is near the Williamson County and Travis County border. It will have around 998 homes on 45-, 55-, or 70-ft-wide lots. Homes will range from 1,700 to 4,000 sf. Prices will range between $350,000 and $750,000. 

Tiemann Land and Cattle Development Inc. is the developer.

Around 45 acres will be dedicated for parkland. An elementary school, donated to the city by the developer, will be built on 20 acres.

Get more Austin-area news on the Texas Real Estate Research Center's website:

• Austin education news​
• Texas Housing Insight
• Austin-area housing news 
• Home Price Index
• Central Texas housing reports 

​​​Source: ​Community Impact Newspaper

​CONROE – Egrets Group has broken ground on a 53,000-sf medical office building at 3786 FM 1488.

The three-story buildin​g will house a variety of medical offices, including primary care, imaging, a podiatrist, dermatology, physical therapy, sports medicine, and pain management.

Egrets is also developing an adjacent 10,000-sf retail center that will include an urgent care clinic and nail spa.

Get more Houston-area medical news on the Texas Real Estate Research Center's website:

• Local office news​​
• ​​​​​Texas Quarterly Commercial Report
• Houston-area medical news​

​Source: Realty News Report

​​​​​​SAN ANTONIO – Weston Urban is breaking ground on a 32-story tower​ at 305 Soledad St. 

The project will include a parking garage, courtyard, pool, deck and communal areas, 351 apartments, and 7,000 sf of ground-floor retail space. 

The city council recently approved part of a $7.6 million incentive package for the project.

Construction begins this month. Completion is set for December 2023.

The Texas Real Estate Research ​Center has more news like this:

• San Antonio mixed-use news
• ​​Texas Quarterly Commercial Report
• Texas Quarterly Apartment Report
• Local retail, office, hotel​, and multifamily news​​

​​​COLLEGE STATION – Since the start of the year, COVID​-19 cases have been declining steadily and life has gradually returned to something resembling before the pandemic. Employment, however, is still a work in progress.

Texas, like the rest of the U.S., is still trying to recover jobs lost since March of last year. As of March 2021, Texas has done better regaining jobs than the nation as a whole. Texas didn't have as large a gap to make up, having lost at most around 12 percent of pre-pandemic jobs compared with 15 percent nationwide.

One of the key drivers toward recovery has been the COVID vaccine rollout. As of mid-April, approximately 66 percent of Texans aged 18 years or older reported receiving full or partial vaccine doses, according to the U.S. Census Bureau's Household Pulse Survey. An additional almost 8 percent reported that vaccination is on the to-do list.

Despite the vaccine, consumer behavior appears to be on a slow crawl back to normal. Almost 40 percent of Texans report no change in shopping trip habits, while 31 percent report making more combined shopping trips, resulting in fewer overall trips. Eighteen percent reported more online shopping, resulting in fewer in-person shopping trips.

On the housing front, the risk of losing one's home is still a real threat for many Texans. In general, homeowners appear to be in much better shape than renters. When asked in mid-April by the Census Bureau, almost 90 percent of Texas homeowners replied the threat of losing their home due to foreclosure in the upcoming months was either not very likely or not likely at all. Around one-third of renters, meanwhile, responded that the risk of upcoming eviction was either very likely or somewhat likely.

Finally, another nuance of the pandemic is the shift toward remote work. Almost a third of Texas households reported having at least one adult in the family still working remotely. Further data indicate that half the households claiming a college degree were still working away from the office. That figure drops to approximately 15 percent for households with only a high school degree.​

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

• Texas employment data​
• Outlook for the Texas Economy
• Monthly Review of the Texas Economy 
• Texas Real Estate Research Center research library
• 2021 Texas Housing & Economic Outlook​
• Texas Housing Insight​​

Source: Texas Real Estate Research Center

​​SEABROOK – Gehan Homes Ltd. has purchased the first phase of Old Seabrook Village from OSV Development LLC.

Phase one of the waterfront community on Meyer Rd. includes 15 lots. Gehan is also contracted to buy the next two phases, which total 57 lots. 

Gehan's two- and three-story homes are being designed by Fredd Lucille's Design. A park with a pier will be built in the second phase.

Land Advisors Organization arranged the transaction.

The Texas Real Estate Research Center has more information on housing:​

​​​​​HALTOM CITY – Stream Realty Partners is nearing completion of Midway Logistics Pa​rk, a 491,218-sf speculative industrial project off SH 121.

The development consists of a 156,085-sf cross-dock building, 126,320-sf rear-load complex, and ​​​208,813-sf rear-load facility. 

Stream, which is also handling leasing, will deliver the buildings in the third quarter.​

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

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

​​​​HOUSTON – Philadelphia-based Equus Capital Partners has purchased​ a 757,325-sf industrial portfolio near the intersection of I-45 and Beltway 8. 

The portfolio consists of three rear-load buildings and two cross-dock buildings that were constructed between 2008 and 2014. 

They were 62 percent leased to 11 tenants at the time of sale.

Equus will implement a capital improvement program and rebrand the properties as Park 845 Crossing. 

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

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

​Source: REBusiness Online

​​​​NEW BRAUNFELS – Locally based SouthStar Communities is developing Mayfair, a m​​aster-planned community on 1,900 acres right outside city limits.

The project will include:

• 6,000 residential units,
  

• more than 300 acres of public parks, 

• 35 miles of trails, 

• four Comal Independent School District schools, and 

• ​more than 200 acres of commercial space. 

Construction will take place over 15 years.

Mayfair is expected to create almost 2,000 permanent jobs once complete.

The land is in the New Braunfels extraterritorial jurisdiction and is currently owned by the Texas General Land Office.

The Texas Real Estate Research ​Center has more news like this:

• San Antonio mixed-use news
• ​​Texas Quarterly Commercial Report
• Texas Quarterly Apartment Report
• Texas Housing Insight
• San Antonio-area housing news 
• Local Home Price Index
• San Antonio housing reports​​

​​​WASHINGTON – According to a survey from the Association of Foreign Investors in Real Estate (AFIRE), ​Austin and Dallas are top U.S.​ markets for​ international investments in 2021. 

The survey found that 30 percent of all respondents cited Austin as a top three market for planned investment this year. Austin tied with Boston for the top spot for investors. Dallas followed closely, ranking third with 29 percent. 

Rounding out the top five were Atlanta and New York City, at 25 percent and 21 percent, respectively.​

Some 33 percent of respondents said Austin would be a top three market for them in the next three to five years, more than any other market. Boston and Dallas tied for second at 24 percent.

Meanwhile, 23 percent of respondents identified Austin as their top target market, more than any other market. Austin's top ranking on this list is unprecedented, according to AFIRE, as a tertiary city has never ranked No. 1 before.

Overall, 90 percent of respondents said they plan to increase their position in U.S. cities over the next three to five years. 

Of the markets foreign investors plan to leave, New York, Chicago and San Francisco top the list. Houston was also in the top five.

Multifamily and industrial property are the biggest targets for foreign investors over the next three to five years. ​Interest for office and retail property has cooled, but hotels are gaining interest.

Investors from Asia, Europe, and Canada are expected to make the biggest contributions within the U.S. real estate market over the next few years.

The survey gathered insights from 101 respondents across 19 countries.​​

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

• Texas employment data​
• Outlook for the Texas Economy
• Monthly Review of the Texas Economy 
• Texas Real Estate Research Center research library
• 2021 Texas Housing & Economic Outlook​
• Texas Housing Insight​​

Source: Association of Foreign Investors in Real Estate