Transwestern: SA office market continuing momentumTranswestern: SA office market continuing momentumhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=214552018-11-15T06:00:00Z2018-11-17T03:00:00Z

​​​​​​​SAN ANTONIO – The local office market continues to lead with positive absorption into the final stretch of 2018, according to the 3Q 2018 Office Market R​eport from Transwestern.

New construction in the third quarter reached a five-year high at 1.4 million sf with a prelease rate of 49.1 percent.

Deliveries caused a 14.6 percent vacancy increase, on par with the five-year average of 14.3 percent.

Net absorption in the quarter was positive with a total of 117,490 sf.

Overall asking rates for the metro increased by 64 basis points over the quarter and 10.2 percent over the year, finishing third quarter 2018 at $25.23 per sf full service.Transwestern infographic on Office Market 3Q 2018

San Antonio-New Braunfels

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Texas economy showing signs of slowing?Texas economy showing signs of slowing?https://www.recenter.tamu.edu/news/newstalk-texas/?Item=214582018-11-16T06:00:00Z2018-11-17T00:50:00Z

​​​​Job growth strong in most of state's large metros.DALLAS – A slight decline in job growth and a cooling housing market may be signs that Texas' robust economic expansion could be starting to slow, according to a report by the Federal Reserve Bank in Dallas.

"The Texas economy is continuing to grow at a robust pace, although it's moderating somewhat from what we saw earlier in the year," said Dallas Fed Assistant Economist Christopher Slijk. "Job growth in the third quarter was 2.4 percent, which is down from the previous two quarters but still outpacing the national average."

A tight labor market has emerged as Texas unemployment hit a historical low of 3.7 percent in October.​

Job gains are still climbing, with Houston, Austin, and El Paso all growing at a 3.9 percent annualized rate.

In addition, the housing market may be experiencing some supply and demand issues that are causing it to decelerate.

According to the report, low home inventories could be constraining home sales, while rising mortgage rates—a result of the Federal Reserve’s decision to raise short-term interest rates—are affecting affordability and purchasing power.

https://www.mysanantonio.com/business/economy/article/Texas-robust-economic-expansion-could-be-slowing-13392182.phpSource: {Source}
The missing link? New Uptown tower in the worksThe missing link? New Uptown tower in the workshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=214532018-11-16T06:00:00Z2018-11-17T00:20:00Z

Rendering of The Link, courtesy of Boka Powell and Kaizen Development Partners​DALLAS – Kaizen Development Partners is building a 22-story, 300,000-sf office tower on Akard St. just north of downtown.

The high-rise, called The Link at Uptown, is planned for an acre next to the new Union development. 

It will include two restaurants, outdoor terrace, fitness center, and conference​​​ center.​​

The land, which is currently occupied by a church and a vacant office building, was purchased from local restaurateur and businessman Mike Karns.

Locally based BOKA Powell is the architect. 
Dallas Morning News
Dallas-Fort Worth-Arlington
https://www.dallasnews.com/business/real-estate/2018/11/15/new-uptown-office-tower-project-worksRead more at the {Source}
Texas unemployment hits historic low . . . again. Texas unemployment hits historic low . . . again. https://www.recenter.tamu.edu/news/newstalk-texas/?Item=214562018-11-16T06:00:00Z2018-11-16T17:00:00Z

​​​AUSTIN – Texas’ seasonally adjusted unemployment rate fell to 3.7 percent in October, reaching its lowest level since January 1976.

According to data from the Texas Workforce Commission, the state’s seasonally adjusted unemployment rate fell from 3.8 percent in September.

The Texas economy added 32,300 seasonally adjusted nonfarm jobs last month. The state's annual employment growth was 3.1 percent in October, marking 102 consecutive months of annual growth.

​​​The Texas metro with the lowest nonseasonally adjusted unemployment rate was Midland at 2.1 percent. McAllen-Edinburg-Mission had the highest at 5.5 percent.

The mining and logging industry saw the largest seasonally adjusted growth in employment from October 2017 to October 2018, growing 17.2 percent. The information industry was the only one to lose jobs with employment dropping 2.3 percent over the year.​ The government industry was the only one that saw no change.

Texas Workforce Commission
https://twc.texas.gov/news/texas-unemployment-rate-hits-historic-low-37-percentRead more at {Source}
MBA: Texas mortgage delinquency rate down YOYMBA: Texas mortgage delinquency rate down YOYhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=214572018-11-16T06:00:00Z2018-11-16T17:00:00Z

​​WASHINGTON – The mortgage delinquency rate in Texas dropped 190 basis points year over year to 5.48 percent in third quarter 2018, according to ​​the Mortgage Banker Association's N​ational Delinquency Survey. 

Texas' fourth quarter delinquency rate was still 43 basis points higher than the pre-hurricane second quarter 2017 results. ​​

Mortgage delinquency had hit 7.38 and 7.33 percent in third quarter and fourth quarter 2017, respectively, after Hurricane Harvey hit Texas. ​

In second quarter 2018, the state's mortgage delinquency rate was 5.36 percent. 

Mortgage Bankers Association
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Blinn Buccaneers: Arrrr you looking for a place to live?Blinn Buccaneers: Arrrr you looking for a place to live?https://www.recenter.tamu.edu/news/newstalk-texas/?Item=214432018-11-14T06:00:00Z2018-11-16T01:00:00Z

​​​​​​​​​​​​​Mill Creek Residence Hall on Blinn College - Brenham.BRENHAM – Servitas has completed the $22.7 million Mill Creek Residence Hall serving Blinn College.

The 169,700-sf property on the corner of S. Saeger St. and Old Mill Creek Rd. features 464 two- and four-bed suites.

The property welcomed its first student residents this semester.

College Station-Bryan
https://rebusinessonline.com/servitas-completes-22-7m-student-housing-project-for-blinn-college-in-brenham-texas/Source: {Source}
Forever young: Texas major metros stay young as U.S. agesForever young: Texas major metros stay young as U.S. ageshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=214452018-11-15T06:00:00Z2018-11-16T01:00:00Z

​​​​Texas by census tract and percent of population over 65CAMBRIDGE, Mass. – More than half of U.S. households are now headed by someone age 50 years or old, according to the Harvard Joint Center for Housing Studies' "Housing America’s Older Adults 2018" report.

The study also shows that the United States isn’t prepared, nor does it have the resources, to house an aging population.

When it came to the major Texas metros, the share of the population age 65 and older is, on average, no higher than 10 to 14 percent.​
Connect Media
Demographics & Population
https://www.connect.media/an-aging-population-what-it-means-for-texas/Read more at {Source}
Houston multifamily deliveries still fallingHouston multifamily deliveries still fallinghttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=214462018-11-15T06:00:00Z2018-11-16T01:00:00Z

Marcus & Millichap demographic highlights

HOUSTON – Local multifamily deliveries remain on a downhill slide for a second consecutive year as 12,600 units are expected to come online in 2018.  This is below the 19,400 units delivered last year.

According to Marcus & Millichap, the metro's expected positive absorption of 7,700 units this year will be outweighed by supply additions. Vacancy will rise to 6.4 percent following last year's 200-basis-point fall.

Following a 6.7 percent advance during 2017, the average effective rent will rise 2.9 percent to $1,103 this year. 
Marcus & Millichap
Houston-The Woodlands-Sugar Land

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IT campus for the pennywise tenantsIT campus for the pennywise tenantshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=214502018-11-15T06:00:00Z2018-11-16T00:30:00Z

​​A rendering of phase one of the Irving IT Park​IRVING – T2V Properties LLC is building a two-phase tech office campus at 1410 Westridge Circle N.

Phase one of Irving IT Park will include a three-story, 35,430-sf Class A office building. 

The first building will break ground this month and is currently 75 percent sold to investors.

The 90,000-sf second phase of the campus is expected to break ground in 2019. 

​Hoefer Wysocki is the project’s architect, while Arch-Con Corporation is the general contractor.
Dallas Business Journal
Dallas-Fort Worth-Arlington

​See also: Dallas-Fort Worth-Arlington Office Market Research.

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Co-working concept moves to AddisonCo-working concept moves to Addisonhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=214422018-11-15T06:00:00Z2018-11-16T00:20:00Z

​​​​​​FOURTEEN5 Office ParkADDISON – Coworking company Common Desk plans to open its seventh location in the Dallas suburbs. 

The company leased 26,500 sf in Cawley Partners' FOURTEEN5 office park. It will move into Phase 1 at 14555 Dallas Pkwy., which recently opened and is 92 percent leased. 

FOURTEEN5 will feature two 240,000-sf office buildings at the Dallas North Tollway and Landmark Blvd. when complete. Cawley will​ launch construction on the second phase in spring 2019.
Connect Media
Dallas-Fort Worth-Arlington

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Ancorian runs The Block 'round here Ancorian runs The Block 'round here https://www.recenter.tamu.edu/news/newstalk-texas/?Item=214442018-11-15T06:00:00Z2018-11-16T00:00:00Z

​​​Rendering of The Block.HOUSTON – Ancorian has broken ground on a 44,000-sf warehouse reuse project at 2339 Canal St. in east downtown.

The project, dubbed The Block, started when Ancorian acquired a 70,000-sf indu​​​​​​strial warehouse on 2.5 acres at Canal St. and Colby St. two years ago. 

The demolition​ of the warehouse made room for around 200 parking spots at the development.

When the project delivers near the end of 2019, it’s expected to contain coworking space and one or two retail/restaurant concepts.
Houston Business Journal
Houston-The Woodlands-Sugar Land

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No room at the inn? Don't worry, there are more comingNo room at the inn? Don't worry, there are more cominghttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=214492018-11-15T06:00:00Z2018-11-16T00:00:00Z

​​​​A rendering of the Canopy by Hilton hotel in Uptown, which opened in July 2018.

DALLAS – As of October 2018, Dallas-Fort Worth has 6,233 hotel rooms under construction, the third-largest in the nation, according to hotel research firm STR.

That's behind only New York and Las Vegas, which had 14,295 and 7,902 rooms, respectively.

With the new additions, North Texas' hotel room supply will grow 7 percent over the year, behind only New York (12 percent).

Much of the growth is concentrated in central Dallas.

Houston, which is still rebounding from Hurricane Harvey in 2017, had the fifth-largest growth spurt in the nation, adding 5,176 rooms for an increase of 5.7 percent.​

Dallas Morning News
Dallas-Fort Worth-Arlington
https://www.dallasnews.com/business/real-estate/2018/11/14/inn-crease-north-texas-hotel-room-growth-outpaces-usRead more at {Source}
$120M Ingram Hall Texas State's new engineering hub$120M Ingram Hall Texas State's new engineering hubhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=214342018-11-13T06:00:00Z2018-11-15T01:00:00Z

​​​​​​​​Ingram Hall at Texas State University.SAN MARCOS – Bruce and Gloria Ingram Hall opened last week at Texas State University.

​The $120 million building on Moon St. is the new hub for the university's science and engineering programs.​ At 166,000 sf, it is the largest academic building in the university’s history.

Treanor Architects handled the design. SpawGlass Construction was the general contractor.​​​​

Austin Business Journal
Austin-Round Rock
https://www.bizjournals.com/austin/news/2018/11/12/texas-state-imagines-future-of-engineering.htmlRead more at the {Source}
NKF arranges sale of three assets across two dealsNKF arranges sale of three assets across two dealshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=214362018-11-13T06:00:00Z2018-11-15T01:00:00Z

​​​​​​​Farmhouse Apartments in Austin.AUSTIN – Newmark Knight Frank has arranged two multifamily transactions across three properties totaling 905 units​.

Atlanta-based BVT Equity Holdings sold The Estates and The Terraces to Cortland Partners. 

The Estates is a 22-building, 426-unit community on 20 acres at 10001 S. 1st St. The Terraces is a ten-building, 244-unit property on 20 acres at 10101 S. 1st St.

​Ardent Residential sold Farmhouse to The Ergas Group.​ It is a six-building, 235-unit luxury property on more than seven acres at 10801 S.​ I-35.

Multi-Housing News
Austin-Round Rock
https://www.multihousingnews.com/post/nkf-arranges-sale-of-3-tx-assets-in-2-deals/Read more at {Source}
Stratus partners with H-E-B on New Caney projectStratus partners with H-E-B on New Caney projecthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=214402018-11-14T06:00:00Z2018-11-15T00:35:00Z

​NEW CANEY – Stratus Properties, in partnership with San Antonio-based H-E-B, has purchased 38 acres for $9.5 million.

​The development will be anchored by the grocery store and 145,000 sf of retail space. Ten acres will be reserved for apartments.

Work is expected to start in three years.
Houston-The Woodlands-Sugar Land

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Omni Houston Hotel reopens after $30M renoOmni Houston Hotel reopens after $30M renohttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=214412018-11-14T06:00:00Z2018-11-15T00:15:00Z

​​Rendering of the lobby library.HOUSTON – Omni Houston Hotel has reopened at 4 Riverway after undergoing a $30 million renovation. 

Renovations of the 378-room hotel included modernization and space redesign as well as the addition of new amenities. 

The hotel now includes floor‐to‐ceiling windows and open communal spaces, whiskey lounge, high-end retail venues, lobby library with fireplace, and restaurant. The property’s nightclub and spa also underwent renovation.​

Commercial Property Executive
Houston-The Woodlands-Sugar Land

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Kelsey-Seybold to open clinic in 2020Kelsey-Seybold to open clinic in 2020https://www.recenter.tamu.edu/news/newstalk-texas/?Item=214352018-11-14T06:00:00Z2018-11-15T00:00:00Z

​​Rendering of the new clinic.PORTER – The Kelsey-Seybold Clinic purchased 5.5 acres at 25553 US 59 near Northpark Dr. in Montgomery County.​

It will build a ​three-story, 55,000-sf multispecialty clinic to replace one on W. Lake Houston Pkwy. that was damaged during Hurricane Harvey. 

The clinic w​​ill be more than double the size of the previous location when it delivers in​ first quarter 2020.
Houston Business Journal
Houston-The Woodlands-Sugar Land

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City Center makes itself at (town) homeCity Center makes itself at (town) homehttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=214392018-11-13T06:00:00Z2018-11-15T00:00:00Z

​​​​​Rendering of City Center town homes.SAN ANTONIO – The first phase of Terramark Urban Homes' City Center received final approval by the Historic and Design Review Commission.​

City Center will be built in two phases and is expected to have up to 26 town homes. The first phase will consist of four​ three-story duplexes at the corner of Center and N. Swiss Streets.

Units will average 1,670 sf and will cost $350,000–$370,000 per unit.

Infrastructure work is expected to begin by the end of the year.

San Antonio Business Journal
San Antonio-New Braunfels
https://www.bizjournals.com/sanantonio/news/2018/11/08/dignowity-hill-brownstone-project-approved-for.htmlRead the full article at the {Source}
Auto Haus Imports revs up in BedfordAuto Haus Imports revs up in Bedfordhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=214472018-11-14T06:00:00Z2018-11-14T22:00:00Z

​​BEDFORD ​​​– ​Mac Churchill Auto Mall sold its 66,232-sf car dealership and repair shop at 3737 Airport Fwy. to Auto Haus Imports. 

Lee & Associates represented the seller.​

Fort Worth Business Press
Dallas-Fort Worth-Arlington
http://www.fortworthbusiness.com/news/real_estate/real-deals-bedford-auto-mall-lease/article_15e535ac-e45e-11e8-8582-ef106762a4ac.htmlRead more at {Source}
KGP leases space in GrapevineKGP leases space in Grapevinehttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=214482018-11-14T06:00:00Z2018-11-14T22:00:00Z

​​GRAPEVINE – KGP Telecommunications has leased 204,556 sf at 801 International Pkwy. from Prologis.

Stream Realty represented the landlord while Lee & Associates represented the tenant.​​

Fort Worth Business Press
Dallas-Fort Worth-Arlington
http://www.fortworthbusiness.com/news/real_estate/real-deals-bedford-auto-mall-lease/article_15e535ac-e45e-11e8-8582-ef106762a4ac.htmlRead more at {Source}

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