{{titleBar.title}}

​​​​​​​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.

Check out more San Antonio Office Market Research.

​​​​​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.

​​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.

​​​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.

​​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. 

​​​​​​​​​​​​​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.

​​​​​CAMBRIDGE, 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.

​

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.

Check out Houston-The Woodlands-Sugar Land Multifamily Market Research.

​​​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. 

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

​​​​​​ADDISON – 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. 

​Check ou​t more Dallas-Fort Worth-Arlington Office Market Research.

​​​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.

​Check out Houston-The Woodlands-Sugar Land​ Retail and Office Market Research.

​​​​

​​​​​​​​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 – 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.

​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.

​Check out Houston-The Woodlands-Sugar Land Retail and Multifamily Market Research.

​​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.​

​Check out Houston-The Woodlands-Sugar Land Hotel Market Research.

​​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. 

​Check out Houston-The Woodlands-Sugar Land Medical Market Research.

​​​​​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.

​​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.​

​​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.​​