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Texas housing market strong in 4Q2020Texas housing market strong in 4Q2020https://www.recenter.tamu.edu/news/newstalk-texas/?Item=251202020-10-30T05:00:00Z2020-10-30T16:00:00Z

​​COLLEGE STATION – The Texas housing market has been unexpectedly robust in 2020, Real Estate Center data show. 

"Perhaps because of t​he strong association with the last major recession, ignited by the mortgage market collapse, many expected residential real estate to fall flat on its face," said Center Senior Data Analyst Joshua Roberson. "​But so far, that hasn’t happened."

HPI 3Q2020

Third quarter data are showing skyrocketing home prices. Some markets, such as Austin, were already on the upward trajectory before the pandemic, while others turned upward afterward.

Regardless of area, Roberson said the common denominator is that home prices are growing exponentially. 

If the previous concern was market fallout, the new concern is what the new equilibrium point will look like. 

"Even with favorable mortgage rates, the market will be able to absorb only so much price growth," Roberson said. 

The housing market is still recovering from the imbalances brought on by COVID-19, particularly on the supply side of the equation. 

For the time being, fourth quarter home sales look like a potential record buster. Typically, activity tends to slow down as the holidays come around, but this trend is not seen this year. Pending listings are uncharacteristically high.

"If these sales follow through, real estate professionals throughout the state are likely to have a merrier holiday season than they thought possible just a few months ago," Roberson said. ​

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

​Source: Real Estate Center​


Real Estate Center
Texas
Housing
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Mill Creek Residential building luxury apartments in Frisco SquareMill Creek Residential building luxury apartments in Frisco Squarehttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=251172020-10-30T05:00:00Z2020-10-30T15:00:00Z

​FRISCO – Mill Creek Residential has broken ground on Modera Frisco Square, a luxury apartment community at 5995 Gordon St.

The wrap-style community will have 360 apartments, including 31 townhomes with private​ garages. Amenities include a resort-style pool deck and courtyards. 

It is within the 147-acre Frisco Square master-planned complex.​

Move-ins begin in spring 2022.

Texas logoThe Real Estate Center​​​​ has more information like this online for free:

​Source: Connect Media

Connect Media
Dallas-Fort Worth-Arlington
Multifamily
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Skyline buys 250-MW solar project in West TexasSkyline buys 250-MW solar project in West Texashttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=251182020-10-30T05:00:00Z2020-10-30T15:00:00Z

​​​​PORTLAND, Ore. – ​Skyline Renewables will finance and manage the construction of a 250-magawatt (MW) solar project in Central West Texas.

The Galloway I Solar ​Project was acquired from 8minute Solar Energy. It will begin operation by the end of 2021.

Skyline is backed by private investment house Ardian. Morgan Stanley Renewables Inc. is the sole tax equity investor. Morgan Stanley Capital Group Inc. is an off-taker. 

A consortium of banks led by CIT and joined by Rabobank, Commerzbank, DNB Capital, and Siemens Financial is providing construction financing. 

Texas logoThe Real Estate Center has more Texas infrastructure and transportation news​ online.

​Source: Connect Media
Connect Media
NonMSA Texas
Infrastructure & Transportation
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Benchmark Northwest delivers in HoustonBenchmark Northwest delivers in Houstonhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=251192020-10-30T05:00:00Z2020-10-30T15:00:00Z

​​​​​​​HOUSTON – Stream Realty Partners has completed Benchmark Northwest Distribution Center, a 157,887-sf speculative industrial project at 5215 Campbell Rd.

The side-load building has 32-ft clear heights, 33 dock-high doors, an ESFR sprinkler system, 33 trailer parking spaces, and 125 automobile parking spaces, which can be expanded to 202 spots. 

Ware Malcomb was the architect. Rosenberg Construction​ was the general contractor. 

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

Source: REBusiness Online​
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Houston-The Woodlands-Sugar Land
Industrial
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Jobless claims hit lowest level of pandemicJobless claims hit lowest level of pandemichttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=251152020-10-30T05:00:00Z2020-10-30T14:00:00Z

​​​​​​​​​​​​​​​​​​​​COLLEGE STATION – ​Initial unemployment insurance claims in Texas decreased to their lowest level since the pandemic hit the economy. 

New claims fell to around ​34,000 the week ending Oct. 24, reversing a two-week upward trend. This brings the total number of initial claims to 3.73 million, according to data from the U.​S. Department of Labor (DOL).​

Despite the decrease, new unemployment insurance claims still remain two times higher than pre-pandemic levels. 

Continuing unemployment claims decreased for the seventh consecutive week, falling to 618,200 the week ending Oct. 17. 

"The fall in both initial and continuing claims point toward improvements in the labor market," said Real Estate Center Research Economist Dr. Luis Torres. "However, much work still has to be done, especially as continuing claims remain about four times higher than pre-pandemic levels.​

"A key driver for the continuing claims is the Pandemic Unemployment Assistance Program, which represents around 44.1 percent of those claims," said Torres.

New national unemployment claims also decreased to a new pandemic low. U.S. claims fell for the second straight week to 751,100 the week of Oct. 24, bringing the 32-week total to almost 66 million. ​

Fewer people in Texas' major metros filed new unemployment claims during the week ending Oct. 17. New claims also fell in McAllen, Brownsville, and Laredo.

In contrast, claims in El Paso increased as COVID-19 cases have been rising at an alarming rate.​​​

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:

  • Houston-The Woodlands-Sugar Land, 855,300 claims;

  • Dallas-Fort Worth-Arlington, 813,100 claims;

  • San Antonio-New Braunfels, 257,500 claims;

  • Austin-Round Rock, 218,900 claims;

  • McAllen-Edinburg-Mission, 100,400 claims;

  • El Paso, 85,200 claims;

  • Brownsville-Harlingen, 44,800 claims; and

  • Laredo, 26,200 claims.​

Layoffs continue in construction as well as in industries that can't socially distance.

Administrative​/support/waste management/remediation services, construction, ​​retail trade, health and social assistance, and accommodation and food services had the most unemployment claims through the week ending Oct. 17.​​

"The new rise in COVID-19 cases could affect consumer behavior, holding back business activity and maintaining layoffs at a high level," said Torres. ​

Texas logoThe Real Estate Center has a wealth of economic information online for free.
​Source: Real Estate Center​
Real Estate Center
Texas
Employment
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152-unit The Connally Apartments trades hands on North Side152-unit The Connally Apartments trades hands on North Sidehttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=251162020-10-30T05:00:00Z2020-10-30T14:00:00Z

​​SAN ANTONIO – Austin-based JMB Group LLC has purchased Connally Apartments at 5300 N.W. Loop 410. 

The 152-unit multifamily complex has one- to t​hree-bedroom floor plans. Rents range from $895 to $1,310 per month. 

Amenities include a fitness center, pool, courtyard, and picnic area.  

Newmark Knight Frank represented the seller. ​

texaslogo.pngThe Real Estate Center has more news like this online for free:
San Antonio Business Journal
San Antonio-New Braunfels
Multifamily
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TREC announces new deputy general counselTREC announces new deputy general counselhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=251132020-10-29T05:00:00Z2020-10-29T19:00:00Z

​AUSTIN – Abby Lee was named deputy general counsel of the Texas Real Estate Commission (TREC) effective Oct. 20, 2020.

Prior to joining TREC, Lee worked as in-house counsel for Texas Realtors for nearly eight years. During that time, she served as the association’s liaison to TREC. Most recently, she served as an assistant general counsel for the Texas Medical Association.

Lee​ graduated with distinction from the University of Kansas in 2007 and earned her law degree from Baylor Law School in 2011.

Texas logoThe Real Estate Center has a wealth of economic information online for free​.
Texas Real Estate Commission
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Center News
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Build-to-rent community coming to Galveston IslandBuild-to-rent community coming to Galveston Islandhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=251142020-10-29T05:00:00Z2020-10-29T19:00:00Z

​​GALVESTON – Houston-based Wan Bridge is building​​​ Palm Bay, the island's first build-to-rent community in the Bayside at Waterman  housing development.

Palm Bay will have 94 single-family detached homes and 20 condominiums.

It will have three- and four-bedroom options with 2.5 bathrooms and living areas spanning 1,600 to 1,800 sf. ​​

texaslogo.pngThe Real Estate Center has more information on housing:​
Connect Media
Houston-The Woodlands-Sugar Land
Housing
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$500M master-planned community slated for Georgetown$500M master-planned community slated for Georgetownhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=251092020-10-29T05:00:00Z2020-10-29T17:00:00Z

​​​GEORGETOWN – Owen Holdings is developing Parmer Ranch, a 454-acre master-planned community at Ronald Reagan Blvd. and Williams Dr. 

The community will include more than 1,000 residential units, 100 acres of commercial development, 47 acres of parkland, and sites for elementary and middle schools.

Phase one will include 155 homes, a ten-acre park and nature reserve, and food truck court. 

The project will reach full buildout in eight years.

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

​​​Source: ​Austin Business Journal

Austin Business Journal
Austin-Round Rock
Mixed-Use
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Serac Capital picks up office pair on Northwest Side Serac Capital picks up office pair on Northwest Side https://www.recenter.tamu.edu/news/newstalk-texas/?Item=251102020-10-29T05:00:00Z2020-10-29T17:00:00Z

​​​SAN ANTONIO – Houston-based Serac Capital Partners LLC has acquired Fountainhead Park I and II, an office building pair at 4511 Horizon Hill Bl​vd. and 3846 Medical Dr. 

Built on 12 acres, the buildings total 171,205 sf and are 94 percent leased to tenants such as W.W. Grainger Inc. and Hulu. 

Transwestern Capital Markets represented the seller.

Texas logoThe Real Estate Center has more on San Antonio's office market:

San Antonio Business Journal
San Antonio-New Braunfels
Office
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Micron Technology leasing space in One Bethany WestMicron Technology leasing space in One Bethany Westhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=251112020-10-29T05:00:00Z2020-10-29T17:00:00Z

ALLEN – Micron Technology Inc. is taking two floors in the just-completed One Bethany West office near US 75.

The ​36,500-sf office will eventually house 200 workers.

The lease brings the new building to about 50 percent occupancy.

The project is owned by Kaizen Development Partners.

Texas logoThe Real Estate Center has more on DFW real estate news:


Dallas Morning News
Dallas-Fort Worth-Arlington
Office
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Bridge Partners acquires 368-unit Plano multifamilyBridge Partners acquires 368-unit Plano multifamilyhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=251122020-10-29T05:00:00Z2020-10-29T17:00:00Z

​​PLANO – Fountains at Steeplechase, a 368-unit multifamily asset at 7301 Alma Dr., has been sold.

Built in 1984, the 23-acre property has two swimming pools, a fitness center, and a clubhouse with a cybercafé. Average unit size is 857 sf.

Institutional Property Advisors represented the seller, Hamilton Zanze, and procured the buyer, Bridge Partners.​​​

Texas logoThe Real Estate Center​​​​ has more information like this online for free:

​Source: Connect Media

Connect Media
Dallas-Fort Worth-Arlington
Multifamily
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Alta Washington apartments open in Memorial ParkAlta Washington apartments open in Memorial Parkhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=251082020-10-28T05:00:00Z2020-10-28T21:00:00Z

​HOUSTON – Wood Partners has completed Alta Washington, a 204-unit apartment complex ​​at 6400 Washington Ave. in Memorial Park.​

The property has one- and two-bedroom floor plans as well as six townhome units​​​. Monthly rents start at $1,675 for a one-bedroom unit.

Amenities include a pool, fitness center, business center, package sorting room, outdoor grilling stations, and dog park.

Move-ins begin early next month.

Texas logoThe Real Estate Center​​​​ has more information like this online for free:

​Source: REBusiness Online

REBUSINESS
Houston-The Woodlands-Sugar Land
Multifamily
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BOSS Austin inks 25K-sf industrial leaseBOSS Austin inks 25K-sf industrial leasehttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=251032020-10-28T05:00:00Z2020-10-28T20:00:00Z

​​​PFLUGERVILLE – BOSS Aus​tin has signed a 25,050-sf, full-building lease at 16064 Central Commerce Dr. 

Built in 1998, the building offers office and warehouse space. 

ECR represented the tenant. Development 2000 Inc. represented the landlord. 

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

​Source: Austin Business Journal
Austin Business Journal
Austin-Round Rock
Industrial
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NorthPoint building 863,000-sf logistics center NorthPoint building 863,000-sf logistics center https://www.recenter.tamu.edu/news/newstalk-texas/?Item=251042020-10-28T05:00:00Z2020-10-28T20:00:00Z

​​​KYLE – NorthPoint Developme​nt is building the Plum Creek Industrial Center, a 76-acre industrial park within the Plum Creek master-planned community. 

Phase one will bring two buildings totaling 444,058 sf. Construction will be complete in 2021. 

The second phase will include two more buildings, bringing the development to around 863,000 sf.​​

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

​Source: Compass Communications
Compass Communications
Austin-Round Rock
Industrial
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Neighborly Brands opening second HQ in IrvingNeighborly Brands opening second HQ in Irvinghttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=251052020-10-28T05:00:00Z2020-10-28T20:00:00Z

​​IRVING – Neighborly Brands is opening its second headquarters building at 500 E.​ John Carpenter Fwy.

The eight-story​, 34,000-sf office will open in early 2021. It will house more than 200 full-time workers by the end of 2026.

Koa Partners is the landlord. Cushman & Wakefield negotiated the lease.

Texas logoThe Real Estate Center has more on DFW real estate news:

Dallas Morning News
Dallas-Fort Worth-Arlington
Office
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Dallas shopping center trades hands Dallas shopping center trades hands https://www.recenter.tamu.edu/news/newstalk-texas/?Item=251062020-10-28T05:00:00Z2020-10-28T20:00:00Z

DALLAS – Skillman Centre, a 55,867-sf retail property at 9205 Skillman St., has been sold​.

The asset was 66 percent leased at the time of sale. 

Marcus and Millichap brokered the sale.

Texas logoThe Real Estate Center has more on the North Texas retail market:

Source: Marcus & Millichap
Marcus & Millichap
Dallas-Fort Worth-Arlington
Retail
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Wolff starts on Beacon Hill Wolff starts on Beacon Hill https://www.recenter.tamu.edu/news/newstalk-texas/?Item=251072020-10-28T05:00:00Z2020-10-28T20:00:00Z

​​​​WALLER – Wolff Cos. has started on Beacon Hill, a 521-acre mixed-use development on US 290.​

The project will includ​e a 251-acre business park with office, light industrial, distribution, multifamily, and retail uses. 

Long Lake Ltd. purchased the northernmost 270 acres to develop an 870-home residential community. Homes will range from the low-​$200,000s to the mid-$400,000s.

Wolff has agreed with the Texas Department of Transportation to implement road improvements, including:

  • an off-ramp for a new 290 interchange, named Beacon Hill Blvd., west of FM 362;

  • a mile-long US 290 frontage road connecting Beacon Hill Blvd. to James R. Muse Pkwy; and ​

  • a U-turn under 290 at James R. Muse Pkwy. 

Beacon Hill Blvd. will be completed in Sept. 2021. The interchange will start in spring 2022 and finish in 2023. 

Texas logoThe Real Estate Center has more information​ like this online:

          Realty News Report
          Houston-The Woodlands-Sugar Land
          Mixed-Use
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          Three Texas cities among top ten emerging life science clustersThree Texas cities among top ten emerging life science clustershttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=251022020-10-27T05:00:00Z2020-10-27T15:00:00Z

          ​​​​​​​​​​LOS ANGELES – Three Texas cities are among the top ten emerging life science clusters, according to a CBRE report. 

          Houston, Austin, and D​allas-Fort Wo​rth ranked second, third, and sixth on the list, respectively. 

          Houston, the third fastest-growing major life sciences cluster, ranks 14th in largest U.S. life sciences cluster by employment. DFW follows, ranking ninth and 17th i​n those metrics, respectively.

          Space City was also 12th in National Institutes of Health (NIH) funding in 2019.

          The rest of the top ten rankings are:

          • No. 1 Pittsburgh;

          • No. 4 Detroit;

          • No. 5 Phoenix;

          • No. 7 St. Louis;

          • No. 8 Atlanta;

          • No. 9 Portland, Ore.; and 

          • No. 10 Minneapolis.

          To determine the list, CBRE ranked the cities by size and growth of life sciences employment, concentration of research and development life sciences employment, amount and growth of life sciences venture capital funding, and NIH funding.​

          Texas logoThe Real Estate Center has more Houston, Austin, and Dallas medical news online for free.

          ​​Source: CBRE

          CBRE
          Texas
          Medical
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          Multipurpose sports complex slated for Corpus Christi Multipurpose sports complex slated for Corpus Christi https://www.recenter.tamu.edu/news/newstalk-texas/?Item=250972020-10-27T05:00:00Z2020-10-27T14:00:00Z

          ​​CORPUS CHRISTI – Next Sports Co. is developing a sports complex on Old Brownsville Rd. near South Pad​re Island Dr. 

          The facility will include eight multipurpose fields for soccer, lacrosse, field hockey, flag football,​ and cheerleading, as well as a 5,000-seat soccer stadium. 

          The city council appro​​​ved $1.85 million in incentives for the project. 

          Phase one will be complete in December 2021, with the second phase delivering a year later. 

          Texas logoIf you're looking for more Corpus Christi real estate news, head to our website. 

          ​Source: Connect Media
          Connect Media
          Corpus Christi
          Public Facilities
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