REOC: Austin 3Q 2015 office marketREOC: Austin 3Q 2015 office markethttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=112972015-12-01T06:00:00Z

​​​​AUSTIN - The ​Austin Office Building Update report for third quarter 2015 has been released by REOC Austin.

Austin's strong population and job growth have helped continue the strong demand for office space.​

The Austin office market closed 3Q 2015 with a citywide vacancy rate of 9.5 percent, which is slightly up compared to the 9.0 percent recorded a year ago.

Over the past four quarters, the market experienced more than 1.3 million sf of positive net absorption, with 705,793 sf being absorbed in 3Q 2015.

Analysis by REOC Austin based on data provided by Xceligent and approved by Austin Office Advisory Board. Includes all multi-tenant office projects of 20,000 sf or more (excluding Owner-Occupied, Medical, Single-Tenant and Government-only buildings).


Don't fo​rget to check out Austin Office Market Research for more information.
Austin-Round Rock
https://assets.recenter.tamu.edu/Documents/MktResearch/Austin_REOC_Office.pdfSee the full report at {Source}
200,000-SF Embassy Suites' reservation near Amarillo convention center200,000-SF Embassy Suites' reservation near Amarillo convention centerhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=112692015-12-01T06:00:00Z

​​​AMARILLO - Irving-based hotel developer NewcrestImage has landed more than $28 million in financing to develop a 225-room, full-service Embassy Suites hotel, which will help anchor Amarillo's civic center. 

The new 200,000-sf Hilton-branded hotel is part of the planned improvements for downtown Amarillo surrounding the city's civic center, which includes a multipurpose convention center, parking garage, entertainment venue and ballpark.

Plans for the new development include 30,000 sf of meeting and function space, 300 parking spots in an adjacent parking garage for the hotel's exclusive use, lounge and lobby bar, full-service restaurant, pool and fitness center.

Construction on the new hotel development in Amarillo is slated for completion in 2017.

Dallas Business Journal
http://www.bizjournals.com/dallas/blog/morning_call/2015/11/irving-based-developer-gets-28m-to-build-new-hotel.htmlRead more at the {Source}
Cushman Wakefield: DFW Industrial Snapshot 3Q 2015Cushman Wakefield: DFW Industrial Snapshot 3Q 2015https://www.recenter.tamu.edu/news/newstalk-texas/?Item=113012015-12-01T06:00:00Z

​DALLAS-FORT WORTH - Developers responded to the surge in demand for industrial space in 2013-2014 with a multitude of build-to-suit and speculative projects in DFW, and many of those projects have been completed this year. 

Overall vacancy recorded 7.7 percent in third quarter 2015, a slight uptick from 7.4 percent in 2Q 2015, but below last year's 8.0 percent.

New supply delivered in 2015 totals 10.9 million sf with approximately two-thirds being spec buildings and 45 percent of the spec space pre-leased.

The amount of industrial space under construction currently totals a record 20.9 million sf with 76 percent spec, of which almost half is already preleased.

Approximately 6.8 million sf is scheduled to deliver by year-end. The unusually heavy rains this spring delayed work on several construction projects and could push completion on many buildings into 1Q 2016.

Cushman & Wakefield
Dallas-Fort Worth-Arlington

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Shadow Creek Marketplace sells in Pearland Shadow Creek Marketplace sells in Pearland https://www.recenter.tamu.edu/news/newstalk-texas/?Item=113232015-12-01T06:00:00Z

​PEARLAND - Shadow Creek Marketplace, a 42,332-sf retail center situated on 20.5 acres, located at 11005 Shadow Creek Parkway in Pearland has sold.

The property was completed in 2009 and is shadow-anchored by a 100,000-sf Kroger Signature grocery store. Tenants include national retailers Subway, Little Caesar’s, Cricket Wireless, Sport Clips and Nationwide Insurance.

The center is approximately 94 percent leased, with 2,604 sf available for occupancy.

JLL Capital Markets experts negotiated the sale.

Houston-The Woodlands-Sugar Land
http://www.us.jll.com/united-states/en-us/news/3770/jll-negotiates-sale-of-shadow-creek-marketplace-in-pearland-texasCheck {Source} for more information
Waco booming home, car sales, 'Fixer-Upper' drive economyWaco booming home, car sales, 'Fixer-Upper' drive economyhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=113282015-12-01T06:00:00Z

​​WACO - Residents of Greater Waco continue to buy vehicles and homes as if they’re going out of style, pushing the Greater Waco Economic Index again into record territory in October, according to a report this week by Amarillo-based economist Karr Ingham.

Chip and Joanna Gaines continue to make waves with their hit cable show “Fixer Upper,” as well as their new Magnolia Market at the Silos at South Eighth St. and Webster Ave. that is attracting tens of thousands of visitors from around the nation.

Kevin Vander Woude, a real estate agent for the Gaines’ Magnolia Homes, said he’s fielding calls from viewers in many states, but particularly California, Nevada and Arizona, who like what they see of Waco on the show and want to move here.

Woude says California residents are lured by the prospect of spending $200,000 for a 2,000-sf home that would cost $600,000 in the Golden State.

Ingham reported that 2,362 homes have changed hands through the first ten months of the year, an 11.4 percent jump from 2014. Increased demand and diminishing supply are pushing home prices upward in Greater Waco, where the average price of a house sold this year stands at $164,601, an increase of more than 10 percent.

Inflation-adjusted spending on cars and trucks nearly hit $45 million last month, an 8.4 percent increase over October of last year, which in turn was up 10 percent from October the previous year. Sales through October were pushing $450 million, a 6 percent increase from last year.

Ingham and other observers of the local economic scene attribute the surge to the increasing number of restaurants and retail establishments opening in the Waco area, including Saltgrass Steakhouse, Freddy’s Frozen Custard & Steakburgers, La-Z-Boy Home Furnishings and Decor, Five Below, World Market and Haverty’s Furniture, among others.

“The number of jobs in the Greater Waco metro area economy is at an all-time high and continues to grow; the pace of that growth is at or above its average over the last 15 years or so at about 1.5 percent through October,” Ingham said in his report. “The Waco metro area unemployment rate of 4.1 percent in October ranks as 10th best among the state’s 26 metro areas, and is the lowest for the month of October over the entire history of the GWEI analysis, based in the year 2000.”

Several high-profile construction projects have wrapped up this year, including Magnolia Market; the conversion of the former Percy Medicine building downtown into a shop called The Findery; the opening of a new retail strip in Central Texas Marketplace; and creation of space for an Amish furniture store at Westview Village.

Whitney Richter, who oversees marketing and business development for the Greater Waco Chamber of Commerce, said the totals for home construction reflect only those in the City of Waco, not in hot spots such as China Spring, Hewitt and Woodway, whose numbers Ingham did not provide in this economic snapshot.

Waco Tribune-Herald

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Spreading the wealth from San Antonio suburbs to downtownSpreading the wealth from San Antonio suburbs to downtownhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=112502015-12-01T06:00:00Z

​​​SAN ANTONIO - With companies such as Valero Energy Corp., Rackspace Hosting Inc., Harland Clarke, Tesoro Corp., USAA, Security Service Federal Credit Union and NuStar Energy LLP headquartered in the northern rim of the city, it is no surprise that is where you will find the most affluent neighborhoods and the most expensive submarkets across San Antonio.

Nine of the ten most affluent ZIP codes in the San Antonio area are outside Loop 1604 to the north, northwest and northeast of San Antonio International Airport. The other ZIP code, 78248, borders Loop 1604 on its northern edge.

Much of the city’s new development is in the northwestern submarket around I-10 and Loop 1604, where the average home price has soared in recent years to $617,013 — well above the average San Antonio home price of $231,116.

At the same time, however, there are signs that some of that affluence may be moving south.

San Antonio Board of Realtors Chairman Mary Ann Jeffers said the city’s growth in recent years has resulted in neighborhoods across the city expanding rapidly. Meanwhile, an increase in new home construction and a rising condominium market have triggered shifts among affluent homebuyers.

“Some buyers prefer the location of downtown and opt for a smaller home or condo to be close to the city, while others prefer a larger lot in the suburbs,” Jeffers said. 

Within the next couple of years, several condominium developments will be hitting the market at prices that had previously only been attached to sprawling estates. 

Varga Endeavors’ Southtown for-sale developments — the three of which combined will deliver more than 65 units — are set to command an average of $400,000 for 1,500 sf.

Steve Nivin, Chief Economist for the San Antonio Hispanic Chamber of Commerce and director of Saber Research Institute at St. Mary’s University, has conducted a multitude of economic impact studies, and he is just now beginning to see accelerating demand for — and values in — San Antonio’s urban core.

“Real estate prices in the downtown area and even Southtown area have escalated in the past year with all of the residential activity,” Nivin said, adding that the King William neighborhood has benefited from the most dramatic increases in home values. “From my observation, it’s to the point where you can’t be unaffluent and live in these areas.”

As more projects fill in San Antonio’s city center, a majority of industry professionals are guessing that’s where the values will climb fastest.
San Antonio Business Journal
San Antonio-New Braunfels

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323,000-SF Casa Linda says 'hola' to new owners323,000-SF Casa Linda says 'hola' to new ownershttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=112732015-12-01T06:00:00Z

DALLAS - Northeast Dallas' landmark Casa Linda shopping center has sold to South Carolina-based real estate investors Edens, as part of a nationwide property company merger.

The 323,000-sf complex — at Garland Rd. and Buckner Blvd. near White Rock Lake — is one of Dallas' oldest retail centers and has anchors including Elliott's Hardware, Albertsons, Petco and El Fenix.

"This center is a part of the fabric of East Dallas and the White Rock Lake area; it's entrenched in the community," Chad Braun, Edens managing director. "Our goal is to continue to be good stewards of the property and maintain that reputation."

Casa Linda was purchased as part of Edens' $763 million acquisition of Houston-based AmREIT, which bought Casa Linda in 2006 and owned several other Dallas-area shopping centers including MacArthur Park in Irving, Preston Towne Crossing in Plano and Uptown Plaza in Dallas' Uptown neighborhood.

Dallas Morning News
Dallas-Fort Worth-Arlington

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Transwestern: Brokers ignore oil woes, Houston apartments still a goTranswestern: Brokers ignore oil woes, Houston apartments still a gohttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=112472015-12-01T06:00:00Z

​​​HOUSTON - Fewer apartments are changing hands during the oil slump, but investors still seem bullish on the Houston market, according to Transwestern’s multifamily brokers.

Investors are buying fewer apartment properties this year compared to last year, according to the national commercial real estate firm.

Investors purchased 44 apartment properties totaling 11,923 units during third quarter 2015, compared to 60 properties totaling 14,270 during the same period last year, according to Transwestern’s Trendlines report.

Despite the downturn in oil prices, investors are hot on Houston apartment complexes, particularly Class B and C properties. 

With supply tight, Houston’s Class B and C apartment occupancy rates remain around 94 percent, and few properties are offering rents concessions like the Class A market is.

Transwestern predicts Houston’s multifamily market will continue to soften next year as job growth is expected to slow down. 

New apartment construction is expected to slow dramatically, and occupancy rates may fall below 90 percent, said Pat Jankowski, chief economist with the Greater Houston Partnership.

Click here to see Transwestern's 2015 TrendLines® Report​ released November 2015.

Houston Business Journal
Houston-The Woodlands-Sugar Land

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Houston's new Marriot Marquis brings Texas style entertainmentHouston's new Marriot Marquis brings Texas style entertainmenthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=112882015-12-01T06:00:00Z

​​HOUSTON - Houston will welcome an infusion of new guest rooms next fall with the city's newest hotel — the Marriott Marquis Houston, which announced an opening date of October 1, 2016.

Connected to the George R. Brown Convention Center via a climate-controlled skybridge, the hotel will boast 1,000 guest rooms and over 100,000 sf of meeting space, including 52 meeting rooms, a 3,500-sf open-air event pavilion, a 21,729-sf junior ballroom, and a 39,000-sf ballroom — the largest ballroom in Houston.

The hotel also will sport a 5,000-sf spa; a 5,000-sf fitness center; six food-and-beverage outlets, including two specialty restaurants; and an "amenity deck" featuring an infinity pool and a 530-foot Texas-shaped lazy river.

Online news
Houston-The Woodlands-Sugar Land

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Lubbock: just the beginning for West End shopping centerLubbock: just the beginning for West End shopping centerhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=112832015-12-01T06:00:00Z

​​​​​​LUBBOCK - Lubbock’s newest shopping center has much in store before the year ends, and for the new year.​

The West End, located on West Loop 289 and 34th St., opened its new phase with 100,000 sf of new shopping center space.

GRACO Real Estate Development Inc. started the multi-building construction project in spring 2015.

The West End’s current anchor stores include Costco, Cabela’s, Marshall’s and HomeGoods.

ew stores include Nike, Dress Barn, Chipotle, Sketcher's, Charming Charlie, Torrid, GAP and Banana Republic.

There are several more retail stores and restaurants planned to open at the West End — including Aspen Creek restaurant, Chick-fil-A, Pie Five Pizza, Crave Dessert Bar, Verizon, DXL Mens Apparel, Toni & Guy, Walk-On’s Bistreaux and Aloft Hotels.

A ten-story hotel and convention center is also in the works.
Lubbock Avalanche-Journal
http://lubbockonline.com/filed-online/2015-11-19/west-end-celebrate-grand-opening-more-stores-come#.VlXCD-IsA6FRead more at the {Source}
El Paso housing stats 3Q 2015 Coldwell BankerEl Paso housing stats 3Q 2015 Coldwell Bankerhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=112842015-12-01T06:00:00Z

​EL PASO - Coldwell Banker Legacy has released its third quarter 2015 El Paso housing report.

Following an already strong second quarter, 3Q 2015 average sale prices, median sale prices and average price per sf all registered increases over last quarter.

Third quarter prices represent a substantive increase over 3Q 2014.

El Paso remains one of the more stable markets, characterized by a price trend on a mildly increasing trajectory.

What is interesting however, is the increase in the number of transactions occurring in the past two quarters. While reflecting seasonal patterns, year-over-year increases in sales have been somewhat dramatic.

Months-of-supply is hovering around a tempered, 6.6 months, which is pretty normal for this market.

Coldwell Banker Legacy
El Paso

​Want more? See Housing in El Paso Market Research.

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Millenials in Texas consider real estate 'cool'Millenials in Texas consider real estate 'cool'https://www.recenter.tamu.edu/news/newstalk-texas/?Item=112542015-12-01T06:00:00Z
​​​TEXAS - When it comes to the housing market, increasingly it is all about the millennial. 

Millennial buyers currently account for almost 30 percent of nationwide home sales, according to the latest surveys by the National Association of Realtors.

“Millennials are 60 percent of first-time home shoppers,” said Jonathan Smoke, the top economist for Realtor.com. 

“They outnumber every generation — including the baby boomers,” he said. “By the end of the year, almost 2 million home sales will be to millennials.”

Millennial buyers will have an even greater impact in Texas, where large numbers of young workers are moving to take thousands of new jobs, Realtor research shows. 

The state already has a slightly higher percentage of first-time buyers than the rest of the country.

“They are very into real estate,” Smoke said. “Real estate is cool again — especially for young people.”
Dallas Morning News
http://www.dallasnews.com/business/residential-real-estate/20151115-millennials-are-making-their-move-in-the-housing-market.eceRead more at the {Source}
358-Unit The Lodge at Warner Ranch sells in Round Rock358-Unit The Lodge at Warner Ranch sells in Round Rockhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=112932015-12-01T06:00:00Z

​ROUND ROCK - Dallas-based Lantower Residential​​​​​ has acquired The Lodge at Warner Ranch, a 358-unit garden-style community. 

The Lodge at Warner Ranch is a Class A property built in 2001 that sits on approximately 19.2 acres with offerings of one-, two- and three-bedroom apartment homes.

"With Dell serving as the major employer in the area and the company's recent purchase of EMC, we strongly believe in the growth story of the Round Rock submarket," said Philippe Lapointe, chief operating officer of Lantower Residential.

Austin-Round Rock

​Check out Austin Multifamily Market Research​ for free data.​​​​​​​

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CBRE: 3Q 2015 DFW Retail MarketviewCBRE: 3Q 2015 DFW Retail Marketviewhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=111952015-11-30T06:00:00Z

​​​DALLAS-FORT WORTH - Year-to-date net absorption totals nearly 5 million sf, officially reaching a seven-year high in the market, according to CBRE’s 3Q 2015 Retail Marketview report. 

The occupancy rate corrected over the quarter as new product delivered during the seasonally slow period. 

Triple-net rents averaged $14.17 per sf in 3Q 2015, up $0.20 per sf. 

Continuing into 2015-2016, the DFW retail market is forecasted to have more new product deliver to meet tenant demand. 

In 3Q 2015 over 800,000 sf of new construction was delivered, bringing the year-to-date total to over 2.6 million sf.
Dallas-Fort Worth-Arlington
https://assets.recenter.tamu.edu/Documents/MktResearch/DFW_CBRE_Retail_MarketView.pdfSource: {Source}
Austin 3Q 2015 industrial snapshot Cushman & WakefieldAustin 3Q 2015 industrial snapshot Cushman & Wakefieldhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=112072015-11-30T06:00:00Z

​​​​AUSTIN-ROUND ROCK​ - ​​The industrial market continued to see an increase in absorption and a fall in vacancy during third quarter 2015. 

The industrial market experienced 535,220 sf of positive absorption during 3Q 2015.

This marked the tenth consecutive quarter of positive absorption in the Austin industrial market, dating back to 2Q 2013.

The Round Rock submarket experienced the highest absorption totals as 186,412 sf was absorbed during 3Q 2015. 

Strong absorption figures across the entire market led to the continued drop of overall vacancy, which was down 1.7 percentage points from 2Q 2015.

Low vacancy and strong absorption figures have also contributed to an expected rise in rental rates.

The average direct rental rate recorded for all property types rose to $9.84 per sf, up $0.84 per sf from the recorded rent during the second quarter. 

A key transaction was the sale of the 935,255​-sf One83 Office Park — the former FreeScale Semiconductor Inc. campus at 3443 Ed Bluestein Blvd.​

Cushman & Wakefield
Austin-Round Rock

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San Antonio: Institute for Women's Health sows seed for 72,000-SF MOBSan Antonio: Institute for Women's Health sows seed for 72,000-SF MOBhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=112712015-11-30T06:00:00Z

​SAN ANTONIO - The Institute for Women’s Health will break ground on a seven-story medical office building that will house a number of state-of-the-art multispecialty services and clinics.

The 72,000-sf facility will be constructed on a site leased from Methodist Healthcare System that is located on its South Texas Medical Center campus in Northwest San Antonio.

The new office building will provide greater access to several women’s services, including OB/GYN, cardiology, radiology, mammography and nephrology. The new building will also house family- and pain-management clinics.

A pharmacy and laboratory will be located on the ground level of the structure.

The tower will have a pedestrian sky bridge that will connect with a multistory parking garage that is part of Methodist Healthcare’s extensive medical center campus expansion.

Construction on the new office building is expected to be complete in spring 2017.
San Antonio Business Journal
San Antonio-New Braunfels

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Case-Shiller: Dallas homes up 9 percent in Sept. 2015Case-Shiller: Dallas homes up 9 percent in Sept. 2015https://www.recenter.tamu.edu/news/newstalk-texas/?Item=112722015-11-30T06:00:00Z

​​DALLAS-FORT WORTH - Dallas-area home prices are hanging onto their big gains in the latest nationwide comparison, as prices were up 9 percent from a year ago in the new Standard & Poor's/Case-Shiller Home Price Index.

That is almost twice the nationwide gain of 4.9 percent in September compared with the same month in 2014. 

Local home price increases have averaged close to 9 percent through the first nine months of 2015, according to Case-Shiller.

Dallas' 9 percent increase was fourth highest among the 20 major markets Case-Shiller tracks for its monthly report.

Dallas-area home prices are at an all-time high as local prices have jumped more than 35 percent since early 2012.

Dallas Morning News
Dallas-Fort Worth-Arlington

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JLL: San Antonio office insights 3Q 2015JLL: San Antonio office insights 3Q 2015https://www.recenter.tamu.edu/news/newstalk-texas/?Item=112862015-11-30T06:00:00Z

​​​SAN ANTONIO - Jones Lang LaSalle (JLL) released its third quarter 2015 Office Insight for the San Antonio market.

During fourth quarter 2012, rental rates northeast were approximately $19.26 per sf, full service. Since then, rates have bumped $4.98 per sf to $24.24 per sf, full service. This has taken the northeast from the fourth to second most expensive submarket in San Antonio, just behind far north central.

Three projects delivered at 22.0 percent preleased during 3Q 2015. These projects include Lockhill Crossing (127,000 sf), One51 Office Centre (101,000 sf) and Ridgewood Business Center II (54,000 sf).

One of the largest sales of the quarter occurred far northwest with KBS purchasing Promenade at Eilan I & II (205,000 sf) from Lonestar Funds.

At the close of 3Q 2015, citywide average sales price hovered around $166 per sf.

Jones Lang LaSalle (JLL)
San Antonio-New Braunfels

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MPF: Corpus Christi multifamily trends 3Q 2015MPF: Corpus Christi multifamily trends 3Q 2015https://www.recenter.tamu.edu/news/newstalk-texas/?Item=112872015-11-30T06:00:00Z

CORPUS CHRISTI - Apartment demand rebounded from net move-outs last quarter, as the metro absorbed 244 units during third quarter 2015.

With no new units coming online, occupancy increased 0.8 points quarter-over-quarter to land at 95.4 percent.

Annually, demand fell just short of net supply, 221 units to 253 units, taking occupancy down 0.1 point.

Meanwhile, apartment operators pushed rents 1.1 percent quarter-over-quarter and 3.3 percent year-over-year.

MPF Research
Corpus Christi

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$37.5M floats start at Texas A&M Galveston$37.5M floats start at Texas A&M Galvestonhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=112682015-11-30T06:00:00Z

​​​​GALVESTON - Linbeck Group, a Texas-based construction firm, is building phase one of an academic complex at Texas A&M University at Galveston.

With a $37.5 million price tag, the first phase is scheduled to start in November and is expected to be completed in 396 days.

The four-story, 86,000-sf building will be located at the main entrance of Texas A&M University at Galveston, 200 Seawolf Parkway.

Anchoring the campus quadrangle, the multi-purpose facility will feature academic classrooms, computer labs, a one-stop-hub for enrollment services, faculty and administrative offices as well as shared lobby space for exhibitions.

Celebrating more than fifty years, Texas A&M University at Galveston is the maritime and marine campus of Texas A&M University in College Station, Texas. 
Realty News Report
Houston-The Woodlands-Sugar Land

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