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Irving Music Factory hits first high note, Skanska dances to $94M bidIrving Music Factory hits first high note, Skanska dances to $94M bidhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=120322016-02-09T06:00:00Z

​​LAS COLINAS - Skanska has signed a $94 million contract with the ARK Group to build the Irving Music Factory in Las Colinas. Skanska will convert the existing 16.8-acre greenfield site into an entertainment destination.

The new project will include an 8,000-seating capacity indoor/outdoor concert hall called the Pavilion operated by Live Nation. 

The venue includes seven buildings offering more than 250,000 sf of entertainment, retail and restaurant space and an eight-screen Alamo Drafthouse Cinema.

There will be a four-story, 100,000-sf office tower sitting atop a six-level, 1,200-space parking garage.

The project also features a 50,000-sf plaza and four outdoors stages. The venue is designed to host music performances, fashion shows, farmers markets and food festivals throughout the year. 

Construction for the venue is expected to commence this month and is slated for completion in June 2017.

REBUSINESS
Houston-The Woodlands-Sugar Land
Retail
http://rebusinessonline.com/skanska-awarded-94m-construction-contract-for-irving-music-factory-in-metro-dallas/Source: {Source}
San Antonio luxury home prices rise to the occasionSan Antonio luxury home prices rise to the occasionhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=119792016-02-09T06:00:00Z

SAN ANTONIO - Just when it seems like San Antonio's housing market couldn't get any stronger, home prices post an even bigger increase—this time focusing on the top.

The Texas Association of Realtors’ latest luxury home salesreport posted a whopping 36.4 percent increase in luxury home sales, or those priced at $1 million and higher, between January and October 2015.

That number was posted alongside a 3 percent rise in home sales for the San Antonio-New Braunfels metropolitan statistical area for the final three-month period of 2015.

Statewide, luxury home sales continued to be one of the fastest-growing areas of the residential market, with the sweet spot falling between the $1 million and $1.5 million price range.

The report found sales volume increases among the four large metros—San Antonio, Houston, Austin, Dallas-Fort Worth—between 4.5 percent to 36.4 percent.

In San Antonio, homes with price tags in the seven-figure range still account for less than 1 percent of the market, and while active listings increased by 33 percent, the median price of about $1.3 million for a luxury home here is the lowest compared to Austin, Houston and Dallas.

Comparably, Austin's median is $1.38 million and Dallas' is $1.4 million.

But there are two major trends unfolding that could shake up San Antonio's ranking among its three sister cities.

For starters, San Antonio's 3 percent increase in home sales for fourth quarter 2015 far outweighed the statewide 0.3 percent jump, and came alongside a 4 percent rise in the city's median home price. Further, inventory levels and the time a house spends on the market continue to drop.

The next is a statewide trend of rising land values. Forget the homes themselves, since a growing portion of homebuyers shopping on the highest end of the market are purchasing smaller lots, but those in more desirable locations and with more upscale amenities.
San Antonio Business Journal
San Antonio-New Braunfels
Housing
http://www.bizjournals.com/sanantonio/news/2016/02/01/luxury-san-antonio-home-sales-post-major-jump-amid.html

Looking for more free housing data? Go see San Antonio's Housing Market Research!​

Read more at the {Source}
New York, DFW tote most bricks, sticks in U.S.New York, DFW tote most bricks, sticks in U.S.https://www.recenter.tamu.edu/news/newstalk-texas/?Item=120392016-02-09T06:00:00Z

​​​​DALLAS-FORT WORTH - New York City and Dallas-Fort Worth were the two fastest growing commercial construction markets in 2015.

In the DFW area,​​ construction of commercial buildings and apartments increased by 35 percent last year from the year before, according to a new report by Dodge Data & Analytics.

DFW ranked third for total building volume with $6 billion in new project starts, behind New York with $34.9 billion in new construction and Miami at $6.3 billion.

Nationwide commercial and apartment building starts rose 8 percent from 2014 levels.

North Texas’ construction totals last year were boosted by the start of the $570 million Facebook data center in North Fort Worth and the $260 million Liberty Mutual Insurance campus in Plano.

On the multifamily building side, the biggest starts were the $170 million Victory Place apartment tower near downtown and the adjacent $150 million Ascent apartment high-rise.
Dallas Morning News
Dallas-Fort Worth-Arlington
Mixed-Use
http://bizbeatblog.dallasnews.com/2016/02/new-york-d-fw-had-largest-commercial-building-gains-in-2015.html/Read more at the {Source}
U-Haul: Austin still hauls in new residents at No. 3 in U.S.U-Haul: Austin still hauls in new residents at No. 3 in U.S.https://www.recenter.tamu.edu/news/newstalk-texas/?Item=120022016-02-09T06:00:00Z

​​​​AUSTIN - ​The Texas capital remains a hotbed for migration activity and population growth, according to the latest U-Haul migration trends report.​ ​

This comes as no surprise to the hospitable and trendy city that witnessed a larger volume of U-Haul trucks entering and leaving in 2015 than the year prior.

Austin came in with the number three ranking in the U-Haul Top 10 U.S. Growth Cities for 2015 after claiming first on the list for 2014.

Growth rankings are determined by the net gain of incoming one-way U-Haul truck rentals versus outgoing rentals for the past calendar year. ​

"Austin is one of the fastest-growing cities in the country and has been for some time, and for good reason," Austin Mayor Steve Adler said. "But our challenge now is to make sure these U-Haul vehicles don't get stuck in traffic and that the people driving them—as well as the people already here—can afford to pay their bills."

U-Haul locations in Austin saw 50.8 percent of truck rental customers coming into the city as opposed leaving.

Austin welcomed 6 percent more U-Haul arrivals year-over-year, while its departures were up 7 percent over the same span.

The overall bump in U-Haul traffic made the Live Music Capital of the World a very lively hub for do-it-yourself movers.

"Austin leads the country in job growth, including middle-class jobs, but people also move here to go to the University of Texas and to become immersed in our creative community, whether it's the music scene or our growing film industry," Adler said.

Austin is one of two Texas cities on the growth rankings list, with College Station netting sixth.

Online news
Austin-Round Rock
Demographics & Population
http://myuhaulstory.com/2016/02/03/us-growth-city-no-3-austin-rounds-up-more-movers-in-2015

​Want more​ on Austin demographics? See Austin Demographics & Population Market Research​.

Also see U-Haul ranking: College Station 'whoops' to No. 6 in U.S.​​

Read more at {Source}
Blockbuster: downtown Austin's 301 Congress sellsBlockbuster: downtown Austin's 301 Congress sellshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=120342016-02-09T06:00:00Z

AUSTIN - ​One of downtown's largest office towers, 301 Congress Ave., has been sold. ​​

Prudential Real Estate Investors purchased the 428,419-sf building from an entity managed by Commonwealth Partners.

Built in 1986, 301 Congress has realized a 68 percent increase in value since 2011 when it was valued at about $86.8 million.

Last year the Travis Central Appraisal District valued the 22-story property at $146.4 million.

Occupancy is around 89 percent.

One of the largest tenants at 301 Congress is RetailMeNot Inc., which is headquartered there. 

Other large tenants are Teza Technologies LLC and Gerson Lehrman Group Inc.

Austin Business Journal
Austin-Round Rock
Office
http://www.bizjournals.com/austin/blog/real-estate/2016/02/one-of-austins-largest-office-towers-sold-in.html

​C​heck out Austin's Office Market Research reports​.​​​​

Read more at {Source}
Dallas maps home prices; sales look up further southDallas maps home prices; sales look up further southhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=120302016-02-09T06:00:00Z

​​​DALLAS AREA - Southern Dallas scored big wins in the 2015 housing market.

Residential districts stretching from Oak Cliff to Ellis County had some of the largest gains in home prices and sales last year.

At the same time, home sales stuttered in northern suburbs where a lack of homes o​n the market cut into 2015 sales totals.

Demand for affordable housing led the big price gains in residential districts in Southeast Dallas, Cedar Hill, Kaufman and Ellis counties, according to year-end North Texas home price data from the Real Estate Center at Texas A&M University.

Preowned home sales for last year rose by 12 to 20 percent in those markets, compared to less than a 5 percent 2015 home sales rise in the almost 50 North Texas markets The Dallas Morning News tracks each quarter.

Home sales and prices in some of those southern residential districts were still making up ground lost during the housing crash, real estate agents say.

Home sales price appreciation was a factor in almost every Dallas-area neighborhood in 2015.

The biggest price gains were in Southeast Dallas and Oak Cliff (median price up 24 percent from 2014), The Colony and Southern Dallas (up 22 percent) and Euless (up 19 percent).

These areas all saw strong home sales last year.

Home inventories were the tightest in The Colony, Bedford and Richardson with less than a one-month supply. 

Mesquite, Carrollton-Farmers Branch, Garland, Plano, Grand Prairie, Grapevine, Sachse-Rowlett, Wylie and McKinney all had less than a 1.5-month inventory of houses on the market with real estate agents last year.

More than 62,000 preown​ed single-family homes were sold by real estate agents last year in the Dallas-area—an all-time high number of property purchases.

Most analysts are forecasting a decline in housing activity this year unless more properties come on the market.
Dallas Morning News
Dallas-Fort Worth-Arlington
Housing

​View the story and interactive map at the Dallas Morning News.

Click to see the NTREIS Marketwatch Report by County (PDF).

Read more at the {Source}
CBRE: 2016 Houston retail outlook—balanced, stable and comfyCBRE: 2016 Houston retail outlook—balanced, stable and comfyhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=119692016-02-09T06:00:00Z

​​​​HOUSTON - The retail market is comfortable going into 2016 as it is insulated from some of the contraction within the energy industry.

Steady demand is a result of the strongest population growth in the nation even during previous recessionary periods. According to Moody’s Analytics, the Houston metro area population is forecast to reach 10.9 million by 2045. All of which point to a strong and growing consumer base.​


The strong demand from new consumers and expanding residential development will continue to drive retail employment growth as well.

The Greater Houston Partnership forecasts retail will help bolster employment growth in 2016 adding 4,000 jobs. While the total employment forecast calls for 21,900 jobs to be added with the largest growth sectors being health care, construction and government.

Evolving retail space will dominate the Houston retail market over the next two years. Developers, spurred by population growth and plateauing dirt prices, ramped up construction this year. 

Deliveries added almost 3 million sf of retail space in 2015 which is almost two thirds more than completions in 2014 and future growth is anticipated. ​​

While volatile oil prices hit the office market hard in 2015, resulting in an excess of sublease space, the retail market is the most secure sector in Houston.

CBRE
Houston-The Woodlands-Sugar Land
Retail
https://assets.recenter.tamu.edu/documents/mktresearch/Houston_CBRE_Retail_MarketView.pdf

​See Houston's Retail Market Research for more retail reports.

Source: {Source}
$12M guts to glory story: Sleek boutique Hotel Indigo colors El Paso$12M guts to glory story: Sleek boutique Hotel Indigo colors El Pasohttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=120272016-02-09T06:00:00Z

​EL PASO - Hotel Indigo has opened in Downtown El Paso in a 53-year-old building that was transformed through a yearlong multimillion-dollar renovation.

The building at 325 N. Kansas St., a block from City Hall, was gutted and turned into a sleek, hip, 119-room boutique hotel at a cost of more than $12 million.

It's part of the Indigo chain started in 2004 by InterContinental Hotels Group.

The hotel employs about 45 people. Rooms at the hotel currently cost $119 to $229 a night.

The hotel's ground-floor restaurant is still under construction and is expected to open by the end of February, said Miguel Diaz, the hotel's general manager.

The 12-story building, with a three-level parking garage sandwiched between its ground floor and seven floors of hotel rooms, housed several hotel brands over the years.

Madhi Nair, one of the hotel's owners​, estimated it will take at least six months to get business to an ideal 70 percent average nightly occupancy.
El Paso Times
El Paso
Hotel
http://www.elpasotimes.com/story/money/business/2016/01/27/elpaso-downtown-renovated-boutique-hotel-indigo/79366444/Read more at the {Source}
U-Haul ranking: College Station 'whoops' to No. 6 in U.S.U-Haul ranking: College Station 'whoops' to No. 6 in U.S.https://www.recenter.tamu.edu/news/newstalk-texas/?Item=120032016-02-09T06:00:00Z

​​​​​​COLLEGE STATION - The official "Home of the 12th Man" is home to a lot of U-Haul do-it-yourself movers.​

The U-Haul Top Ten U.S. Growth Cities for 2015 placed College Station at No. 6, with the growth rankings determined by the net gain of incoming one-way U-Haul truck rentals versus outgoing rentals for the past calendar year.

Texas A&M University is the city’s largest employer and centerpiece of the College Station-Bryan metro area with an enrollment of nearly 60,000 students.​

The housing and jobs sectors have been on the upswing in College Station adding appeal to the area at a time when other Texas cities have been hurt by the slumping oil sector.

U-Haul locations in College Station saw 53.7 percent of truck rental customers coming into the city as opposed leaving, and welcomed 1 percent more U-Haul arrivals and departures year-over-year.​        
Online news
College Station-Bryan
Demographics & Population
http://myuhaulstory.com/2016/01/29/us-growth-city-no-6-college-station-texas-am-are-popular-choices/Source: {Source}
Texas' ticket to ride the open roadTexas' ticket to ride the open roadhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=120482016-02-09T06:00:00Z

​​​TEXAS - It’s no secret that Texas has been on the receiving end of staggering population gains over the last several decades. Naturally, an increasing number of Texans need to get to and fro and over yonder, and there are costs to the growth.

​The Texas Triangle accounts for two-thirds of the state's population and 97 percent of the state's most congested roads.

The Texas Department of Transportation unveiled a $1.3 billion plan to address congestion along 42 miles of some of the state's worst chokepoints.

Houston will receive the most, $443.3 million, which will re-address the US 59/Loop 610 interchange near the Galleria.

Meanwhile, the costliest project in the state is allocated to parts of 1-35 and US 67 in Dallas.

Austin is set to receive $158.6 million to ease traffic on 1-35. Simultaneously, more significant plans are under evaluation in the Triangle percent other convergence points, from managed toll lanes and rail lines, to widening and improved traffic signals.

Even with all of these forward-looking announcements and planning measures, by 2040 the state is expected to have 18 million more vehicles on the road and the majority of those newcomers will fall within the boundaries of the Texas Triangle.

CBRE
Texas
Infrastructure & Transportation
http://www.cbre.us/o/austin/austin-real-estate-trends/Pages/MarketFlash-February-1-Texas-Ticket-to-Ride-transportation-projects-as-big-as-the-Lone-Star-to-improve-mobility.aspxSee the full report at {Source}
Oil who? North Texas new home market healthyOil who? North Texas new home market healthyhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=120362016-02-08T06:00:00Z

​​​​​​DALLAS-FORT WORTH - Declines in oil prices and the stock market have so far not hammered the North Texas homebuilding market.

And with thousands of new corporate jobs still on the way, the housing market will remain be strong this year, Ted Wilson, principal with Dallas housing analyst Residential Strategies predicts.

New home starts in North Texas will total about 30,000 houses this year, up from less than 28,000 starts in 2015, Wilson forecasts.

Construction of North Texas homes priced under $280,000 rose by less than 3 percent last year and the median price of new houses sold in 2015 was $308,261.

Ranked by 2015 starts, the top homebuilding markets last year in North Texas were West McKinney (1,403), West Frisco (1,156), Fort Worth’s 287 corridor (1,020), East Frisco (956), the US 380 corridor in south Collin and Denton Counties (903) and Southwest Fort Worth (750).

While the largest start totals are concentrated in those areas, building activity is spreading as builder seek more affordable construction sites.
Dallas Morning News
Dallas-Fort Worth-Arlington
Housing
http://bizbeatblog.dallasnews.com/2016/02/oil-and-stock-declines-so-far-arent-roiling-d-fw-new-home-market.html/

​Want D​FW housing stats? See Dallas-Fort Worth Market Research​!

Read more at the {Source}
Austin roundup: auto accessories bold, Hopdoddy to Triangle ...Austin roundup: auto accessories bold, Hopdoddy to Triangle ...https://www.recenter.tamu.edu/news/newstalk-texas/?Item=120372016-02-08T06:00:00Z

​AUSTIN - Here is a brief highlight of real estate news that has not been previously covered for the week ending February 5, 2016. 

This week's news is highlighted by the purchase of an apartment community, the leasing of a large industrial space and the opening of additional locations for local Austin businesses. 

  • The Park apartment community at 1300 S Pleasant Valley Rd. has been sold. The property, built in 1973 on about six acres of land, has 168 units.
  • LKQ Corp., an international auto accessory company, leased 126,782 sf of industrial space at Heritage Crossing. The property is located at 2500 Scarbrough Dr. near I-35 and SH 45 in north Austin.
  • Hopdoddy Burger Bar, the wildly popular Austin-based restaurant, leased 4,070 sf at The Triangle, 4616 Triangle Ave. in north Austin. This will be its third Austin location. Hopdoddy is taking space occupied by Mama Fu's, which is moving to another site in the development.
  • OakPoint Real Estate of Nashville and Haverwood Management of Austin purchased the 69,547-sf Donley Plaza office building at 2201 Donley Dr. The office was built in 1983 and renovated in 2013. It was 65 percent leased at the time of closing.
Austin Business Journal
Austin-Round Rock
Mixed-Use
http://www.bizjournals.com/austin/blog/real-estate/2016/02/real-estate-roundup-hopdoddy-heads-to-triangle.htmlRead more at {Source}
Austin multifamily growth continues, but what's on the horizon?Austin multifamily growth continues, but what's on the horizon?https://www.recenter.tamu.edu/news/newstalk-texas/?Item=120002016-02-08T06:00:00Z

​​​​AUSTIN - Austin's apartment market is as strong as ever and gearing up for another huge round of development, according to the latest Austin Multifamily Trend Report published by Austin Investor Interests LLC. ​

Even as thousands of units have been added to the apartment inventory in the past three years, another 15,000 units are expected to be delivered in 2016. ​

In general, 2015 was a stellar year for conventional multifamily development with high occupancy across all types of product and a continued upward trek in rents.

Studio units—usually less than 500 sf—appear to be the product most in demand with rents increasing 9.3 percent annually or about $83 per month. 

​"Look for 2016 to bring about additional sales, rent challenges in pockets, heightened completions and positive absorption to continue."

Optimism continues, but there are some signs of concern.

A significant percentage of developers are selling projects quickly after completion, indicating they may not be bullish about long hold prospects. 

Similarly, investors of older products are initiating renovations immediately after purchase with the intent to resell the property after a short hold.

"Area investment shows precarious signs of pumping in and pulling out," the report explained.

Here's a look at a few highlights of the report:

  • Occupancy is highest in Bastrop at almost 98 percent but rents are lowest—$0.98 per sf.
  • Occupancy is lowest in the Central Business District at 91 percent but rents are highest—$2.52 per sf.
  • Rents have increased the most in the far north submarket—7.6 percent.
  • Concessions across all submarkets increased 11 percent in fourth quarter. Special pricing was available in 38 percent of the properties.
  • Some 17,535 conventional units are currently under construction across the Austin metro area.
  • Affordable housing and student housing projects account for another 3,436 units under construction.
  • Some 8,248 units were delivered in the past year almost equal the amount of net absorption.
  • During the past year, 91 investment sales totaling 22,023 units were recorded. The average price was $117,100 or $137 per sf.
  • At the end of 2015, 32 apartment properties had been newly listed for sale with 40 percent already under contract.
Austin Business Journal
Austin-Round Rock
Multifamily
http://www.bizjournals.com/austin/blog/real-estate/2016/01/austins-apartment-market-ready-for-another-robust.htmlRead more at the {Source}
Dallas 'Ador-a' senior citizens with new living communityDallas 'Ador-a' senior citizens with new living communityhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=120122016-02-08T06:00:00Z

​​DALLAS - A development group—US Freedom Capital and OnPointe Health Development—has started construction on a new senior living community in Midtown Park in North Dallas.

The 77,132-sf, three-story campus will sit at 8160 Meadow Rd. near Manderville Lane in proximity to Texas Health Presbyterian Dallas hospital.

In all, the project—called Adora Midtown Park—will bring 109 skilled nursing and assisted-living suites to this part of the city upon completion.

Construction is slated for substantial completion in March 2017.
Dallas Business Journal
Dallas-Fort Worth-Arlington
Senior Living
http://www.bizjournals.com/dallas/news/2016/02/03/construction-begins-on-midtown-park-senior-living.html#i1Read more at the {Source}
San Antonio: Pure Multi-Family packs $117.5M TPC Portfolio in its knapsackSan Antonio: Pure Multi-Family packs $117.5M TPC Portfolio in its knapsackhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=120432016-02-08T06:00:00Z

​​SAN ANTONIO - Vancouver-based Pure Multi-Family REIT will acquire two multifamily communities, known collectively as the TPC Portfolio, for an aggregate purchase price of $117.5 million, or approximately $155,000 per unit.

The 416-unit The Towers at TPC San Antonio was delivered last October at 4092 TPC Pkwy. in the Outer Far North Central Multifamily submarket. The mid-rise community consists of one- to four-bedroom floor plans, averaging 943 sf, across eight buildings on 19.4 acres.

The second community in the portfolio is The Mansions, a 344-unit apartment complex completed in 2007 at 22800 Bulverde Rd., also in San Antonio's Outer Far North Central Multifamily submarket. The garden-style community consists of one- to four-bedroom floorplans, averaging 1,135 sf, across 38 buildings on a 34.8-acre site.

The anticipated closing date is March 1, 2016.
CoStar Group
San Antonio-New Braunfels
Multifamily
http://www.costar.com/News/Article/Pure-Multi-Family-REIT-to-Expand-US-Holdings-with-$1175-Million-MF-Buy-in-San-Antonio/179384?ref=/News/Article/Pure-Multi-Family-REIT-to-Expand-US-Holdings-with-$1175-Million-MF-Buy-in-San-AntonioSource: {Source}
Austin's Bazaarvoice networks to new HQAustin's Bazaarvoice networks to new HQhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=120052016-02-08T06:00:00Z

​​AUSTIN - Bazaarvoice, an Austin-based tech company, will move to its new 137,615-sf​ headquarters in the Quarry Oaks business park in north Austin. ​

Located on Stonelake Blvd. near MoPac Expy., the building will be home to Bazaarvoice's 600 Austin employees, with room for future expansion.

The Class A structure will feature outdoor decks, curtain wall glass, steel beams and exposed interior concrete.

The new office also features a Whole Foods Market Cafe. 


REBUSINESS
Austin-Round Rock
Office
http://rebusinessonline.com/bazaarvoice-to-move-into-new-headquarters-in-austin/Read more at {Source}
Two El Paso 'fixers' hiring: Home Depot and Hospitals of ProvidenceTwo El Paso 'fixers' hiring: Home Depot and Hospitals of Providencehttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=120452016-02-08T06:00:00Z

​EL PASO - Home Depot plans to hire 180 workers for its three El Paso stores as part of its nationwide hiring push for its busy spring sales season.

The available jobs include permanent, part-time and seasonal positions.

Jobs include sales, operations and cashier positions across all departments.

About half of Home Depot’s seasonal hires were able to get permanent jobs at the company in 2015.

The Hospitals of Providence is also looking to fill about 300 jobs at three hospitals.

The company is looking for registered nurses, occupational therapists, respiratory therapists, lab assistants, imaging technicians, social workers and support workers for its Sierra, Memorial and East hospital campuses.
El Paso Times
El Paso
Employment
http://www.elpasotimes.com/story/money/business/2016/02/04/elpaso-home-depot-spring-hiring-employment/79844282/Read more at the {Source}
BHP adds to Houston's Uptown skyline with 600K-SF office towerBHP adds to Houston's Uptown skyline with 600K-SF office towerhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=119642016-02-08T06:00:00Z

​​HOUSTON - BHP Billiton Ltd. and its contractor have filed a swath of building permits for its 600,000-sf Class A office tower, which will change the skyline within the Uptown District.

D.E. Harvey Builders Inc. is overseeing the construction of the 30-story structure being built on 2.72 acres within the Four Oaks Place office complex on Post Oak Blvd.

Construction of the tower began in October 2013.

The permits filed show construction plans for floors nine to 28 with an anticipated cost of $2.5 million per floor.

The original intention was to consolidate the company’s U.S. employees at this one tower, which will have 594,000 rentable sf. 

The company anticipates moving in sometime in the first half of 2017. This move will end up vacating between 200,000 sf and 300,000 sf of office space in the Galleria area which will add to the area's growing inventory of empty office space.

While shelling out the necessary dough to keep the building on track, BHP announced it would cut its capital spending by $200 million in an October earnings statement.

In May, the company said it would cut its exploration capital expenditures to $9 billion in the 2016, down from $12.6 billion in 2015.

Houston Business Journal
Houston-The Woodlands-Sugar Land
Office
http://www.bizjournals.com/houston/blog/drilling-down/2016/02/bhp-billiton-advances-plans-to-build-massive.html

​See Houston's Office Market Research for more information.

Source: {Source}
Flying high: Bush, Hobby airports log record passengersFlying high: Bush, Hobby airports log record passengershttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=120292016-02-08T06:00:00Z

​​HOUSTON - Houston's two major airports both set records for passenger traffic in 2015, the Houston Airport System.

Hobby Airport had 145,202 international passengers between opening its international concourse in October—the first time Hobby has seen international flights since 1969—and the end of the year.

Hobby, overall, had 12.2 million passengers, up 1.8 percent from 2014.

Bush Intercontinental Airport saw its overall passenger count rise 4.2 percent to about 43 million. The number of international passengers at Bush increased 8 percent to 10.6 million.

Combined, the Houston Airport System saw a 3.7 percent increase to 55.1 million passengers.

Houston Chronicle
Houston-The Woodlands-Sugar Land
Infrastructure & Transportation
http://www.chron.com/business/article/2015-brought-record-passenger-traffic-to-Bush-6805100.php

See the full Houston Airport System report for specifics. Also visit Houston Market Research to see more free data!

Read more at the {Source}
Austin industrial market 4Q2015: Cushman & WakefieldAustin industrial market 4Q2015: Cushman & Wakefieldhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=120382016-02-08T06:00:00Z

AUSTIN-ROUND ROCK - The industrial market continued its strong trajectory, finishing 2015 with strong absorption and low vacancy.

The industrial market recorded 385,185 of positive absorption during fourth quarter 2015, bringing the year-to-date total to more than 1.7 million sf.

The Northeast submarket experienced the strongest amount of absorption, recording 139,063 sf of overall absorption.

Vacancy rates continued their decline, as the overall vacancy decreased to 6.1 percent compared to 6.9 percent in 3Q2015.

Continued strong absorption coupled with low vacancy rates continue to raise average asking net rental rates.

The average net rental rate for all property types rose to $9.94 per sf for 4Q2015, an increase of $0.10 per sf from 3Q2015.

​​​

Cushman & Wakefield
Austin-Round Rock
Industrial
https://assets.recenter.tamu.edu/Documents/MktResearch/Austin-Industrial-CushmanWakefield.pdf

​For​ more on the Austin industrial market, visit Austin Industrial Market Research! Also see Cushman & Wakefield's national map​ for more reports.

Read more at {Source}

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