Real Estate Center advisory committee elects new officersReal Estate Center advisory committee elects new officershttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=120422016-02-05T06:00:00ZAUSTIN – At its meeting today, the Real Estate Center's advisory committee elected Russell L. Cain of Port Lavaca chairman. W. Douglas Jennings of Fort Worth was elected vice chairman.

Cain is president of Russell Cain LLC, which has offices in Port Lavaca, Port O'Connor, Seadrift, and Edna. He is a member of the Calhoun County Board of Realtors, Victoria Board of Realtors, Rockport Board of Realtors, National Association of Realtors, and the Texas Association of Realtors.

He succeeds C. Clark Welder of San Antonio as chairman.

Jennings is a vice president and principal for William C. Jennings Company. His father, William C. Jennings, served on the advisory committee in the 1980s. 

The committee has three public members and one each representing residential, commercial and industrial properties. Others represent real estate brokerage, construction and finance. Each is appointed by the governor for a six-year term. The Texas Real Estate Commission is represented by an ex-officio member.
The committee approves the Center's research plans and reviews findings prior to distribution. Members also approve the Center’s proposed budget before it is submitted to the university.
Real Estate Center
College Station-Bryan
Center News
Read more at {Source}
Dallas 2015: lots of gold mints on new hotels' pillowsDallas 2015: lots of gold mints on new hotels' pillowshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=119802016-02-05T06:00:00Z

​​​DALLAS - Dallas had the most new hotel projects in the country in 2015, and the area is on track to be a top hotel building market again in 2016, according to analysts at Lodging Econometrics.

Last year 44 new hotel projects opened their doors in North Texas, according to the hotel industry consultant. Los Angeles was second with 28 new hotels in 2015.

Currently New York is the top U.S. hotel building market with 204 projects, followed by Houston with 167, Dallas with 121, Los Angeles with 96, and Washington DC with 87.

2015 was the best year for hotel building since 2008. There were 4,413 new projects with 546,135 rooms during the year, Lodging Econometrics found.

Another 1,926 U.S. hotel projects are set to start in 2016.
Dallas Morning News
Dallas-Fort Worth-Arlington
http://bizbeatblog.dallasnews.com/2016/01/dallas-area-tops-nation-for-new-hotel-projects.html/Read more at the {Source}
Austin: Navitus Health reports footprint at Research Park Plaza VAustin: Navitus Health reports footprint at Research Park Plaza Vhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=119932016-02-05T06:00:00Z

​AUSTIN - Navitus Health Solutions will expand its footprint in Austin after the full-service pharmacy benefits company signed a six-year lease for 25,937 sf within the Research Park Plaza in the Northwest submarket. 

Navitus will take occupancy at Research Park V, which is located at 12301 Research Blvd.​

The 172,854-sf, four-story office building is slated to deliver in 1Q2016 as the fifth and final building of the office park.

Navitus will be joined at Research Building V by Planview, an Austin-based software company that agreed to a ten-year lease for 51,624 sf in October 2015.

Approximately 95,000 sf of office space in the building remains available for lease. 

CoStar Group
Austin-Round Rock
http://www.costar.com/News/Article/Navitus-Health-Solutions-Inks-26000-SF-Lease-at-Research-Park-V-in-Austin/179382Read more at {Source}
Sherman-Denison housing values rise 5.5 percent in 2015Sherman-Denison housing values rise 5.5 percent in 2015https://www.recenter.tamu.edu/news/newstalk-texas/?Item=120252016-02-05T06:00:00Z

​SHERMAN-DENISON - Home sales in Texas reached an all-time high of 309,000 in 2015, with prices rising about 5.5 percent across the state, according to a quarterly report from the Texas Association of Realtors.

The report found that single family home sales in the Sherman-Denison area increased 9.7 percent over fourth quarter 2014. With the increase in sales, the number of active listings decreased by 14.2 percent and the days on the market decreased by 21 days over that same span of time.

With the reduction in houses on the market, the housing inventory has also dropped to 3.9 months worth of homes if no more listings were added.

Beyond single-family homes, there is also a high demand for multi-resident housing, with 96 percent of Sherman’s apartment units occupied.

Some of the demand stems from job growth in areas north of Dallas. Workers from these employers are looking for quiet areas to settle down while still having access to the DFW Metroplex.

With growth expected to continue, including construction on three subdivisions in Denison’s Gateway Village this year, demand should continue through 2016 until these and other developments start to provide new homes on the market. From there, demand and supply should even out in 2017.

Herald Democrat

​Be sure to check out page 23 of the Texas Association of Realtors report to see more data on Sherman-Denison! Also visit Sherman-Denison Market Research for more free reports.

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Odessa home prices dip 3.5 percent, following oil trendOdessa home prices dip 3.5 percent, following oil trendhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=120112016-02-05T06:00:00Z

​ODESSA - Odessa home sales fell more than 25 percent in the last three months of 2015, while median home prices dropped just 3.5 percent, according to a new report from the Texas Association of Realtors.

For now, local realtors point to the best market for prospective homebuyers in years, with greater housing inventories and interest rates that remain low, about 4.5 percent.

The lag between the oil price crash and changes in the housing market also leaves a market that remains a sellers’ market.​

The recent report shows Odessa’s housing market is still out of balance with an average 4.5 months of inventory in fourth quarter 2015. 

But that reflects improvement from the 2.1 months of inventory during the same period of 2014.

The fourth quarter drop brought total home sales in Odessa by the end of the year to 1,134—down from the 1,310 sold in 2014.

Meanwhile, rent prices in Odessa and Midland have fallen quickly. 

A one-bedroom in Odessa now averages $830 per month, less than the state average and more than 25 percent less than at this time in 2015, according to a February 2016 by Apartment List. 

A two-bedroom in Odessa averages $1,090.
Odessa American
http://www.oaoa.com/news/business/article_8e4e91ce-ca0c-11e5-8053-cfff53cabad1.htmlRead more at the {Source}
Port Arthur's design on $26M Memorial 9th Grade AcademyPort Arthur's design on $26M Memorial 9th Grade Academyhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=119922016-02-05T06:00:00Z

​PORT ARTHUR - Port Arthur ninth-graders will move out of an almost century-old building and into a $26 million facility next to Memorial High School in 2018, the first of three new campuses to be built with funds from a $195 million bond project approved by voters in 2014.

Port Arthur Independent School District (PAISD) officials has broken ground for the new 113,000-sf Memorial Ninth Grade Academy on a lot between the high school and baseball fields on Sgt. Lucian Adams Dr.

The district's latest bond project also calls for new William B. Travis and Sam Houston elementary schools and the remodeling of Tyrell Elementary School.

Design plans for the Ninth Grade Academy call for 15 classrooms, five science labs and two art labs. Additionally, ten classrooms inside an already existing building, dubbed the Motiva building, will become a part of the campus, according to preliminary plans. 

Construction should begin this spring.

Enrollment figures for the 2014-15 school year show that almost 600 students attend the Memorial Ninth Grade Academy. Those students are currently housed at the former Stephen F. Austin High School on 61st St. The school building was built in 1929, and about 12,000-sf was added in 1961, making the building a combined 130,000 sf.

​Being next door to the high school will help the students make an easier transition to the main campus their sophomore year. 

It will also make it easier on parents who have students enrolled in both campuses.

Additionally, the plan is for some of the high school's and ninth grade academy's facilities to be shared. The new school will have one gym and a cafetorium, which is a cafeteria with a stage.

After completing the new school, the old ninth grade academy could be used to temporarily house Dick Dowling Elementary students while Dowling is renovated.

Eventually, the Stephen F. Austin building is planned to house newcomers with language barriers, credit recovery students and act as an alternative disciplinary campus, according to previous Enterprise reports.

Beaumont Enterprise
Beaumont-Port Arthur
http://www.beaumontenterprise.com/news/article/Port-Arthur-9th-grade-campus-to-be-ready-by-2018-6790200.phpSource: {Source}
Drop in oil tax revenue 'not going to be pretty' for TexasDrop in oil tax revenue 'not going to be pretty' for Texashttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=119682016-02-05T06:00:00Z

​​​TEXAS - Taxes on oil and gas mean a lot to Texas. Consider that for every $5 drop in the price of oil, the state loses about $200 million dollars in oil production taxes. 

And as recounted last week in testimony at the Texas statehouse, that price per barrel has only gotten lower in the past year.

Texas Comptroller Glenn Hegar told the Texas House Select Committee on Transportation that just since he was elected a year ago, he watched the price per barrel fall from $74 to $60 then to $39 “and of course here we are today with high 20s and wondering where the new floor is.”

Oil’s decline means production taxes have plummeted by about 50 percent which Hegar told lawmakers has a lot of people fearing the state’s economy will collapse as it did in the 1980s when oil prices took a similar tumble.

But Hegar told lawmakers Texans shouldn’t be hyperventilating.
“Texas is not the 1980s, we’re a much more diverse economy than we were in the 1980s. Is oil and gas important to this state? Absolutely. It’s 14 percent of our economy but it’s not the 20-plus percent it was in the 1980s,” Hegar said.

Watching how the state is handling all this is Bernard Weinstein, an economist at Southern Methodist University in Dallas. He figures Texas will have maybe $5 billion less than it estimated to cover a two year budget that totals $209 billion.

The Rainy Day Fund is a $16 billion reserve built largely from oil & gas taxes. The legislature doesn’t meet again in regular session till next year so a special session could be called if things get really bad.

Whatever eventually happens in Texas, it may be less bad than what’s already happening in other oil-producing states. Robert McManmon is an analyst with the Energy information Administration in Washington.

“Texas has a more diversified economy that Alaska, North Dakota and Wyoming which were above 40 percent as a share of their revenue sources,” said McManmon.

In other words, in those states oil & gas taxes make up 40 percent or more of all their tax revenue. By contrast in Texas, those taxes account for only about 9 percent of all revenue.

All that said, there is more to the tax story than what’s happening at the state level: cities and counties in areas where oil & gas drilling has surged could see big decreases in what they get from sales and property taxes.

Houston Public Media

​Visit Market Research to see reports and data from every MSA in Texas.

Source: {Source}
San Antonio: Academy Sports + Outdoors takes a walk on the buy sideSan Antonio: Academy Sports + Outdoors takes a walk on the buy sidehttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=120132016-02-05T06:00:00Z

SAN ANTONIO - Even though it's just a short drive away from its current location along SW Military, the six-acre site at I-35 and Zarzamora packs a powerful punch for Academy Sports + Outdoors with its accessible, dynamic location and that it was available to buy rather than lease.

The sporting goods retailer will be moving its entire South San Antonio presence three miles westward to shift from its current lease model at 165 SW Military Dr.

At nearly 63,000 sf—a boost from the SW Military store's 59,000 sf—the new Alamo Crossing location will offer the same services, inventory and uniforms.​

Already turning dirt, Academy is going ground up on the vacant lot at 7503 S Zarzamora and will be joining other retailers in the Alamo Crossing shopping center such as Lowe's Home Improvement, Olive Garden, Red Lobster and Longhorn Steakhouse.

According to a construction permit, work is expected to wrap up by April, and is estimated to cost about $1.5 million.

San Antonio Business Journal
San Antonio-New Braunfels
http://www.bizjournals.com/sanantonio/news/2016/02/03/with-ability-to-own-rather-than-lease-academy.htmlRead more at the {Source}
Pure Multi buying $117.5 million San Antonio multifamily portfolioPure Multi buying $117.5 million San Antonio multifamily portfoliohttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=120282016-02-05T06:00:00Z

​​​​SAN ANTONIO – Vancouver-based Pure MultiFamily REIT LP has agreed to purchase two multifamily communities, known collectively as the TPC Portfolio, for an aggregate purchase price of $117.5 million, or around $155,000 per unit. 

​​The 416-unit The Towers at TPC delivered last October at 4092 TPC Pkwy. and includes eight buildings on 19.4 acres. It consists of one- to four-bedroom floor plans averaging 943 sf.

​The Mansions is a 344-unit garden-style community completed in 2007 at 22800 Bulverde Rd. It consists of one- to four-bedroom floorplans, averaging 1,135 sf, across 38 buildings on a 34.8-acre site.

Pure Multi will use proceeds from its year-end sale of the Windsong Apts. in Dallas, as well as bought deal financing that closed Dec. 11 and a first mortgage loan of around $78 million, to finance the deal. The loan will have a fixed interest rate of 4 percent per annum over a 12-year period.

CoStar Group
San Antonio-New Braunfels
http://www.costar.com/News/Article/Pure-Multi-Family-REIT-to-Expand-US-Holdings-with-$1175-Million-MF-Buy-in-San-Antonio/179384Read more at {Source}
Hitting the slopes? St. Bernard Sports to HoustoniansHitting the slopes? St. Bernard Sports to Houstonianshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=120102016-02-05T06:00:00Z

​​​HOUSTON - Houstonians getting ready for a weekend jaunt to the mountains of Colorado are in luck. 

A high end, luxury ski shop will break ground any day now and should open by mid-April in one of the city's poshest retail developments.

St. St. Bernard Sports is building out a retail storefront at 4444 Westheimer Rd. in the River Oaks District, a mixed-use, open-air development by OliverMcMillan that's signed a number of high-end tenants.

The 14,900-sf store should be open and operational by mid-April.

A building permit for the store valued the built-out at $1.6 million. 

The storefront will face Westheimer and will neighbor Equinox, an international luxury fitness club.

Another luxury ski shop, Moncler, is already open in the River Oaks District.

St. Bernard Stores is expected to hit $28 million in revenue this year, the store's rep said.

The River Oaks District celebrated its grand opening in October. It's signed ultra-luxe tenants such as Cartier, Chopard, de Boulle, Harry Winston and Hermés.

Houston Business Journal
Houston-The Woodlands-Sugar Land
http://www.bizjournals.com/houston/news/2016/02/04/ritzy-dallas-based-ski-store-sets-houston-opening.htmlSource: {Source}
Irving can't stop the beat thanks to planned Music FactoryIrving can't stop the beat thanks to planned Music Factoryhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=120262016-02-05T06:00:00Z

​​​​IRVING – Skanksa USA has signed a $95 million contract with the ARK Group to develop the Irving Music Factory, an 8,000-seat indoor/outdoor concert venue that will go next​ to the Irving Convention Center.

The venue will be on a 16.8-acre site that will also include seven buildings featuring 247,570 sf of entertainment, retail, and restaurant space and a four-story, 96,875-sf office tower atop a six-level parking garage.

Construction will begin later this month. The project is slated to deliver in June 2017.​

CoStar Group
Dallas-Fort Worth-Arlington
http://www.costar.com/News/Article/The-ARK-Group-Greenlights-Irving-Music-Factory-Development/179467Read more at {Source}
Wichita Falls jumps to Walmart Neighborhood MarketWichita Falls jumps to Walmart Neighborhood Markethttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=119882016-02-05T06:00:00Z

​​WICHITA FALLS - Construction of a $3.75 million 41,000-sf  Walmart Neighborhood Market should begin sometime this spring on the northwest corner of Southwest Parkway and Barnett Rd.

Anne Hatfield, director of communications for the mega retailer, said it will take about six months, barring weather, to construct the facility and fuel station.

The market will feature a full line of groceries, fresh produce, grab-and-go meals, a bakery and deli, a pharmacy and more.

The store will have 95 employees including management and associates.

The Wichita Falls City Council, during its December 15, 2015 meeting, unanimously passed an ordinance that eliminated a potential stumbling block regarding the sale of alcohol within 300 feet of school property as the Wichita Falls ISD sports complex is across the street on Southwest Parkway.
Wichita Falls Times Record News
Wichita Falls

​More background info? See "Walmart Neighborhood Market coming to Wichita Falls?​​"

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Done deal: 70,000-SF Donley Plaza sold in north AustinDone deal: 70,000-SF Donley Plaza sold in north Austinhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=119582016-02-05T06:00:00Z

​​​AUSTIN - Donley Plaza, a 69,547-sf office asset, has been acquired by partners OakPoint Real Estate and Haverwood Management. 

Donley Plaza is located at 2201 Donley Dr. in north-central Austin, just east of the Domain.

The building was constructed in 1983 and renovated in 2013.

The building was 65 percent occupied at the time of closing.

The buyers hope to redevelop Donley Plaza for creative and tech-oriented users.

Donley Plaza marks the fifth office acquisition in Austin for the OakPoint/Haverwood duo. 

Austin-Round Rock
http://rebusinessonline.com/cbre-capital-markets-brokers-sale-of-office-property-in-austin/Read more at {Source}
FHA cuts multifamily insurance ratesFHA cuts multifamily insurance rateshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=120222016-02-05T06:00:00Z

​​​WASHINGTON, D.C. – To help preserve and increase the amount of affordable, quality rental housing across the country, the Federal Housing Administration (FHA) recently announced a multifamily insurance rate reduction designed to encourage capital financing of affordable and energy-efficient apartments.

The rate reductions take effect April 1.

FHA’s new annual multifamily insurance rates include:

  • For "broadly affordable" housing (at least 90 percent of the units are under Section 8 contract and/or covered by Low Income Housing Tax Credit [LIHTC] affordability requirements), FHA is lowering annual rates to 25 basis points, a reduction of 20 or 25 basis points from current rates. 
  • For affordable mixed-income properties (properties that set aside units based on affordability, including partial LIHTC, partial Section 8, inclusionary zoning, or other local affordability requirements), FHA is lowering annual rates to 35 basis points, a reduction of 10 to 35 basis points from current rates.
  • For energy-efficient properties (those committed to industry-recognized green building standards and committed to energy performance in the top 25 percent of multifamily buildings nationwide), FHA is lowering annual rates to 25 basis points, a reduction of 20 to 45 basis points. Qualification for the top 25 percent will be determined using EPA’s Portfolio manager 1-100 score. 

To ensure that the broadly affordable and energy-efficien​t properties benefit directly from the lower rates, FHA will limit the fees that can be charged on these loans.

Multifamily insurance rates for market-rate properties that are not energy efficient​​ will remain unchanged.

U.S. Department of Housing and Urban Development
http://portal.hud.gov/hudportal/HUD?src=/press/press_releases_media_advisories/2016/HUDNo_16-008Read more at {Source}
SurePoint Self Storage increases Houston presenceSurePoint Self Storage increases Houston presencehttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=120242016-02-05T06:00:00Z

​​​PEARLAND – SurePoint Self Storage has its fourth local property under contract near the intersection of Broadway and Kirby Dr. 

The 675-unit facility​ is expected to be finished in summer 2017. 

Additionally, SurePoint is about to begin construction on its third Class A multistory facility in Houston. Construction on the three-story, 119,000-sf facility on Barker Cypress Rd. will begin in the next 60 days.

SurePoint Self Storage
Houston-The Woodlands-Sugar Land
Read more at {Source}
Oil downturn causes Midland housing market slideOil downturn causes Midland housing market slidehttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=120202016-02-05T06:00:00Z

​​​MIDLAND – The single-family housing market in this West Texas city has been hit hard by falling oil prices.

Foreclosures are up 40 percent over the last year, and the inventory has more than doubled from 399 homes at the end of 2014 to 885 listings now, according to ProTeck Valuation Services.

ProTeck’s national 2016 Home Value Forecast put six Texas cities in the bottom ten: Abilene, El Paso, Houston, Killeen, McAllen, and Midland.

The Texas Association of Realtors reported that Midland home sales were down 22 percent in fourth quarter 2015 to 439 sales.​

Realty News Report
http://realtynewsreport.com/2016/02/02/home-market-soft-in-midland-in-the-oil-rich-permian-basin-of-far-west-texas/Read more at {Source}
ALN: Fort Worth apartment review Jan. 2016ALN: Fort Worth apartment review Jan. 2016https://www.recenter.tamu.edu/news/newstalk-texas/?Item=119972016-02-05T06:00:00Z

​FORT WORTH - ALN Apartment Data has released January 2016 apartment occupancy and effective rent data for apartments. ​Needing other U.S. cities, check out ALN's monthly reports​.

ALN Apartment Data
Dallas-Fort Worth-Arlington

​Don't miss out on Multifamily​ in Dallas-Fort Worth Market Research​!

Read more at {Source}
Hop off your horse, plant your flag! Texas businesses flourishHop off your horse, plant your flag! Texas businesses flourishhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=119472016-02-05T06:00:00Z

​​​​TEXAS - Texas middle-market companies outpaced the rest of the nation in revenue and employment growth in 2015 and the state is projected to do so again this year, according to a study from the National Center for the Middle Market's 4Q 2015 Middle Market Indicator, produced by Ohio State University Fisher School of Business.

Texas mid-market firms—defined in the study as companies with annual revenue between $10 million and $1 billion—grew 8.2 percent in revenue in the past 12 months, compared to a 6.1 percent national rate. The state’s mid-market companies forecast an average of 5.1 percent revenue growth for 2016, compared to a 3.7 percent projection nationwide.

In terms of employment, Texas firms grew 7.8 percent in 2015 compared to 3.6 percent for all U.S. mid-market companies. Mid-market firms are looking to grow their employee counts by 4 percent this year, compared to 2.7 percent nationwide.

In Texas, 71 percent of the mid-market executives and owners surveyed said they would invest capital in their company, compared to 61 percent nationwide.

The national revenue growth of 6.1 percent last year was down from 7.2 percent the year before, Thomas A. Stewart, executive director of the center​, said. 

Middle market employment growth followed a similar pattern, declining to 3.6 percent growth in 2015 from 4.1 percent growth the year before.

Middle market companies as defined by the study account for roughly one-third of total employment and GDP in the U.S. and generate $10 trillion in annual revenue.

Texas has 10,000 mid-market companies that do more than $505 billion in annual revenue

Houston Business Journal

​See Market Research for the latest reports on cities across Texas.

Read more at {Source}
Bazaarvoice moving 600 employees into new Austin HQBazaarvoice moving 600 employees into new Austin HQhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=120172016-02-04T06:00:00Z

​​AUSTIN ​– ​​Locally based tech company Bazaarvoice will move into new headquarters in the Quarry Oaks business park.

The new, 137,615-sf building will house the company's 600 local employees and still have room for future expansion.

Riverside Resources will develop the Class A structure, which will feature outdoor decks, curtain wall glass, steel beams, and exposed interior concrete. The building will also have a Whole Foods Market Cafe. 

CBRE's workplace strategy team partnered with Bazaarvoice to design the space. HKS designed the building's shell, ​Lauckgroup handled interior design, and Harvey-Cleary is the general contractor. 

Austin-Round Rock
http://rebusinessonline.com/bazaarvoice-to-move-into-new-headquarters-in-austin/Read more at {Source}
West Woods Shopping Center under new ownershipWest Woods Shopping Center under new ownershiphttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=120182016-02-04T06:00:00Z

​AUSTIN – One of the city's best known retail properties, the 189,340-sf West Woods Shopping Center, has been purchased by Global Retail Investors LLC, an affiliate of First Washington Realty Inc.

The seller, Velocis, purchased the asset in 2012 and invested in signage upgrades, landscaping, and parking lot improvements.

The property, located at the intersection of Bee Caves Rd. and Walsh Tarlton Lane, is 98 percent​ leased and anchored by Stein Mart, Michaels, Petco, and CVS.

HFF brokered the sale on behalf of Velocis. Lincoln Property Company provided property management services, and BKD Realty handled leasing for West Woods. ​

Austin-Round Rock
http://www.globest.com/sites/lisabrown/2016/02/03/anchors-and-location-prove-pivotal-in-sale/Read more at {Source}

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