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Avison Young 2Q 2016 office reportAvison Young 2Q 2016 office reporthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=139552016-07-26T05:00:00Z

​​​HOUSTON - Activity in the Houston office market has remained slow this past year amid the ongoing downturn in the energy industry.

At mid-year 2016, the energy industry finally shows signs of recovering with the bulk of energy analysts projecting rising,
not falling, oil prices through the end of ​the year.  ​

A substantial amount of available space has hit the market in the form of new construction and sublease space. 

For the first time in the current downturn, Class A rates fell from the previous quarter. 

Class A rates are down by 1.3 percent from first quarter to $34.36 per sf.

The vacancy rate in the Houston office market increased by 40 basis points from the previous quarter to 14.1 percent due to new construction deliveries outpacing absorption.​

Absorption through the rest of 2016 is expected to remain positive, but just barely so, with additional planned occupancies counteracting vacated sublease and direct space.​
Avison Young
Houston-The Woodlands-Sugar Land
Office
https://assets.recenter.tamu.edu/Documents/MktResearch/Houston_Office_AvisonYoung.pdfSee Houston office market statistics​ from Avison Young, CBRE, JLL, Transwestern and more.Read more at {Source}
Colliers highlights Austin 2Q 2016 officeColliers highlights Austin 2Q 2016 officehttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=139502016-07-26T05:00:00Z

​AUSTIN - For the first time since 2012, Austin’s office market is experiencing negative absorption, dropping from 505,303 sf of positive absorption in first quarter 2016 to 24,603 sf of negative absorption in second quarter 2016. ​​​

The absorption is falling, the construction is slowing, yet the rental rates are still on the rise in the Austin market. 

Three buildings totaling 196,463 sf delivered in 2Q, and together the three buildings were 91.9 percent leased upon delivery. 

Projects that delivered in 2Q include the fully leased 74,804-sf Domian 5 building, located in the North/Domain submarket. 

The Round Rock submarket delivered 97,941 sf at 2700 La Frontera, and has three more buildings—totaling 79,634 sf—set to deliver next quarter. 

The citywide average rental rate increased by 0.9 percent from $34.39 per sf to $34.65 per sf over the quarter. 

Class A rental rates in Austin’s CBD increased by 2.7 percent over the quarter to $49.52 per sf from $47.31 per sf in 1Q​ 2016. 

Overall suburban Class A rental rates increased marginally from $35.71 per sf to $35.74 over the quarter. ​

Colliers International
Austin-Round Rock
Office
https://assets.recenter.tamu.edu/Documents/MktResearch/Austin_Office_Colliers.pdf

​Need submarketsClick here to see Austin office market data.

Read more at {Source}
Rent lament: DFW rates continue increaseRent lament: DFW rates continue increasehttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=139432016-07-25T05:00:00Z
​​DFW - Apartment renters are on average paying about $60 a month more than they were a year ago and there is no sign of a rent slowdown.

Apartment analyst Axiometrics ​says that average Dallas-area rents in June were $1,129—an all-time high.

That represents a 5.5 percent rent hike from June 2015.

"Dallas rent growth has been 5 percent or higher for 20 straight months," Axiometrics reported.

The cost of renting a roof over your head is a little lower in the Fort Worth area, averaging $1,011 in June 2016.

But Fort Worth apartment rents are rising faster—up 6.9 percent from a year ago, according to Axiometrics.

Even with huge construction volumes, few apartments are vacant in North Texas.

At midyear Dallas-Fort Worth-area apartments were 95.7 percent occupied.

More than 50,000 apartments are now being built in North Texas—the largest construction volume in more than 30 years.
Dallas Morning News
Dallas-Fort Worth-Arlington
Multifamily
http://www.dallasnews.com/business/headlines/20160722-rent-lament-d-fw-apartment-residents-rates-continue-to-rise.ece

​See DFW Multifamily Market Research

Read more at the {Source}
Chevron selling two sites totaling 131 acres in Houston Chevron selling two sites totaling 131 acres in Houston https://www.recenter.tamu.edu/news/newstalk-texas/?Item=139452016-07-25T05:00:00Z

​HOUSTON - Chevron has put two pieces of Houston property up for sale, the energy giant confirmed July 22.

The California-based company plans to sell its Bellaire campus at 4800 Fournace Place and 103 acres off the Grand Parkway it bought in 2014. ​

The 28-acre Bellaire campus includes a ten-story building, according to RealtyNewsReport (RNR).

Chevron spokesman Cam Van Ast confirmed that the 900 employees who currently work at that campus will move into the company’s downtown facilities by the end of 2017.
 
Additionally, Chevron is selling 103 acres off the Grand Parkway and Clay Rd.​​​ in West Houston.

"At this time, Chevron is simply acquiring the land to give the company future R&D facilities flexibility as we grow and expand our presence in the greater Houston area," a Chevron spokesman told the Houston Business Journal.​
Houston Business Journal
Houston-The Woodlands-Sugar Land
Office
http://www.bizjournals.com/houston/news/2016/07/22/chevron-to-sell-bellaire-campus-and-major-site.html

​​See Houston office data stats for 2016 here.

Read more at the {Source}
How much space can $1,500 get you in DFW?How much space can $1,500 get you in DFW?https://www.recenter.tamu.edu/news/newstalk-texas/?Item=139322016-07-22T05:00:00Z

​​​​DFW - While Dallas and Fort Worth aren't exactly the best in terms of dollar-to-sf, it could be a lot worse. 

A study conducted by RentCafe ranked the 30 most populous cities in America by how many sf you could rent for $1,500 a month.

Dallas came in at the 16th most expensive, at 1,210 sf for $1,500, or about $1.24 per sf. ​

Fort Worth ranked 20th and is about $1.08 per sf, assuming a payment of $1,500 for 1,389 sf.

Dallas Business Journal
Dallas-Fort Worth-Arlington
Multifamily
http://www.bizjournals.com/dallas/news/2016/07/20/how-much-space-can-1-500-get-you-in-dallas.html

​See DFW Multifamily Market Research​. ​

Read more at {Source}
367-Unit Broadstone 8 One Hundred sells in Austin367-Unit Broadstone 8 One Hundred sells in Austinhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=139232016-07-22T05:00:00Z

​​​​AUSTIN - Broadstone 8 One Hundred, a 376-unit multifamily community in northwest Austin has sold. 

Constructed in 2015, Broadstone 8 One Hundred is a Class A community situated on 17 acres at 8100 Anderson Mill Rd​. 

The property offers a pool with lounge​​​ seating and a tanning ledge, outdoor kitchen with gas grills, bocce ball court, and a hammock green. 

The clubhouse includes viewing/entertainment spaces, a social lounge with a beverage bar, and an athletic center. 

Unit interiors feature ten-foot ceilings and hardwood floors.

REBUSINESS
Austin-Round Rock
Multifamily
http://rebusinessonline.com/ara-newmark-secures-sale-of-apartment-community-in-austin/Read more at {Source}
345-Units to Summit and W. 5th Ave. near Pier 1345-Units to Summit and W. 5th Ave. near Pier 1https://www.recenter.tamu.edu/news/newstalk-texas/?Item=139342016-07-25T05:00:00Z

​​​

FORT WORTH - A deal has closed to buy nearly three acres at the corner of Summit Ave. and West Fifth St. near the Pier 1 Imports Building for a 345-unit apartment community.

The deal closed July 11, according to deed records. ​

The project, called Broadstone 5th and Summit Ave., will have efficiency, small, and large one-bedroom units and nine two-story townhomes fronting Summit Ave., said Chad Jackson, managing director of Alliance Residential’s Dallas office.

Construction is expected to begin by the end of July 2016, with plans for a leasing office open and the first units ready for move-in by summer of 2018, Jackson said.

The property will feature an amenity terrace on the third level of the buildings that will include a resort-style pool with views of downtown as well as a courtyard with fountains and lounge areas. 

Amenities will also include a two-level resident club and fitness area with a spin/yoga studio.
Fort Worth Star-Telegram
Dallas-Fort Worth-Arlington
Multifamily
http://www.star-telegram.com/news/business/article90302482.html

​See DFW Multifamily Market Research

Read more at {Source}
Brownsville Market Square makeover underwayBrownsville Market Square makeover underwayhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=139332016-07-25T05:00:00Z

​​​​BROWNSVILLE - The Brownsville Market Square Revitalization Project is currently underway and slated to be completed in May 2017. 

When complete, electrical distribution systems will be relocated underground, and the area will be decorated in landscaping, fountains, a life-sized chess board, and other amenities. 

Funding for the $3.4 million project is provided by the City of Brownsville and the Brownsville Public Utilities Board.

According to the Rio South Texas Economic Council, the Market Square Revitalization Project seeks to provide visual and functional improvements throughout Brownsville’s Main Street District by making Market Square safer, and more pedestrian- and bicycle-friendly, while facilitating future economic growth.​

Valley Business Report
Brownsville-Harlingen
Public Facilities
http://www.valleybusinessreport.com/recent-news/brownsville-market-square-makeover-underway/Read more at {Source}
DFW second nationally in office leasing, constructionDFW second nationally in office leasing, constructionhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=139422016-07-22T05:00:00Z

​​​​DALLAS – A new report from Cushman & Wakefield finds that DFW was second only to New York City in office leasing and construction during second quarter 2016.

Expanding and relocating business tenants leased 2.9 million sf of DFW office space.

NYC's Midtown market had 3.3 million sf of leasing. Los Angeles was third nationally with nearly 2.6 million sf of net leasing.

DFW was also second for building with 7.9 million sf of office space under construction at midyear.​​
Dallas Morning News
Dallas-Fort Worth-Arlington
Office
http://www.dallasnews.com/business/headlines/20160719-d-fw-behind-only-one-city-in-office-building-and-leasing-in-recent-study.eceRead more at {Source}
All adds up for Addison auto dealerAll adds up for Addison auto dealerhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=139202016-07-22T05:00:00Z

​​​​PLANO - Addison-based Autos of Dallas, a used car dealer, purchased a former GMC facility on July 19 and will move to the new location in September 2016.

The 55,000-sf facility at 4472 Plano Pkwy. will house nearly double the inventory, reaching 1,000 vehicles on the lot. 

The facility is situated just east of Ohio Dr., on about eight acres of land. 

The expansion will make Autos of Dallas the largest independent auto dealer in Dallas, and one of the largest in the nation.

Dallas Business Journal
Dallas-Fort Worth-Arlington
Retail
http://www.bizjournals.com/dallas/news/2016/07/19/auto-dealer-purchases-new-facility-in-plano.html

​See DFW Retail Market Research​

Read more at {Source}
TriGate Capital snatches up Lakeside MarketTriGate Capital snatches up Lakeside Markethttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=139412016-07-22T05:00:00Z

​​PLANO – Dallas investor TriGate Capital LLC has purchased the 162,645-sf Lakeside Market.

​Built in 1999, the center on Preston Rd. near Spring Creek Pkwy. is anchored by Weir's Furniture, Mi Cocina, and Taverna Rossa.

CBRE brokered the sale. JAH Realty LP will manage and lease the project.

Dallas Morning News
Dallas-Fort Worth-Arlington
Retail
http://www.dallasnews.com/business/commercial-real-estate/headlines/20160722-investor-grabs-plano-shopping-center-in-sale-by-lender.eceRead more at {Source}
Houston’s industrial sector stays strong amid oil slump Houston’s industrial sector stays strong amid oil slump https://www.recenter.tamu.edu/news/newstalk-texas/?Item=139252016-07-22T05:00:00Z

​​HOUSTON - The industrial sector of Houston has seen more than 2 million sf of space taken over in the first two quarters of the year, despite headwinds from the oil collapse. 

Although these numbers are up, national perception of Houston as strictly an oil town has resulted in lowered rents across the board, including industrial, and more concessions from owners, according to data from Transwestern.

Transwestern's Darryl Noon said the southeast market for industrial is thriving because of the Port of Houston and the concentration of petrochemical activities there. 

He said the northern part of the region is overbuilt and growth is slower there.​

"There may be a slowdown, but we aren't seeing negative numbers yet," he said. 

Houston Chronicle
Houston-The Woodlands-Sugar Land
Industrial
http://www.chron.com/business/real-estate/article/Industrial-projects-still-humming-along-in-8388890.php

​See Houston industrial market research​

Read more at the {Source}
Midland office lands 56K-SF tenantMidland office lands 56K-SF tenanthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=139262016-07-22T05:00:00Z

​​​MIDLAND - Downtown Midland has a new look as EnLink Midstream Partners makes its Permian Basin presence known. 

The EnLink logo is now displayed on the exterior of the west wing of the Bank of America Tower at 303 W. Wall St., where the Dallas-based company occupies approximately 56,000 sf on two floors.

EnLink’s new regional office is designed to underscore the company’s commitment to Midland, Odessa, and the Permian Basin, where it employs 250 people. 

The new office consolidates EnLink’s offices for natural gas, natural gas liquids, and crude oil services in the Permian Basin into one location.​

Midland Reporter-Telegram
Midland
Office
http://www.mrt.com/business/oil/article_156a0bf6-4a0b-11e6-adfb-737d350a77bc.htmlRead more at {Source}
​The Willows Apartments under new ownership​The Willows Apartments under new ownershiphttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=139392016-07-22T05:00:00Z

​KILLEEN – A California-based investor has purchased The Willows Apartments, a 232-unit multifamily asset. 

Built in 1983 on 8.2 acres, The Willows ​has an average unit size of 715 sf. 

Muskin Commercial LLC represented the sellers, and Southwest Investment Properties represented the buyer. 

First State Bank of Killeen provided financing for the property, which will be managed by Houston-based Asset Plus Management.

REBUSINESS
Killeen-Temple
Multifamily
http://rebusinessonline.com/muskin-commercial-negotiates-sale-of-the-willows-apartments-in-killeen/Read more at {Source}
Alliance sells Class A Broadstone 8 One HundredAlliance sells Class A Broadstone 8 One Hundredhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=139402016-07-22T05:00:00Z

​​​AUSTIN – Alliance Residential has sold Broadstone 8 One Hundred to Jackson Square Properties.

Constructed in 2015, the 376-unit, Class A community is on 17 acres at​ 8100 Anderson Mill Rd.

ARA Newmark represented the seller. 

REBUSINESS
Austin-Round Rock
Multifamily
http://rebusinessonline.com/ara-newmark-secures-sale-of-apartment-community-in-austin/Read more at {Source}
It’s showtime! Moviehouse & Eatery to open soon It’s showtime! Moviehouse & Eatery to open soon https://www.recenter.tamu.edu/news/newstalk-texas/?Item=139212016-07-22T05:00:00Z

MCKINNEY - Moviehouse & Eatery is preparing to open its third North Texas location at McKinney’s Craig Ranch development.

A facility just under 42,000 sf is slated to open at the northeast corner of Craig Ranch Pkwy. and SH 121 on Sept. 22. The ten-auditorium theater will employ between 150 and 160 workers.

Moviehouse serves food and alcohol while customers watch movies.​

It already has theaters in Flower Mound and Keller. Outside of North Texas, it has one theater in Austin.​

Dallas Business Journal
Dallas-Fort Worth-Arlington
Retail
http://www.bizjournals.com/dallas/news/2016/07/19/as-moviehouse-eatery-prepares-to-open-in-mckinney.htmlRead more at {Source}
Rezoning paves way for El Paso high-rise Rezoning paves way for El Paso high-rise https://www.recenter.tamu.edu/news/newstalk-texas/?Item=139372016-07-22T05:00:00Z

​​​​EL PASO – The city council unanimously approved a zoning change from commercial to general mixed-use for the development of a $100 million, 22-story luxury high-rise.​

Miami-based Meyers Group will develop the tower on four acres at 201 Shadow Mountain Dr. Plans include a 219-room luxury hotel, 228 luxury apartments, a 715-car parking garage, 42,000 sf of retail space, and 55,000 sf of landscaping.

The project will take around two years to complete. The proposed​ tower will be the tallest building in the city, one floor taller than the 21-story downtown Wells Fargo building. 

El Paso Times
El Paso
Mixed-Use
http://www.elpasotimes.com/story/news/local/el-paso/2016/07/19/council-oks-rezoning-west-side-high-rise/87265932/Read more at {Source}
1,700-acre Trinity Falls gets new owner1,700-acre Trinity Falls gets new ownerhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=139382016-07-22T05:00:00Z

​​​McKINNEY – The Johnson Development Corp. and Tricon Capital Group Inc. have purchased Trinity Falls, Collin County's largest master-planned development.

​​The joint venture purchased the 1,700-acre community from Austin-based Castle Hill Partners.​

At buildout, Trinity Falls will offer around 4,000 new homes along with retail and commercial space. Land has been reserved in the development for up to four elementary schools, all part of the McKinney ISD.

Homes start in the mid $200,000s and are by Ashton Woods Homes, Beazer Homes, Emerald Homes, Gehan Homes, Highland Homes, Meritage Homes, and Plantation Homes.

Since its grand opening in 2014, the community has sold close to 700 sites to builders, and 300 homes have already been completed. 

Fort Worth Business Journal
Dallas-Fort Worth-Arlington
Mixed-Use
http://www.fortworthbusiness.com/collin_county_business_press/johnson-tricon-follow-viridian-acquisition-with-mckinney-s-trinity-falls/article_d84ceeb2-4f9d-11e6-8a8a-4bdeb0ed6b99.htmlRead more at {Source}
Overture Fairview: a symphony to senior renters Overture Fairview: a symphony to senior renters https://www.recenter.tamu.edu/news/newstalk-texas/?Item=139312016-07-22T05:00:00Z

​​FAIRVIEW - Ground has broken on a seniors’ rental community.

The 195-unit apartment Overture Fairview project is in the Village at Fairview development at US 75 and Stacy Rd.

Designed for renters 55 and older, the project is on roughly six acres on the east side of US 75.

Along with the apartments, the rental community will include 15,000 sf of amenities for the residents including clubhouse, swimming pool and spa, demonstration kitchen, coffee bar and bistro, game room, theater room, yoga studio, fitness center, full service salon, and business center.

Apartments in the Fairview seniors community will range in size from 635 to 1,325 sf.

The development is scheduled to open in late 2018.
Dallas Morning News
Dallas-Fort Worth-Arlington
Multifamily
http://www.dallasnews.com/business/commercial-real-estate/headlines/20160720-seniors-rental-community-starts-construction-in-fairview-along-u.s.-75.ece

​See DFW Multifamily Market Research. ​

Read more at the {Source}
Mixed-use modernizes untouched downtown DallasMixed-use modernizes untouched downtown Dallashttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=139192016-07-22T05:00:00Z

​​DALLAS - After a series of delays, construction has begun to redevelop one of the last vacant office buildings in downtown Dallas.

The 17-story Corrigan Tower at 1900 Pacific Ave. has been vacant for more than a decade.

Investor John Kirtland is turning the 64-year-old high-rise into an apartment and retail project.

"It's under construction to be 149 Class A apartments," Kirtland said. 

Redevelopment of the 236,337-sf office building is valued at $28.7 million, according to building permits.​

The project should be complete by summer 2017. 

Kirtland and an investment group bought the empty office tower in 2005. He's been working on plans to redevelop the Corrigan Tower and the adjoining Tower Petroleum Building on Elm St. 

Plans call for turning the adjoining Tower Petroleum into a 177-room hotel with a ground floor restaurant and bar.​

Dallas Morning News
Dallas-Fort Worth-Arlington
Mixed-Use
http://www.dallasnews.com/business/headlines/20160719-construction-kicks-off-on-downtown-dallas-tower-redo.eceRead more at {Source}

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