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Pandemic cost U.S. economic $16TPandemic cost U.S. economic $16Thttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=250662020-10-20T05:00:00Z2020-10-20T15:00:00Z

​​​​CAMBRIDGE, Mass. – ​​The total cost of the pandemic is estimated at more than $16 trill​ion, or approximately 90 percent of the annual gross domestic product (GDP​​​​​)​​ o​​f the U.S​.​, acco​rding to researchers from Harvard University.

Approximately half of this amount is the lost income from the COVID-19-induced recessi​on; the remainder is the economic effects of shorter and less healthy life.​

According to the report, the crisi​​s cost the economy over $7.59 trillion in lost GDP. 

Health loss totaled around $4.38 trillion in premature death, $2.57 trillion in long-term health impairment, and $1.58 trillion in mental health impairment.

Since the onset of COVID-19 in March, around 60 million unemployment insurance claims have been filed as of September.

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JAMA
U.S.
Economy
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One Three Hundred Capital picks up 230-unit multifamily One Three Hundred Capital picks up 230-unit multifamily https://www.recenter.tamu.edu/news/newstalk-texas/?Item=250672020-10-20T05:00:00Z2020-10-20T15:00:00Z

​​​AUSTIN – One Three Hundred Capital has purchased Cannon Oaks Apartments, a 230-unit multifamily community at 2302 E. William Cannon Dr.

Built in 2001, the property offers two- to four-bedroom units. Rents range from $1,135 to $1,649 per month. 

Amenities include a pool, fitness center, playground, and clubhouse.  

JLL Capital Markets arranged $27.1 million in acquisition financing.

texaslogo.pngThe Real Estate Center has more news like this online for free:
Connect Media
Austin-Round Rock
Multifamily
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Greens Global buys 1,152-unit self-storage facility Greens Global buys 1,152-unit self-storage facility https://www.recenter.tamu.edu/news/newstalk-texas/?Item=250682020-10-20T05:00:00Z2020-10-20T15:00:00Z

​AUSTIN – Greens Global has acquired the 1,152-unit CubeSmart Self Storage facility at 8023​ W. Parmer Ln. 

Built in 2019, the five-​story property spans 110,505 sf. Units range from 15 to 250 sf. 

JLL arranged acquisition financing. ​

Texas logoThe Real Estate Center has more local commercial real estate news like this online:

REBUSINESS
Austin-Round Rock
Retail
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Westcore picks up six SA warehouses in massive portfolio saleWestcore picks up six SA warehouses in massive portfolio salehttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=250692020-10-20T05:00:00Z2020-10-20T15:00:00Z

​​SAN ANTONIO – San Diego-based Westcore Properties has acquired a 35-building warehouse portfolio from Stonelake Capital Properties.​​

The portfolio includes six buildings in San Antonio: 

  • 3331-3365 N. PanAm Expy.,

  • 1883-1879 Hormel Dr.,

  • 3323 N. PanAm Expy,

  • 3535 N. I-35, and 

  • 5400 Kaepa Ct.

The deal also includes 15 buildings in Dallas and 14 in Houston. 

The properties, which total 3.1 million sf, are 93 percent leased to roughly 95 tenants. ​

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

San Antonio Business Journal
San Antonio-New Braunfels
Industrial
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LandPlan, St. Ives sell Plano office buildingLandPlan, St. Ives sell Plano office buildinghttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=250702020-10-20T05:00:00Z2020-10-20T15:00:00Z

PLANO – A partnership between LandPlan Development and St. Ives Realty has sold a 39,324-sf ​office building within Parkwood Village.​​

The partnership developed the single-tenant building at 8454 Parkwood Blvd. in 2018.

CBRE represented the sellers. 

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

REBUSINESS
Dallas-Fort Worth-Arlington
Office
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Magnus Chemical taking 45K sf of industrial space in FriscoMagnus Chemical taking 45K sf of industrial space in Friscohttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=250712020-10-20T05:00:00Z2020-10-20T15:00:00Z

​FRISCO – Specialty cleaning product maker Magnus Chemical is leasing 44,144 sf in The Star Commerce Center II at 16005 Gateway Dr.

The 141,960-sf Class A Industrial buildi​ng was completed this year.

Stream Realty Partners represented the ten​​ant. Lincoln Property Company represented the landlord. 

Earlier this year, GEA Group leased 78,000 sf in the facility. 

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

Source: Connect Media
Connect Media
Dallas-Fort Worth-Arlington
Industrial
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Real Estate Center gets 'new' nameReal Estate Center gets 'new' namehttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=250642020-10-20T05:00:00Z2020-10-20T14:00:00Z

​​COLLEGE STATION – On Jan. 1, 2021, the Real Estate Center at Texas A&M University will have a new name. Sort of. After 35 years with its current name, it’s going back to its given identity, the Texas Real Estate Research Center.

The Center was officially created and named the Texas Real Estate Research Center by an act of the state legislature in 1971. The name was unofficially shortened in 1986 to assist in marketing.

"The operating environment has changed over the years," said Center Executive Director Gary Maler. "We are no longer the best kept secret in Texas. Omitting the word 'research' from our name has spawned imitators and caused confusion.

"We are reassuming and reasserting our claim to our official name," he said. "Texas Real Estate Research Center defines us properly as an applied research organization focused on Texas and the needs of our business leaders and citizens."

Maler said a "growing list of imitators" is a primary reason for the change. An Internet search for "real estate center" yields more than 2.9 billion possibilities.

The "new" name ushers in the Center’s 50th anniversary year.

Texas logoThe Real Estate Center has a wealth of economic information online for free​.
Real Estate Center
Texas
Center News
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Texas hiring slows in SeptemberTexas hiring slows in Septemberhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=250652020-10-20T05:00:00Z2020-10-20T14:00:00Z

​​​AUSTIN – The Texas unemployment rate rose to 8.3 percent in September after dipping for the 13.5 percent high in April 2020 during the peak of COVID-19 im​​p​a​​cts.

The increase was due to the civilian labor force shrinking as the number of individuals actively looking for work contracted, while the unemployed rose.

According to the Texas Workforce Commission, the state added 40,70​0 nonfarm jobs last month.

The national unemployment rate is 7.7 percent.

Amarillo had the lowest nonse​asonally adjusted unemployment rate in the state​ at 5.1 percent. O​​dessa had the highest at 13.2 percent. 

All employment sectors had seasonally adjusted job losses since September 2019. Mining and logging had the largest job loss with employment falling 22.6 percent. Financial activities had the smallest, falling only 0.3 percent.​

Texas logoThe Real Estate Center has a wealth of economic information online for free.
Texas Workforce Commission
Texas
Employment
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246-unit multifamily delivers in McKinney246-unit multifamily delivers in McKinneyhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=250592020-10-19T05:00:00Z2020-10-19T20:00:00Z

​​McKINNEY – KWA Construction has completed Axiom Hub 121, a 246-unit apartment community at 7201 Henneman Way within the Craig Ranch master-planned development. 

The 340,000-sf property offers one- and two-bedroom floor plans. Monthly rents start at $1,150.​

Amenities include a pool with a tanning ledge, car wash facility, sports lounge with coffee bar, 24-hour fitness center, bocce ball court, Amazon package lockers, and coworking space. 

The community was designed by Domus Studio Group and developed by Seneca Investments.

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

​Source: REBusiness Online

REBUSINESS
Dallas-Fort Worth-Arlington
Multifamily
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California online retailer takes Mesquite warehouse spaceCalifornia online retailer takes Mesquite warehouse spacehttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=250602020-10-19T05:00:00Z2020-10-19T20:00:00Z

​​​MESQUITE – Tustin, Calf.-based Best Choice Products is taking more than 400,000 sf of distribution space for a new shipping hub. 

The hub will be at the Prologis Mesquite business park at 5151 Samuell Blvd.

Cushman & Wakefield handled leasing.

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

Dallas Morning News
Dallas-Fort Worth-Arlington
Industrial
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150K-sf office building underway near Love Field150K-sf office building underway near Love Fieldhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=250612020-10-19T05:00:00Z2020-10-19T20:00:00Z

​DALLAS – Cawley Partners is building a 150,000-sf office building at 2221 W. Mockingbird Ln. near Harry Hines Blvd.

Corgan designed the office project, which will include food service facilities, fitness center, and conference center.

Construction on the four-story building begins early next year.​​​​

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

Dallas Morning News
Dallas-Fort Worth-Arlington
Office
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Realty.com buys one million sf office portfolioRealty.com buys one million sf office portfoliohttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=250622020-10-19T05:00:00Z2020-10-19T20:00:00Z

​​​​​HOUSTON – Realty.com has purchased one million sf of office space from Oxle​​y Leasing.

The deal included 114,711 sf in Dallas and 919,703 sf in the Houston market. 

The Dallas buildings are One West Hills and Two West Hills on S. Hampton Rd. They were built in 1984 and 1977, respectively. 

Oxley purchased​ both assets in 2014 for $​3.3 million.

The Houston assets include 363 North Belt, a 376,277-sf office building.

The Center, a three-building campus totaling 377,126 sf, was also purchased. It was built in 1979 at 8303, 8313, and 8323 Southwest Fwy.

Realty.com will launch its VIP Office Space coworking program at the properties. 

Texas logoThe Real Estate Center has more on Texasreal estate news:

Commercial Property Executive
Texas
Office
Read more at {Source}
Public-private partnership working on $1B destination projectPublic-private partnership working on $1B destination projecthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=250632020-10-19T05:00:00Z2020-10-19T20:00:00Z

​​​​LEANDER – The city and Leander Springs LLC, a division of iLand Development Group, is developing a 78-acre mixed-use destinatio​n project.

The $1 billion Leander Springs will be at the southwest intersection of FM 2243 and 183A Toll Rd.

It will have a four-acre crystalline lagoon surrounded by ten acres of boardwalk and commercial development, which includes:

  • 1,600 multifamily units,

  • 253,000 sf of retail space,

  • 856,000 sf of office space,

  • a 275-key hotel, and 

  • 20,000-sf conference center. 

The city will provide as much as $22 million in performance-spaced tax incentives.

STG Design is the designer.

The city council will make the final zoning determination by the end of the year. ​

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

​​​Source: Commercial Property Executive

Commercial Property Executive
Austin-Round Rock
Mixed-Use
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PBR HQ brewing in downtown SA PBR HQ brewing in downtown SA https://www.recenter.tamu.edu/news/newstalk-texas/?Item=250562020-10-19T05:00:00Z2020-10-19T19:00:00Z

​​​SAN ANTONIO – California-based Pabst Brewing Co., brewer of Lone Star and Pabst Blue Ribbon beers, is moving its headquarter to the Rand Building at 110 E. Houston St.

The company recently cl​osed its Los Angeles and Dallas offices. It is renovating two floors in Weston Urban's downtown building. 

Pabst has operated a local office for years now. The expansion will bring the total number of local employees to 115 to 120.  

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

San Antonio Express-News
San Antonio-New Braunfels
Office
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StayAPT Suites breaking into San AntonioStayAPT Suites breaking into San Antoniohttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=250572020-10-19T05:00:00Z2020-10-19T19:00:00Z

​​​LIVE OAK – North Carolina-based stayAPT Suites is developing a three-story hotel near Loop 1604 and I-35. 

The 76-unit property will have a laundry facility, fitness center, and outdoor courtyard with a grill​ing station and fire pit. 

Construction begins before the end of year and will wrap up in late 2021. 

Texas logoGet more San Antonio-area hotel news​ on the Real Estate Center's website.

San Antonio Business Journal
San Antonio-New Braunfels
Hotel
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HPI Residential delivers Rhythm Apartments HPI Residential delivers Rhythm Apartments https://www.recenter.tamu.edu/news/newstalk-texas/?Item=250582020-10-19T05:00:00Z2020-10-19T19:00:00Z

​​AUSTIN – HPI Residential has completed Rhythm Apartments, a 262-unit multifamily community at 9701 Spectrum Dr. 

The property offers studio and one- and two-bedroom units. Rents range from $1,000 to $2,​465 per month. 

Amenities include a clubhouse, business center, game room, pool, fitness center, and pet park. 

Britt Design Group and Charlan Brock Associates designed the project. 

texaslogo.pngThe Real Estate Center has more news like this online for free:
REBUSINESS
Austin-Round Rock
Multifamily
Read more at {Source}
Texas jobless claims reverse downward trendTexas jobless claims reverse downward trendhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=250552020-10-16T05:00:00Z2020-10-16T19:00:00Z

​​​​​​​​​​​​​​​COLLEGE STATION – ​Initial unemployment insurance claims in Texas increased to nearly 42,900 the week ending Oct. 10, reversing a four-week downward trend. 

This brings the total number of initial claims to 3.65 million, according to data from the U.​S. Department of Labor (DOL).​

"The slowing claims decrease is worrisome, signaling distress in labor market conditions and reaffirming that much work still needs to be done," said Real Estate Center Research Economist Dr. Luis Torres.

Last week's number, though an improvement over previous months' numbers, is higher than expected.

"For eight months now, we have had more than 40,000 people filing for unemployment each week," continued Dr. Torres. "During the Great Recession, unemployment claims peaked at 49,000 the week of Sept. 27, 2008."​

Continuing unemployment claims decreased for the fifth consecutive week, falling to 734,400 the week ending Oct. 3. 

"The bright spot is that more people continue to the leave the ranks of the unemployed, signaling improvements in the labor market,” Torres said. "However, we don't know if these people have become re-employed or have permanently​ left the labor force."

Claims also reverted a downward trend at the national level. ​​Almost 64.5 million Americans have filed initial unemployment claims in the past 30 weeks. New claims increased last week to 898,400.​ 

The U.S. is struggling more than Texas to decrease the number of people filling for unemployment, indicating labor market recovery in other parts of the country is on more uneven ground.​

Labor market recovery in Texas' major and border metropolitan statistical areas remains precarious as more people filed for initial unemployment in those metros during the week ending Oct. 3. 

Almost 1,100 people filed new unemployment claims in Brownsville, almost double the previous week (550 claims). 

Using data from the DOL and the Employment and Training Administration, the Center estimates that from March 21 to Oct. 3 ​over 835,300 seasonally adjusted claims were filed in Houston-The Woodlands-Sugar Land. The metro continues to lead the state in total number of claims.

In the past 29 weeks, an estimated 795,200 claims were filed in Dallas-Fort Worth-Arlington, 252,700 in San Antonio-New Braunfels, and 214,900 in Austin-Round Rock. ​

Along the border, an estimated 98,000 claims were filed in McAllen, 83,000 in El Paso, 43,800 in Brownsville, and 25,600 in Laredo.​​

Healthcare/social assistance​, administrative​/support/waste management/remediation services, ​​retail trade, construction, and accommodation and food services had the most unemployment claims through the week ending Oct. 3.​​

Texas logoThe Real Estate Center has a wealth of economic information online for free.
​Source: Real Estate Center​
Real Estate Center
Texas
Employment
Read more at {Source}
Work requirements return for TWC's subsidized child care programWork requirements return for TWC's subsidized child care programhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=250522020-10-16T05:00:00Z2020-10-16T15:00:00Z

​​​​​AUSTIN – The Texas Workforce Commission (TWC) will reinstate work requirements for parents receiving subsidized child care benefits. 

The change goes into effect Nov. 1. How​​ever, parents currently on the program who have already received at least three months of childcare following a permanent job loss will continue to be covered until Nov. 27.

TWC removed the work requirement as part of its COVID-19 response to provide short-term relief and greater stability for child care providers. With more Texas businesses getting back to work, however, the lack of a work requirement makes it more difficult for working families to access those funds. 

Currently, 39,000 Texans are on waiting lists for the program.

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

Texas Workforce Commission
Texas
Employment
Read more at {Source}
Texas dominates list of best telecommuter citiesTexas dominates list of best telecommuter citieshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=250532020-10-16T05:00:00Z2020-10-16T15:00:00Z

​​​​​AUSTIN – Eight Texas cities have landed on LawnStarter's list of 2020's ten best telecommuter cities. 

Ranking first overall, McKinney was second in work environment, second in connectivity and convenience, ninth in cost, and 25th in opportunity and​​ earning potential. It ranked second in highest average Internet speed.

No. 2 Frisco ranked first in both work environment and connectivity and convenience​. It was sixth in opportunity and earning potential and 72nd in costs. 

Frisco had the highest average Internet speed and most home office and coworking space. 

Other Texas cities in the top ten were:

  • No. 3 Plano, ranking 13th in opportunity, third in work environment, 55th in connectivity, and 28th in cost;

  • No. 4 Irving, 19th in opportunity, 24th in work environment, 29th in connectivity, and second in cost;

  • No. 5 Garland, 29th in opportunity, 44th in work environment, 29th in connectivity, and 12th in cost;

  • No. 7 Austin, 62nd in opportunity, 21st in work environment, eighth in connectivity, and 54th in cost;​

  • No. 8 Fort Worth, 78th in opportunity, 46th in work environment, tenth in connectivity, and 17th in cost;​ and

  • No. 9 Dallas, 90th  in opportunity, 26th in work environment, 16th in connectivity, and 40th in cost.

Yonkers, N.Y., and Orlando, Fla., ranked sixth and tenth, respectively. 

Other Texas cities in the​ top 50 were ​​No. 14 Arlington, No. 23 San Antonio, No. 29 Houston, No. 38 Lubbock, No. 40 El Paso, and No. 46 Corpus Christi. 

To compile the rankings, LawnStarter compared the 150 biggest U.S. cities across 15 key factors such as remote job opportunities, Internet speed, and the cost of renting a home office.

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

​Source: LawnStarter

LawnStarter
Texas
Employment
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Hines planning Lewisville business parkHines planning Lewisville business parkhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=250542020-10-16T05:00:00Z2020-10-16T15:00:00Z

​​LEWISVILLE – ​Houston-based Hines is planning a four-building industrial park at 810 Round Grove Rd. near SH 121. 

The $32.5 million Bison Grove Business Park​ will contain almost 900,000 sf of space.

Ware Malcomb designed the project.

Construction starts early next year. 

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

Dallas Morning News
Dallas-Fort Worth-Arlington
Industrial
Read more at {Source}

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