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​​AUSTIN – The office market kept rolling in first quarter 2018 ​​with new projects breaking ground and leasing market price highs.

In CBRE’s lastest report on the local market, it said that although only two new office buildings opened in first quarter 2018 “the development cycle remained blistering as an additional 700,000 sf of new projects kicked off this quarter, bringing the under-construction total to 3.4 million sf.”

According to Austin-American Statesman​, newly launched projects include:

• East 6: 115,000 sf at 2010 E. 6th St.;
  

• 1400 Lavaca St. will serve as the new headquarters building for South by Southwest with 145,000 sf;
  

• Foundry, 310 Comal St., will have 75,369 sf.
  

CBRE’s report also stated the citywide annual average full service gross rate elevated to $34.99 per sf, a new leasing market high.

​EAGLE PASS, MAVERICK COUNTY – A new partnership between two companies from both sides of the border is seeking to build a small refinery as part of a $750 million energy complex.

The partnership plans to build an energy park complex and logistics center in a rural area of Maverick County near Eagle Pass.

The microrefinery will be capable of processing condensate or light sweet crude into gasoline, diesel and other refined products that will be exported to meet growing demand in Mexico.

The proposed complex will include a 20,000-barrel-per-day refinery, storage terminals and cross-border pipelines for refined products, natural gas and fiber optic cable.

The partnership includes Mexico- and Dallas-based Mexiship Ocean International LLC and San Antonio-based Refinery Equipment Operating Company LLC.

​​​​​SAN ANTONIO – The Wheatley Park Senior Living community phase two is open. ​The new community, on 910 North Mittman St., features 80 one- and two-bedroom apartments. 

The project is just phase two in the four phase Wheatley Choice Neighborhoods Initiative, which will eventually create four new affordable housing developments on the East Side.

The first phase, the 215-unit East Meadows apartment complex, which was completed in 2016, is currently 99 percent occupied. 

​See also: San Antonio-New Braunfels Multifamily Market Research.

​​​​NORTH TEXAS – Housing statistics for March 2018 have been released by the North Texas Real Estate Information System (NTREIS) through Clarus.

​Check out more North Texas Housing Market Research.

​​EL PASO – Colorado-based Elevation Hotel Management is investing $2.4 million to renovate the Marriott Courtyard hotel near the airport.

Elevation, a subsidiary of ASI Capital, plans to begin work in May; renovations include updates to the exterior of the hotel, the hotel’s 90 rooms, and the lobby.

The hotel will remain open during renovations.

​​HARLINGEN – Spanish-based Acciona Energia has announced its second Cameron County wind farm will be constructed near its San Roman generating facility.

The new $200 million wind farm, called Palmas Altas, will consist of 46 wind turbines and have a generating capacity of 145 megawatts of electricity.

San Roman has 31 turbines and 93 megawatts of generating capacity.

Many environmentalists who support alternative energy sources are conflicted by the giant turbines' impact on birds. 

To the human eye the majestic turbine blades make a slow circle as they are set in motion by gulf breezes. 

The reality is the tips of the blades are really moving as fast as 170 mph, and can lead to fatal encounters for migratory birds and bats. ​

​​​​​​DALLAS – Michael Dell has completed his purchase of properties in the Knox St. neighborhood.

The properties with more than 170,000 sf of retail space, 165 luxury apartments and 11 acres of land were put up for sale last year by Sarofim Realty Advisors.

The acquisition includes several blocks along Knox St. and Travis St. and McKinney Ave. and Cole Ave.

The purchase buildings that house Crate & Barrel, Pottery Barn, Z Gallerie, On the Border restaurant and other high-profile retail tenants.

Also in the sale is a six-story apartment and retail building at Cole Ave. and Armstrong Ave. that houses grocer Trader Joe's.

Terms of the huge purchase were not disclosed but were estimated at as much as $250 million in value.

​Check out DFW Multifamily and Retail Market Research.

​​FLOWER MOUND – The Town Council approved Lakeside Village, a 35-acre site to the south of Lakeside DFW near Lake Grapevine.

Lakeside Village will include a mix of retail, restaurants, offices, possibly three hotels, and residential, which would come in the form of villas, lofts over retail and up to five residential towers.

The development would connect to Lakeside DFW, which consists of apartments, a movie theater, single-family homes, and a mix of retail and restaurants.

The first phase will include 600 residential units or three residential towers, whichever comes first.

As part of the development agreement, a trail and amphitheater will go in with the first phase of infrastructure.​

​Check out DFW Hotel, Multifamily, Office, and Retail Market Research.

​​​​​​GREATER HOUSTON – Five new residential developments rising in the Houston area.

• Arabella: From 212box, this 33-floor condo tower will have 99 units.
  Prices have been set at around $600 per sf, with some units going for up to $4 million.
  

• Hanover Southhampton: From The Hanover Company, this 12-story community includes 206 luxury spaces and private amenities located in the Rice Village neighborhood.
  

• ​Marlowe: From Randall Davis Company and DC Partners, this development, around 70 percent sold, has 96 residences and eight penthouses at 1311 Polk St.
  

• ​The Sophie at Bayou Bend: From Stolz Partners, this seven-story, 42-unit condo project will have residences from 2,400 to nearly 5,000 sf located on Memorial Dr.
  

• The Woodland Hills: From The Howard Hughes Corporation, this master-planned community spans 2,000 acres and is expected to have more than 4,500 residences, 112 acres of open space, and 20 neighborhood parks. 
  

​​​​​​ROUND ROCK – Below are five highlights of developments in Hutto, Pflugerville, and Round Rock.

Hutto

• Hutto Crossing will deliver 465 acres of mixed-use development to the Carmel Creek area. Infrastructure work is set to break ground early April 2018.
  

• Hutto Plaza will bring 22,800 sf of mixed-use space to the southeast corner of Chris Kelley Blvd. and Uvalde Dr. Construction began late 2017 with delivery set for June 2018.
  

Pflugerville

• Costco will open a store on more than 16 acres at the southeast corner of SH 130 and Kelly Ln. The 150,000-sf store will cost $6.25 million and is expected to open July 2018.
  

Round Rock

• Crossing Point was completed fall 2017 with 110,000 sf of retail space. Situated at the intersection of I-35 and SH 45, seven businesses have opened already with six more preparing to open. Roughly 16,000 sf remain available for lease.
  

• UPS Inc. Package Distribution center is underway on approximately 50 acres near Louis Henna Blvd. and A.W. Grimes Blvd. The 245,157-sf center expects to have around 300 employees and open November 2018.​
  

AUSTIN – The Ruckus, a year-old student housing development, is getting a companion property.

The Ruckus 2.0 will be at 2401 Rio Grande St. and will rise seven stories with 67 units and 239 beds.

Construction started April 2018 and is expected to be done in time for the fall 2019 semester at the University of Texas.

Cost of construction only, according to TDLR​, is $12 million.

The original Ruckus, at 2502 Nueces St., is 100 percent leased with 45 units and 160 beds.

​​KINGWOOD – Watercrest at Kingwood will add a second phase that will bring an option for assisted living to the Kingwood retirement community. 

The 145,117-sf expansion, dubbed Garden Village, will add 101 residences, including 73 independent living and 28 assisted-living residences. ​

Watercrest at Kingwood, located at 24109 Kingwood Pl. Dr., opened in 2015 with 174 independent living residences for age 55 and up.

​​​AUSTIN – According to the Austin Board of Realtors (ABOR), last month was the best March on record with 2,714 single-family homes sold in the area.

Local home ​​​​sales grew 10.5 percent year over year in March 2018, and the median price grew 3.5 percent to $305,233. 

Housing inventory​​ decreased 0.2 months from March 2017 to 2.2 months. The Real Estate Center considers six to 6.5 months a balanced market. 

Homes priced from $150,000-$250,000 stayed on the market less than 50 days on average​, said ABOR's report.

​​​​FLOWER MOUND – The town council unanimously approved the development of Lakeside​ Village, a 35-acre project near Lakeside DFW.

The project will include retail, restaurants, offices, hotels, and residential units.

A trail and amphitheater will be built with the first phase of infrastructure. The first phase will include 600 residential units or three residential towers. Before the developer can build the 601st unit or fourth residential tower, a building permit must be issued for a hotel or three restaurants. ​​

​​​​AUSTIN – ​​​T​he Texas economy added 32,000 seasonally adjusted nonfarm jobs in March, marking 21 consecutive months of employment growth. 

According to the Texas Workforce Commission:

• The seasonally adjusted unemployment rate held steady at 4 percent, below the nation's rate of 4.1 percent.
  

• The trade, transportation, and utilities industry recorded the largest private-industry employment gain​ in March with 7,500 positions added. 
  

• ​Information was the only industry with negative employment​​ change, losing 700 jobs in March. ​

• Over the year, Texas added 294,100 jobs, an annual growth rate of 2.4 percent.
  

• ​Midland recorded the month’s lowest unemployment rate among Texas MSAs with a nonseasonally adjusted rate of 2.4 percent.
  

• McAllen-Edinburg-Mission had the highest unemployment​​ rate (6.9 percent).​​
  

​​​​​IRVING – ​​Dallas-based Jackson-Shaw and Boston-based GID have broken ground on Parc SouthWest, a 292,700-sf industrial project.

The Class A development will include two buildings on 28 acres. One will have 112,200 sf, and the other will have 180,500 sf.

​Ridgemont Commercial Construction is the general contractor. GSR Andrade is designing the project. Stream Realty Partners will lease and manage it. 

Construction​​ should wrap up by the fourth quarter. 

​​AUSTIN – Brandywine Realty Trust is developing Garza Ranch, a 34-acre mixed-use project at MoPac Blvd. and Ben Garza Ln. 

The project will include 400,000 sf of office space, 370 multifamily units, a 140-room Aloft hotel, and a two-acre park called Garza Commons.

SHI International, Trammell Crow Residential, and Pathfinder Development ​​are working on the project, which is expected to cost between $300 million and $350 million.​​

​​DALLAS-FORT WORTH – The North Texas industrial market absorbed 3,989,307 sf in first quarter 2018, according to JLL’s DFW Industrial Insight and Statistics 1Q 2018 reports.

In 1Q 2018, 3,932,701 sf of industrial space came online, 31,000 sf for manufacturing and 3,901,701 sf for warehouse and distribution.

Within DFW, the South Dallas and North Fort Worth submarkets are hotspots which account for more than half of the warehouse and distribution space under construction.

However, leasing activity was strongest in the centrally-located Great Southwest/Arlington and DFW Airport submarkets in 1Q 2018.

Click here for more DFW Industrial Market Research.​

Also check out JLL's Office Insight and Statistics 1Q 2018 reports.

​​​​​HOUSTON – The area’s retail market remains stable, healthy and poised for further growth, according to JLL’s Houston Retail Insight and Statistics 1Q 2018 report.

Two retail categories in particular continue to expand across Houston: discount retail and grocery.

Discount retailers are in expansion mode. 

In fact, many see an opportunity to claim desirable retail spaces in tight urban submarkets as other big-box retailers falter.

While expansion has slowed slightly from 2016 levels, grocery remains one of the most active sectors in Houston’s retail market. 

Grocery brands are expanding both traditional footprints, as well as smaller and two-story prototypes for urban environments.

The Grand Pkwy. continues to spur retail development, particularly along its newest northern sections. 

The north retail submarket saw approximately 353,000 sf of completions and has approximately 849,000 sf of space currently under construction—more than any other retail submarket.

​Che​ck out more Houston-The Woodlands-Sugar Land Retail Market Research.

​​​​DALLAS – The historic retail and parking building at 711 Elm St. has been sold.

There are 137 parking spaces on the upper levels and 7,200 sf of street-level retail space with tenants including a 7-Eleven store and a barbershop.

Built in 1925, the five-story 711 Elm was one of Dallas' first "high-rise" parking garages.

The building was purchased by a local investment group represented by Dallas-based commercial real estate firm Weitzman.​

​Check out DFW Retail Market Research.