| RECON for May 24, 2019 | RECON for May 24, 2019 | Bryan Pope | Pope
| 2019-05-24T05:00:00Z | 2019-05-24T05:00:00Z |
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| Work has started on the 206,000-sf iSports Cedar Park, a sports and entertainment development in metro Austin. Keep reading today's RECON for the details. (Rendering from Compass Communications.) |
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Seven Texas cities among nation's fastest growing |
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WASHINGTON (U.S. Census Bureau) – Seven Texas cities were among those with the largest population growth by percentage in the nation, according to U.S. Census Bureau data.
No. 2 New Braunfels grew 7.2 percent to 84,612 from July 2017 to July 2018. It was behind only Buckeye, Ariz., which grew 8.5 percent.
Other Texas cities in the top 15 are:
- No. 4 Frisco (6.1 percent);
- No. 6 McKinney (5.4 percent);
- No. 7 Georgetown (5.2 percent);
- No. 8 Rowlett (5.1 percent);
- No. 13 Midland (4.4 percent); and
- No. 15 Round Rock (4.3 percent).
Several Texas cities also saw some of the largest numeric increases in population. They are:
- No. 2 San Antonio (20,824-person increase),
- No. 3 Fort Worth (19,552),
- No. 6 Austin (12,504),
- No. 10 Frisco (10,884), and
- No. 13 McKinney (9.888).
Phoenix had the largest numeric population growth in 2018, adding 25,288 residents.
Houston and Dallas still hold spots in the top ten most populous cities, ranking fourth (2.33 million) and ninth (1.35 million), respectively. Austin (964,254) and Fort Worth (895,008) are the 11th- and 13th-most populous cities.
The data looked at large cities with populations of 50,000 or more.
Leander, Little Elm, and Wylie all passed the 50,000 population mark last year.
Real Estate Center Chief Economist Dr. Jim Gaines talked about how Texas' housing market is trying to keep up with this population growth in a U.S. News and World Report article.
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Dallas Fed: 2.3 percent job growth predicted for Texas |
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DALLAS (Federal Reserve Bank of Dallas) – Texas employment will grow 2.3 percent this year, according to the Texas Employment Forecast by the Federal Reserve Bank of Dallas.
Based on the forecast, the state will add 294,100 jobs this year. Employment in December 2019 will reach 12.9 million.
This prediction comes after incorporating April 2019's annualized employment growth of 2.6 percent, fourth quarter 2018's job growth increase revision, and the fourth consecutive increase in the leading index.
"Job growth in the fourth quarter of 2018 was 2.6 percent instead of 2.4 percent," said Keith R. Phillips, Dallas Fed assistant vice president and senior economist. "This small revision, along with continued gains in job growth and leading indicators, has resulted in a further increase in the job forecast for this year.
"While the manufacturing and mining sectors will likely slow from very strong growth in 2018, the overall economy is expected to remain quite strong. The current forecast suggests job growth this year will equal that of 2018. Gains likely would be even stronger, however, if it were not for the historically tight labor markets that have left many job openings unfilled.”
For more Texas employment data, head to the Real Estate Center's website.
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The Texas economy continues to grow faster than the U.S. The state gained 294,200 nonagricultural jobs from April 2018 to April 2019, an annual growth rate of 2.4 percent. The nongovernment sector added 283,000 jobs, an annual growth rate of 2.7 percent. Texas' seasonally adjusted unemployment rate in April 2019 was 3.7 percent, lower than the 4 percent rate in April 2018. The nation's rate decreased from 3.9 to 3.6 percent. More in the Monthly Review of the Texas Economy.
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Austin, DFW among top U.S. summer travel spots |
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WASHINGTON (WalletHub) – Two Texas metros have landed in the top ten on WalletHub's list of 2019's best summer travel destinations.
No. 2 Austin-Round Rock ranks 11th in both travel costs/hassles and attractions. It is 17th in activities, 21st in weather, 28th in local costs, and 31st in safety.
Dallas-Fort Worth-Arlington ranks fifth overall. It is sixth in travel costs/hassles, 17th in local costs, 22nd in attractions, 33rd in activities, 41st in weather, and 44th in safety.
Other Texas metros in the top 25 are No. 12 San Antonio-New Braunfels, No. 18 El Paso, and No. 19 Houston-The Woodlands-Sugar Land.
McAllen-Edinburg-Mission, ranking 56th overall, boasts the lowest local costs. However, it has the fifth-fewest activities.
The rest of the top five overall metros are No. 1 Orlando-Kissimmee-Sanford, Fla.; No. 3 Washington-Arlington-Alexandria, DC-Va.-Md.-W.Va.; and No. 4 Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
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| The extended economic expansion bolstered housing sales and relaxed affordability pressures during the first quarter along the border communities. Residential construction and permit activity remained sluggish amid declining population growth; however, nonresidential construction values picked up. Increased wait times at the ports of entry continued to hinder trade activity despite peso appreciation. The greatest headwinds to the border economies include political uncertainty regarding immigration reform and trade, particularly with Mexico. Read the March 2019 Texas Border Economy report for more. |
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UT Arlington students advance to Park Place |
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ARLINGTON (REBusiness Online) – Park7 Group has broken ground on Park Place Arlington, a 701-bed student housing project.
The property is one block from the University of Texas at Arlington campus in downtown.
It will house 9,000 sf of ground-floor retail space. Amenities will include a pool, basketball court, volleyball court, spa, movie theater, golf simulator, study courtyards, fitness center, and a clubroom.
Completion is set for summer 2020.
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Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:
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Alamo Colleges District to open 159K-sf support office |
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SAN ANTONIO (San Antonio Business Journal) – Alamo Colleges District's new 159,217-sf support office will open in late July on 12.5 acres at the corner of Alamo and E. Josephine Streets.
The building will house 580 employees and condense the area's five community colleges on one campus.
Built by Skanska and designed by Ford, Powell & Carson and WestEast Design Group, the $55 million project will include modern open floor plans, a 300-seat multipurpose board room, and private, soundproof pods.
Staff have already started moving into the building in preparation for the campus' grand opening.
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 Market Research is your gateway to data on all 25 Texas metropolitan statistical areas, from Abilene to Wichita Falls. Whether you're looking for information on an area's demographics, top employers, or housing and commercial markets, chances are you'll find it here.
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iSports 206K-sf complex kicks off |
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CEDAR PARK (Compass Communications) – Construction is underway on the 15.4-acre, 206,000-sf iSports Cedar Park complex off the southeast corner of US 183A Toll and Scottsdale Dr.
The mixed-use project will consist of family entertainment, sports medicine, retail space, and restaurants.
Key tenants include Chaparral Ice, which will operate the fields, and D1 Training Group of Central Texas.
Completion is set for as early as next summer.
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FRISCO (REBusiness Online) – Keurig Dr Pepper has broken ground on a 350,000-sf headquarters campus at The Star, the Dallas Cowboys' 91-acre hub.
The company is relocating its 1,100 Plano employees to the new office at 9 Cowboys Way.
Occupancy will start in 2021.
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| If not, click here to head to our website, where you can fill out this simple form for free. Once you do, the biggest headlines in Texas real estate will come straight to your inbox twice a week. Oh, and did we mention it's free? |
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450K-sf distribution center opens in Flower Mound |
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FLOWER MOUND (AP News) – PPG announced that it has opened a nearly 450,000-sf facility in the Lakeside Ranch Business Park.
Situated in the Dallas-Fort Worth metropolitan area, the distribution center serves more than 1,000 PPG stores, national retailers, and independent retailers in the southwest U.S. region.
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Bergstrom Storage breaks ground off SH 183 |
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AUSTIN (REBusiness Online) – The Jenkins Organization has broken ground on Bergstrom Storage, a 1,090-unit facility at 530 S. SH 183 near Austin-Bergstrom International Airport.
The 238,000-sf facility will offer climate- and non-climate-controlled storage space, as well as boat and RV storage, gated security entry, electronic security monitoring, and an onsite manager.
Bergstrom Storage will open in March 2020.
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| https://www.recenter.tamu.edu/news/recon/?Item=276 |
| RECON for May 21, 2019 | RECON for May 21, 2019 | Bryan Pope | Pope
| 2019-05-21T05:00:00Z | 2019-05-21T05:00:00Z |
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| Saturday marked 48 years since Gov. Preston Smith signed legislation creating the Texas Real Estate Research Center (now called the Real Estate Center) at Texas A&M University. Staff members who were on hand Friday afternoon commemorated the event with a group photo. From left to right: Trent Forbes, Ali Anari, Sarah Northcutt, Bob Beals, Harold Hunt, Alden DeMoss, Rusty Adams, Cheryl Harford, Jim Gaines, Hayley Rieder, JP Beato, David Jones, Paige Woodson, Luis Torres, Wesley Miller, Kyle Brann, Charles Gilliland, Gerald Klassen, Allison Tsakiris, and Bryan Pope. (Photo by JP Beato.) |
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Sweet Victory! 421,000 sf of Dallas retail, office properties sold |
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DALLAS (HFF) – Asana Partners has purchased 421,617 sf of retail and office properties in Victory Park. The seller was Estein USA.
Victory Park is at the intersection of downtown and uptown Dallas and has direct connectivity to I-35 and the Woodall Rogers Fwy.
Tenants include Cinépolis Luxury Cinemas, HERO by HG Supply, Imoto, Billy Can Can, Mesero, V.O.D., Jinya Ramen Bar, and Orangetheory Fitness.
HFF represented the seller.
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Austin population growing, but retail construction limited |
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AUSTIN (Marcus & Millichap) – Local population growth this year is at 2.5 percent as out-of-state businesses continue to relocate to Central Texas, according to Marcus & Millichap's second-quarter 2019 retail market report.
"With a solid demographic foundation in place, retailers will remain hard-pressed to find unoccupied space as the market's vacancy sits near 4 percent," the report said.
Availability in the northern suburbs will stay limited, while outer-ring communities on the east side also see vacancy rates tighten due to a decline in development.
Builders will be largely focused on Hutto and Pflugerville where an array of single-tenant retailers will add locations.
Additionally, the Wolf Crossing project will take shape in Georgetown, accounting for roughly 115,000 sf.
For the remainder of 2019, Marcus & Millichap expects:
- Development will fall more than 50 percent, ending the three-year streak of at least one million sf. A total of 800,000 sf will be completed.
- Vacancy will not change. Leasing activity will catch up to supply amid a lull in development, keeping the rate at 4.2 percent.
- Asking rents will increase 2.9 percent to $23.13 per sf as rent growth falls short of the previous five-year average.
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| Attention Texas landowners: Owning Your Piece of Texas: Top Laws Texas Landowners Should Know is now available from Texas A&M AgriLife Extension. The handbook, made possible through funding by the Southern Risk Management Education Center, offers an overview of key Texas agricultural laws that impact land operation, including water law, fence law, landowner liability, eminent domain, and special use tax valuation. Click here to download your free copy. |
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Memorial City Mall to undergo redevelopment |
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HOUSTON (REBusiness) – MetroNational has hired Trademark Property Co. to redevelop the 1.7 million-sf Memorial City Mall.
Plans include reimagining the south side of the mall, which recently saw its anchor tenant, Sears, close its doors, as well as creating additional public spaces and adding more entertainment uses.
The mall is along the I-10 corridor, just inside Beltway 8. It's part of the 265-acre Memorial City development.
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April brings more growth for Austin-Round Rock home sales |
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AUSTIN-ROUND ROCK (Austin Board of Realtors) – The local housing market has remained busy after strong first-quarter sales, with April home sales skyrocketing almost 15 percent.
Home sales within the five-county MSA increased year over year by 14.9 percent to 3,035 sales.
- Travis increased 8.4 percent to 1,449 sales;
- Williamson saw an increase of 22.6 percent to 1,122 sales;
- Hays increased by 17.2 percent to 341 sales;
- Bastrop increased by 11.1 percent to 90 sales; and
- Caldwell increased by 83.3 percent to 33 sales.
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| Did you know you can get notified every time one of our new economic reports is released? Check out our brand-new email notification feature to get the latest economic data sent directly to your email inbox for free. |
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Terminal work to take off at DFW Airport |
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DALLAS-FORT WORTH (Dallas Morning News) – DFW International Airport and American Airlines have agreed to build a sixth passenger terminal and update an existing one.
The new terminal, Terminal F, will be built on a greenfield in the southwest corner of the airport and have up to 24 gates.
DFW will use bonds to finance the new terminal and upgrade Terminal C, which hasn't been renovated since it was built in 1974. Total estimated cost is $3 billion to $3.5 billion.
Terminal F is expected to be complete by 2025. Design work will begin immediately.
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Metroplex employment growing, retail rents rising |
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DALLAS-FORT WORTH (Marcus & Millichap) – Marcus & Millichap expects to see strong economic growth this year in DFW as the area adds 105,000 jobs.
Due to national retail tenant expansion, rents will approach $18 per sf by the end of the year. Denton, Garland, and some inner-ring Fort Worth submarkets will see some of the strongest growth rates.
Allen and Frisco will have some of the strongest supply growth, helping alleviate relatively low vacancy. The Mid-Cities will also benefit from heightened development as this stretch is scheduled to receive more than 600,000 sf of retail space.
For the remainder of 2019, Marcus & Millichap forecasts:
- 3.1 million sf of retail construction will be completed in DFW,
- vacancy will drop 30 basis points, and
- asking rents will increase 4.8 percent.
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| https://www.recenter.tamu.edu/news/recon/?Item=275 |
| RECON for May 17, 2019 | RECON for May 17, 2019 | Bryan Pope | Pope
| 2019-05-17T05:00:00Z | 2019-05-17T05:00:00Z |
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| Work has started on a 419-megawatt wind farm in Fischer and Nolan Counties. When complete, it will have 118 wind turbines. Read more in today's RECON. (Photo from Center files.) |
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Texas unemployment returns to record low |
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AUSTIN (Texas Workforce Commission) – Texas' seasonally adjusted unemployment rate fell to 3.7 percent in April, returning to an all-time low last held in December 2018, reports the Texas Workforce Commission (TWC).
Last month marked the 108th consecutive month of annual nonfarm employment growth as 28,900 seasonally adjusted positions were created.
"Our state’s ongoing success is linked to the innovation and competitiveness of employers in a range of industries providing Texans more opportunities to demonstrate their world-class skills," said TWC Chair and Commissioner Representing Employers Ruth R. Hughs.
The Texas metro with the lowest nonseasonally adjusted unemployment rate was Midland at 1.7 percent. McAllen-Edinburg-Mission had the highest at 5 percent.
The mining and logging industry saw the most seasonally adjusted growth in employment from April 2018 to April 2019, growing 6.8 percent. The information industry was the only sector to see a drop in employment, falling 0.7 percent.
The Real Estate Center has more employment data going back to 1976 on its website.
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It's our 48th birthday! On May 18, 1971, Gov. Preston Smith signed legislation creating the Texas Real Estate Research Center and placing it at Texas A&M University. Learn more about how we've been helping Texans make better real estate decisions.
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Lakeside Row to start leasing in July |
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CYPRESS (Houston Business Journal) – The Howard Hughes Corp.'s new multifamily community, Lakeside Row The Residences, will start leasing in July.
The 312-unit community will offer apartments and townhomes as the first multifamily development within Bridgeland.
For-rent townhomes will come with a one- or two-car garage, fenced yards, and gas fireplaces.
Apartments will have one-, two-, and three-bedroom floor plans. Other amenities will include a resort-style pool, dog park, fitness center, and yoga/spin studio.
Rents will likely range from $1,000 to $2,300 a month.
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Construction begins on 419-MW wind farm |
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ABILENE (Saur Energy) – Clearway Energy Group and Hill County Wind Power have started construction on the Mesquite Star wind farm in Fischer and Nolan Counties.
The 419-megawatt project will have 118 wind turbines supplied by Siemens Gamesa Renewable Energy.
Mizuho Bank of Japan led the group of banks including KeyBank, MUFG, and Santander, that will provide construction financing. Berkshire Hathaway Energy is providing a tax equity commitment.
Commercial operations will start in early 2020.
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Manufacturing plant brings 500 jobs to Fort Worth |
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FORT WORTH (Yahoo! News) – Stanley Black & Decker will expand its U.S. footprint with a 425,000-sf advanced manufacturing and resource management facility.
The plant will manufacture Craftsman mechanics tools, a brand the company purchased in 2017. It will create 500 full-time jobs.
The groundbreaking will be this fall, and completion is set for late 2020.
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Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:
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Century Oaks Business Park picked up by Exeter |
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HOUSTON (REBusiness Online) – Exeter Property Group has acquired Century Oaks Business Park, a 245,860-sf industrial development.
The six buildings are on 19 acres at 10621 to 10641 S. Sam Houston Pkwy.
Boyd Commercial LLC/CORFAC International represented the seller, Bearden Investments.
Rubicon Representation acted on behalf of Exeter Property Group.
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$1B Collin Creek redevelopment first of its kind |
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PLANO (Dallas Morning News) – Work starts in July on the $1 billion Collin Creek redevelopment project.
It will be the first project of this scale to convert a 20th century shopping mall into a modern mixed-use project.
Centurion American Development Group's project will include new apartments, hotel rooms, restaurants, office buildings, entertainment, and a water feature in the middle.
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Market Research is your gateway to data on all 25 Texas metropolitan statistical areas, from Abilene to Wichita Falls. Whether you're looking for information on an area's demographics, top employers, or housing and commercial markets, chances are you'll find it here.
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Pflugerville townhome community breaks ground |
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PFLUGERVILLE (Builder Online) – Gray Point Homes has started construction on Cardinal Crossing, a 187-unit townhome community.
The community is less than two miles from both I-35 and SH 130 with access to Downtown Austin and Round Rock.
Floor plans will range from 1,700 to 2,100 sf. Preselling begins in the next few weeks.
Cardinal Crossing is the homebuilder's first entry into the townhome market.
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Fort Capital snags 157K-sf Valwood Portfolio |
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DALLAS (REBusiness Online) – Fort Capital has purchased the five-property Valwood Portfolio.
The 157,000-sf portfolio includes the properties throughout the north and northwest parts of the city.
With this acquisition, Fort Capital’s industrial portfolio now spans approximately 1.7 million sf.
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| If not, click here to head to our website, where you can fill out this simple form for free. Once you do, the biggest headlines in Texas real estate will come straight to your inbox twice a week. Oh, and did we mention it's free? |
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Partnership to develop The Knoll at South Congress |
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AUSTIN (REBusiness Online) – A partnership between PointOne Holdings and NRP Group will develop The Knoll at South Congress, a 308-unit multifamily community.
Units at the 13.3-acre, Class A property will feature stone countertops, designer cabinetry, stainless steel appliances, and hardwood-style flooring.
Amenities will include a pool, fitness center, resident clubhouse, business center, dog park, spa, sky lounge, and package concierge service.
Construction will begin in the next month.
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Gray Spear starts on 125K-sf mixed-use project |
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CYPRESS (Houston Business Journal) – Gray Spear Development has broken ground on a 124,500-sf office-warehouse project at 19005 FM 529.
The $12 million business park is on 12.2 acres and will have 526 ft of frontage along the feeder road to SH 290.
Construction will wrap up late 2019.
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| https://www.recenter.tamu.edu/news/recon/?Item=274 |
| RECON for May 14, 2019 | RECON for May 14, 2019 | Bryan Pope | Pope
| 2019-05-14T05:00:00Z | 2019-05-14T05:00:00Z |
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| Texas cities are making headlines. Four Lone Star metros lead the nation in STEM jobs, and one of those is also the fifth-best place in the nation to start a career. Another is the top metro for warehouse construction. Keep scrolling for more. (Photo from Center files.) |
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Texas a leader in STEM jobs |
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WASHINGTON (AEI Housing Center) – Three Lone Star metros are ranked in the top five on the AEI Housing Center's rankings of the best cities for STEM (science, technology, engineering, and math) jobs.
Dallas-Fort Worth took the top spot overall but ranked seventh in employment with 249,610 STEM jobs. DFW also ranked fourth in employment growth since 1990 and ninth in home affordability.
No. 2 Houston ranked tenth in STEM employment (207,070 jobs). It was sixth in both employment growth and affordability.
Austin ranked fourth overall. It was 19th in employment (103,060 STEM jobs), first in employment growth, and 14th in affordability.
"These rankings indicate not only the growth in STEM job opportunities within Texas but also the economic advantages of lower-cost housing and expanded job offerings in all other areas, as well," commented Real Estate Center Chief Economist Dr. Jim Gaines. "We sometimes lose track of the fact that Texas is a 'high-tech' state."
Rounding out the top five were No. 3 Atlanta and, in a tie for No. 5, Chicago and Phoenix. Sacramento, Calif., and Los Angeles tied for the bottom spot on the rankings.
To create the rankings, AEI looked at the 30 cities with the most STEM jobs and compared them based on number of jobs, employment growth, and median income to median home price affordability.
The Real Estate Center has employment and unemployment data for states, counties, and MSAs on its website for free.
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Since 1971, the Real Estate Center's purpose has been to help Texans run successful real estate businesses. Who are we, and how can we help you? Texas Realtors explains our history, purpose, and products on their website.
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Texas economy gains speed after year-end slowdown |
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DALLAS (Federal Reserve Bank of Dallas) – Following a downward shift in the final two months of 2018, the Texas economy expanded moderately in first quarter 2019, according to the Federal Reserve Bank of Dallas.
Employment increased at an annual rate of 2.2 percent in March 2019, and 2.1 percent in the first quarter. Texas unemployment remained at 3.8 percent in March, with initial claims for unemployment insurance continuing near post-recession lows, suggesting a continued tight labor market.
Home sales also increased as mortgage rates fell. Supply in lower price consorts was low.
Meanwhile, Texas exports increased by a cumulative 3.2 percent in January and February. Exports remain near historically high levels, despite a strong dollar.
While the general outlook remains positive, Dallas Fed analysts noted that risks could include slowing international trade, energy price volatility, and a softer Mexican economy.
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Austin fifth-best place to start a career |
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WASHINGTON (WalletHub) – The Texas Capital is the fifth-best place to start a career, according to a WalletHub study.
Austin ranked seventh in professional opportunities and fifth in quality of life. It was also fifth in highest monthly average starting salaries (adjusted for cost of living).
Although Houston and Fort Worth did not land on the overall rankings, the cities were first (tied with Tacoma, Wash., and Durham, N.C.) and fourth in starting salaries, respectively.
According to WalletHub, the nation is ripe for new graduates with a 3.8 percent unemployment rate as of March 2019. Employers plan to hire nearly 17 percent more graduates from the class of 2019 than they did from the class of 2018.
The top four spots went to Salt Lake City, Pittsburg, Atlanta, and Orlando.
For more national and Texas employment data, head to the Real Estate Center's website.
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 The Real Estate Center's Texas Quarterly Commercial Report looks at past, present, and future commercial real estate activity in the state's four major metropolitan areas. It covers the office, retail, and warehouse sectors. Read and download the report for free, and subscribe to know when the next issue is published.
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Six-property, $311 million multifamily portfolio sold |
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AUSTIN (GlobeSt.com) – Ascenda Capital and American Landmark Properties have purchased a six-property, 2,284-unit multifamily portfolio.
Provident Realty Advisors sold the assets for $311 million.
The properties are the:
- 320-unit, 96.8 percent-occupied Hyde Park at Lake Wyndemere, 2109 Sawdust Rd. in The Woodlands, renamed Artisan at Lake Wyndemere;
- 486-unit, 95.1 percent-occupied Hyde Park at Enclave, 12951 Briar Forest Dr. in Houston, renamed Hayden at Enclave;
- 306-unit, 97.7 percent-occupied Manor at Castle Hills, 1835 Lockhill Selma Rd. in San Antonio, renamed Alon at Castle Hills;
- 350-unit, 96 percent-occupied Hyde Park at Ribelin Ranch, 9900 McNeil Dr. in Austin, renamed Asten at Ribelin Ranch;
- 576-unit, 93 percent-occupied Hyde Park at Wells Branch, 2801 Wells Branch Pkwy. in Austin, renamed Beck at Wells Branch; and
- 256-unit, 96.8 percent-occupied Lakepoint at Las Colinas, 5353 W. Las Colinas Blvd. in Irving, renamed The Blvd.
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 Hungry for more Texas real estate news? Then feast your eyes on NewsTalk Texas, our online news database. Here are a few of the stories you'll find there this week:
NewsTalk Texas is updated each weekday, throughout the day.
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DFW leads U.S. in warehouse construction |
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DALLAS-FORT WORTH (Dallas Morning News) – In first quarter 2019, more new warehouse and distribution space was being built in North Texas than in any market in the country, according to Avison Young.
At the end of March, 30.9 million sf of warehouse space was under construction locally. About 45 percent of that is leased, higher than the national average of almost 37 percent preleasing.
With all the new construction, overall industrial vacancy in DFW rose in the first quarter to just below 7 percent. The nationwide vacancy rate was 5 percent.
As online retail sales continue to drive the market, investor interest in the industrial sector will continue to grow as well.
Nationwide, 274 million sf of industrial space was under construction last quarter.
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| Did you know you can get notified every time one of our new economic reports is released? Check out our email notification feature to get the latest economic data sent directly to your email inbox for free. |
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Mixed-income community starts in San Marcos |
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SAN MARCOS (Multifamily Biz) – The Michaels Organization has started work on Mission Trail at El Camino Real, a 30-acre mixed-income housing community.
The 15-building complex will offer 352 apartment homes. Layouts will range from one to four bedrooms. Community amenities will include a clubhouse with a pool, fitness center, and business center.
The Texas Department of Housing & Community Affairs allocated the federal Low Income Housing Tax Credits (LIHTC) that were critical to the development's $61 million financing.
U.S. Bank is providing the construction loan and is also the LIHTC investor. Michaels Construction is the general contractor, and Michaels Management will provide property management services.
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Houston's NW industrial submarket sees strong expansion |
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HOUSTON (NAI Partners) – The Northwest industrial submarket has posted positive net absorption in all but three quarters during the past five years, and first quarter 2019 was one of them.
The previous quarter had posted a robust 1.7 million sf of absorption. Vacancies have been gradually rising, although only averaging 5.4 percent since 2014.
Last quarter, over 1.3 million sf of industrial space delivered with another two million under construction. The average asking rents are $0.59 per sf. Inventory surpassed 166.8 million sf.
Additionally, Home Depot recently signed a 20-year, 770,640-sf lease for a distribution center in the 106-acre Grand National Business Park. The site will be built in two phases, with phase one delivering in April 2020.
The immense infrastructure improvement to SH 290 warrants the long-term continual growth of the submarket and serves as an incentive for expanding development along the corridor.
The final component of the $2.5 billion project to widen SH 290 from Loop 610 to the Waller County line—a large flyover bridge carrying FM 1960 over 290—will be complete by late 2019.
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 The Real Estate Center's Texas Home Price Index measures price appreciation changes for residential single-family homes. It provides data for eight different Texas metros across three different price ranges.
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Provender buys 285K-sf industrial building |
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SAN ANTONIO (Connect Media) – California-based Provender Partners has purchased the 285,476-sf property at 5505 Kaepa Court from beverage distributor Ben E. Keith Co.
The asset offers cooler and freezer space, office space, 55 dock doors, and two acres for trailer parking.
Food Properties Group and Endura Advisory Group are handling marketing and leasing on the 20-acre site, which is served by Union Pacific Railroad.
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125K-sf Fort Behavioral Health trades hands |
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FORT WORTH (REBusiness Online) – A partnership between Ridgeline Capital Partners and Harrison Street has acquired Fort Behavioral Health, a 124,990-sf healthcare property at 7140 Oakmont Blvd.
The 125-bed, Class A facility was renovated in 2018 and offers addiction treatment programs and residential programs for adolescents with autism spectrum disorder.
Vizion Health operates the property.
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| https://www.recenter.tamu.edu/news/recon/?Item=273 |
| RECON for May 10, 2019 | RECON for May 10, 2019 | Bryan Pope | Pope
| 2019-05-10T05:00:00Z | 2019-05-10T05:00:00Z |
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| Work has started on a two million-sf, 22-acre office, residential, and retail project in the Midtown Dallas Redevelopment Zone. Get the details on this project and more in today's RECON. (Rendering from KDC.) |
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SA apartment occupancy hits three-year high |
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SAN ANTONIO (San Antonio Business Journal) – April marked a three-year high for apartment occupancy, according to the latest monthly report by ApartmentData.com.
Last month ended with a 90.6 percent occupancy rate, up from 89.5 percent in April 2018.
Over the last 12 months, rents have risen by 2.9 percent, and 6,421 units have been absorbed. Total apartment absorption was 834 units. That's 300 units below last April, but it still represents positive growth.
Fifteen complexes with 4,133 units are currently under construction, and 41 communities with 11,750 units are proposed.
While having a smaller apartment supply than other areas of town, the Far Northwest corridor and the New Braunfels-Seguin submarkets have seen the largest annualized growth over the last three months, at 14.4 and 11.1 percent, respectively.
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| The 29th Annual Outlook for Texas Land Markets conference saw record attendance at 509 guests. What was discussed at this year's event? We have comments from speakers Dr. Jim Gaines, Dr. Erin Kiella, and Jody Sodd McSpadden on the latest Red Zone podcast. |
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DFW seventh nationally in coworking footprint |
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DALLAS (Dallas Morning News) – North Texas' shared office space grew almost 20 percent last year to nearly 2.5 million sf, according to CBRE research.
That ranks the Metroplex seventh nationally in terms of coworking space, which takes up 1.13 percent of the metro's total office inventory.
WeWork and IWG's Regus and Spaces account for half of the nation's shared office inventory. The former is the largest shared office provider in North Texas.
In 2018, flexible office space in the ten largest U.S. markets grew 25 percent.
Manhattan has the most flexible office space at 13.5 million sf, accounting for 3.31 percent of the total inventory. Los Angeles ranked second at 4.3 million sf or 2.07 percent of its inventory.
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National home affordability holds steady in first quarter |
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WASHINGTON (National Association of Home Builders) – Lower home prices, declining mortgage rates, and solid income gains contributed to a rise in housing affordability in first quarter 2019, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI).
However, the HOI was little changed on a year-over-year basis as homebuyers continue to face limited inventory, especially among starter homes.
Last quarter, 61.4 percent of new and existing homes sold were affordable to families earning the U.S. median income of $75,500. This is up from the 56.6 percent of homes sold in fourth quarter 2018 that were affordable to median-income earners and relatively unchanged compared with a first quarter 2018 reading of 61.6 percent.
As home price gains slowed during 2018, the national median home price moved down from $262,500 in fourth quarter 2018 to $260,000. At the same time, average mortgage rates fell by 25 basis points in the first quarter to 4.64 percent.
"While the recent rise in affordability is welcome news, builders continue to struggle with rising construction and development costs stemming from excessive regulations, a lack of buildable lots, and a shortage of construction workers," said NAHB Chairman Greg Ugalde. "This means that housing affordability is going to continue to be a challenge throughout 2019, particularly in high-cost markets."
The cost of homeownership is more than just the price to buy a home. Read more in "Keeping House: Location's Impact on Homeownership Affordability," by Center Research Economist Dr. Ali Anari.
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Center Chief Economist Dr. Jim Gaines gave his 2019 Texas Economic Outlook presentation at this year's land conference. Missed the event? Watch the full video for free on our YouTube channel.
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Massive Midtown Dallas development underway |
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DALLAS (KDC) – Seritage Growth has begun construction on Park Heritage, an almost two million-sf, 22-acre office, residential, and retail project in the Midtown Dallas Redevelopment Zone.
This development at the intersection of LBJ Fwy. and Preston Rd. will start with the demolition of the former Sears building and automotive center. It will be followed by significant infrastructure investment and road network.
In addition to street and larger-format retail, entertainment, and dining, Park Heritage will feature three acres of open space for a central community hub.
Seritage is working in partnership with KDC, which will construct up to 1.8 million sf across two high-rise office buildings.
Toll Brothers Apartment Living will build the first phase of 300 luxury apartments.
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Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:
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TRS signs at Block 71 skyscraper |
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AUSTIN (Austin Business Journal) – The Teacher Retirement System of Texas (TRS) has leased 100,992 sf at the 36-story Block 71 office tower at 200 W. Sixth St.
Trammel Crow's 709,000-sf high-rise is also called Indeed Tower after the company leased 307,000 sf in the top ten floors.
TRS' Investment Management Division is currently based at 816 Congress Ave. It also has offices at 1000 Red River St.
When complete in 2021, Block 71 will be the largest office building in the city, surpassing the 525,078-sf Frost Bank Tower.
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Investor says 'Aloha!' to Platinum Park |
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PLANO (Dallas Morning News) – Hawaii-based James Campbell Co. has bought the five-story Platinum Park building in the Legacy business park.
The 166,324-sf building, built by Stream Realty Partners at 6080 Tennyson Pkwy., is the first phase of a new office campus on the site.
The office was fully leased at the time of sale. Tenants include Hewlett Packard, BroadSoft, and CMI Group.
CBRE marketed the building for sale.
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Market Research is your gateway to data on all 25 Texas metropolitan statistical areas, from Abilene to Wichita Falls. Whether you're looking for information on an area's demographics, top employers, or housing and commercial markets, chances are you'll find it here.
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Provender Partners purchases 285K-sf warehouse |
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SAN ANTONIO (San Antonio Business Journal) – Provender Partners has bought the former Ben E. Keith Co. distribution center at 5505 Kaepa Ct.
The 285,476-sf warehouse has more than 100,000 sf of cooler and freezer space, office space, 55 dock doors, and a two-acre trailer parking area.
The nearly 20-acre property is also served by a rail line.
The Bexar County Appraisal District last assessed the property at $16.1 million.
Seller Ben E. Keith Co. had owned and occupied the building since it was built in the early 1990s. The company has relocated to a 563,000-sf distribution center in Selma.
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Construction begins on Oak Lawn apartment tower |
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DALLAS (Dallas Morning News) – Toll Brothers has started construction on a 22-story, 270-unit apartment high-rise in the Oak Lawn neighborhood on Congress Ave.
The tower, designed by WDG Architecture, will replace older townhouses on the block, which is behind the Mansion on Turtle Creek Hotel.
The project will include a pool deck, fitness center, game room, sky lounge, and dog wash.
Completion is set for mid-2021.
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| If not, click here to head to our website, where you can fill out this simple form for free. Once you do, the biggest headlines in Texas real estate will come straight to your inbox twice a week. Oh, and did we mention it's free? |
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AT&T sells Broadway St. property to UIW |
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SAN ANTONIO (San Antonio Business Journal) – The University of the Incarnate Word has purchased the former AT&T building at 4119 Broadway St. to expand its main campus.
The ten-acre property includes an eight-story building spanning 347,426 sf and parking structure that can accommodate 500 vehicles.
Cushman & Wakefield represented AT&T.
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WindMass buys Bristol Square apartments |
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DALLAS (REBusiness Online) – Locally based WindMass Capital has purchased Bristol Square, a 341-unit apartment community at 1720 John West Rd.
The property offers one- and two-bedroom units and amenities such as a pool and onsite laundry.
JLL represented the seller, McGuire Family Properties.
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| https://www.recenter.tamu.edu/news/recon/?Item=272 |
