| RECON for September 20, 2019 | RECON for September 20, 2019 | Bryan Pope | Pope
| 2019-09-20T05:00:00Z | 2019-09-20T05:00:00Z |
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| In today's RECON: Dallas fifth-largest flexible office market nationally, Austin top real estate prospect, and Japanese supplier announces $400M Cibolo project on heels of Toyota's San Antonio expansion. Keep reading for all this and more. (Photo from Center files.) |
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WASHINGTON (Urban Land Institute) – Austin has ranked first nationally for overall real estate prospects for 2020 in the Urban Land Institute's (ULI) Emerging Trends in Real Estate report.
The Texas capital's "deep talent pool, unique lifestyle, and ambitious commitment to business and real estate expansion" pushed the city up from sixth place a year ago.
According to ULI, transaction activity in Austin is above what is expected from a market of its size, and 2019’s early results are above the three-year historical average. Survey respondents rate Austin a "solid buy" for industrial, offices, and apartments for the coming year.
Austin's challenges include traffic and housing affordability pressures.
Austin ranked sixth overall in homebuilding prospects.
Dallas-Fort Worth also landed in the top ten, ranking sixth in overall real estate prospects and ninth in homebuilding prospects.
The Metroplex's development growth to the outer perimeter keeps land costs down but challenges efforts to develop the downtown areas as 24-hour or even 18-hour urban centers.
Texas' property tax may face upward pressure to sustain infrastructure growth.
Houston ranked third in homebuilding prospects. It was 42nd in overall real estate prospects.
The rest of ULI's top ten real estate prospects are:
- No. 2 Raleigh-Durham, N.C.;
- No. 3 Nashville, Tenn.;
- No. 4 Charlotte, N.C.;
- No. 5 Boston;
- No. 7 Orlando, Fla.;
- No. 8 Atlanta;
- No. 9 Los Angeles; and
- No. 10 Seattle.
Read the Real Estate Center's most popular report, the Texas Housing Insight, for more.
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Slowing employment growth led to a less optimistic outlook on the Texas border, although unemployment hovered at historically low levels. Read our latest Texas Border Economy report to get the full story.
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SAN ANTONIO (San Antonio Business Journal) – Toyota Motor Corp. is investing $391 million in its Toyota Motor Manufacturing Texas Inc. production plant on the city's south side.
The investment will result in a new vehicle-model production line for the plant, which currently produces Tundra and Tacoma pickup trucks.
This is the facility's first major expansion in nine years.
The plant employs about 3,200 people.
Aisin AW Inc., a supplier of drivetrain products to Toyota, has announced a $400 million project in Cibolo to complement the expansion.
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DALLAS (CBRE) – DFW is the fifth-largest flexible office space market in the U.S. after significant expansion since 2017, according to a new CBRE report.
The market's flexible-space inventory grew from 1.8 million sf at the end of 2017 to 3.4 million sf at the end of 2Q2019.
The flexible space market now accounts for 1.5 percent of DFW's total office inventory, up from 1.2 percent a year ago.
Still, that ratio comes in below the U.S. average of 1.8 percent, indicating there is room for the sector to grow.
Flexible space in the Far North submarket accounts for 31.3 percent of the market's flexible space inventory, but since the beginning of 2019, 28 new locations have opened or are scheduled to open in eight different submarkets across DFW.
Read our Texas Quarterly Commercial Report for more on Dallas' industrial market and more. |
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CIBOLO (San Antonio Business Journal) – Japan-based Aisin AW Inc., a supplier of drivetrain products to Toyota, has greenlighted a $400 million project to complement Toyota Motor Corp.'s newly announced $391 million San Antonio expansion.
The city agreed to make 160 acres in its reinvestment zone available to Aisin AW for the facility, which will generate 900 full-time jobs.
The city and Guadalupe County offered the company a tax abatement agreement in return for the investment.
The San Antonio Economic Development Foundation projects that the total economic impact from the two investments will surpass $10 billion and 40,000 jobs over the next ten years.
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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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LONGVIEW (Pine Ridge AHC) – Pine Ridge AHC LLC has purchased an RV park at 1060 I-20 W. Access Rd. with plans to turn it into an affordable housing community.
The 50-acre Pine Ridge RV Park is currently home to 38 RV lots, one single-family home, and 43 undeveloped acres.
Over the next two years, the property, renamed Pine Ridge AHC (Affordable Housing Community), will be redeveloped to house a mix of mobile homes, tiny houses, and cabins.
Homes will be priced between $20,000 and $35,000. The developer will provide financing for homebuyers.
SLS Rehab Pros has already started on renovations, which include adding signage, lighting, a laundry facility, park and picnic area, road work, mailboxes, and energy conservation measures. Work will wrap up within a year.
David Cleveland of Richmond sold the property for $385,000. TCNC Capital brokered the deal.
Read "Tracking Texas Housing Trends" for more on types of housing across the state.
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HOCKLEY (Houston Business Journal) – Sealy & Co. has purchased a 479,806-sf warehouse at 18140 Kickapoo Rd.
The Class A property near the intersection of US 290 and the Grand Pkwy. will serve as a distribution center for the company.
The seller, Broad Ocean Motors, will remain in the building as a tenant.
CBRE represented the buyer.
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 Texas Realtor's MarketViewer tool helps members and their clients quickly understand the market statistics in their area. This powerful tool is a member benefit available exclusively to Texas Realtors and local Realtor associations in Texas. Data are compiled and analyzed through a research agreement between Texas Realtors, the Real Estate Center, and all MLSs across the state.
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AUSTIN (Austin American-Statesman) – Local construction technology firm Icon and nonprofit Mobile Loaves & Fishes (MLF) are adding more micro homes in the Community First Village at 9301 Hog Eye Rd.
Of the 300 tiny homes coming in the expansion, Icon will print six 500-sf homes with the Vulcan II 3D printer.
The printed homes will break ground this fall.
Icon has already 3D-printed a 500-sf welcome center for the village in less than 27 hours.
MLF's Community First Village is a master-planned development that provides housing for the homeless.
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HOUSTON (CBRE) – Locally based Wu Family Trust has purchased the Northbrook Shopping Center, a 174,181-sf retail center at 5264 W. 34th St.
The retail center is 96.6 percent occupied. El Rancho Supermarket opened in 2017 as the anchor tenant.
CBRE National Retail Partners represented the seller, Weingarten Realty, in the transaction.
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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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SAN ANTONIO (Connect Media) – Locally based Fulton Property Group LLC has acquired 22 acres along Alamo Ranch Pkwy.
Citizens Bank provided the $30.7 million loan for the buyer.
The land is part of a 56-acre tract in the Alamo Ranch neighborhood.
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FRISCO (Dallas Business Journal) – InvenTrust Properties Corp. has purchased Eldorado Marketplace, a 186,068-sf grocery-anchored retail center, for about $71 million.
Located at the northwest corner of the Dallas North Tollway and Eldorado Pkwy., the center includes tenants such as AT&T, Jersey Mike's, Re/Max, PetSmart, and UPS.
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| https://www.recenter.tamu.edu/news/recon/?Item=310 |
| RECON for September 17, 2019 | RECON for September 17, 2019 | Bryan Pope | Pope
| 2019-09-17T05:00:00Z | 2019-09-17T05:00:00Z |
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| Nearly 200 Realtors visited the Real Estate Center's booth Saturday at the Texas Realtors Conference in Fort Worth. Center Research Data Scientist Gerald Klassen was on hand to teach visitors how to use MarketViewer, an online resource that gives members access to market statistics and tools to help their clients. (Photo by Center photographer JP Beato.) |
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WASHINGTON (WalletHub) – Texas has taken a top spot on WalletHub's list of the most diverse states, trailing behind only California.
Ranking second overall, the Lone Star State also ranked:
- first in industry diversity (includes civilian employed population aged 16 and older);
- third in linguistic diversity;
- fourth in both cultural and racial/ethnic diversity;
- fifth in household-size diversity;
- sixth in religious diversity;
- 13th in both economic and socioeconomic diversity;
- 14th in household diversity; and
- 21st in political diversity.
Earlier this year, Houston was named the most diverse city in the U.S.
Hawaii, New Jersey, and New York rounded out the top five rankings. West Virginia is the least diverse state.
WalletHub compared the 50 states across six key dimensions: socioeconomic, cultural, economic, household, religious, and political diversity.
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HOUSTON (Houston Business Journal) – United Airlines is nearing the completion of its $162 million maintenance facility at 4933 Wright Rd.
The city recently issued a $3.2 million permit to Manhattan Construction Co. for the project, which ultimately will add about 200,000 sf of hangar capacity to United’s maintenance operations.
Additionally, the facility will add a warehouse distribution center, technical services, and administrative offices. The first two phases of the project are scheduled to be completed later this year. Phase one includes the 185,850-sf Hangar X, which will be used for aircraft maintenance. It will accommodate two wide-body planes as well as a narrow-body aircraft. Phase two includes renovations to an existing storage facility used by United’s line maintenance and base maintenance operations. Phase three, which is scheduled to deliver in first quarter 2020, is focused on renovating another maintenance hangar and incorporating it into two adjacent hangars. |
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HOUSTON (Houston Chronicle) – Conn’s HomePlus has opened its 656,658-sf distribution center at 1401 Rankin Rd.
The new facility can hold as many as 180,000 units of product, double the company’s current capacity, and employ more than 300 workers and still have room to grow.
The center will house the retailer’s:
- distribution and logistics operation;
- service and repair shop;
- clearance store and corporate support offices;
- human resources and information technology; and
- a customer service call center.
The LEED-certified building is owned by Pennsylvania-based Liberty Property Trust.
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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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CORPUS CHRISTI (REBusiness Online) – SWBC Real Estate has acquired Stoneleigh Apartments, a 348-unit multifamily community at 18203 Westfield Pl. Dr.
The garden-style community features one- and two-bedroom units and three pools, a fitness center, communal kitchen, and resident clubhouse.
Stoneleigh was 95 percent occupied at the time of sale.
SWBC will implement a $3.5 million value-add program targeting unit interiors, amenity spaces, and building exteriors.
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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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HUMBLE (REBusiness Online) – Construction has started on Parc Air 59, a 279,632-sf industrial project at the corner of SH 59 and Will Clayton Pkwy.
The project will consist of an 83,436-sf building with 28-ft clear heights and a 196,196-sf building with 32-ft clear heights.
The buildings will have 150 and 245 parking spaces, respectively.
Completion is slated for April 2020.
Jackson-Shaw is the developer. Cadence McShane is the general contractors.
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 Texas A&M University researchers want to hear from Texas row-crop farmers. They are interested in your soil management practices and how you value soil health when purchasing or leasing land. If you are a row-crop farmer in Texas, please consider taking this 20-minute survey. The results will aid policy makers in making informed decisions that benefit the soil and farmers of Texas.
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HOUSTON (Houston Business Journal) – Madison Marquette has topped out The Travis, a 30-story residential tower on 1.16 acres at 3300 Main St.
The 328-unit luxury high-rise in Midtown will offer floor plans averaging 1,114 sf. Units will begin delivering in spring 2020.
The property will have 14,967 sf of ground-floor retail, a two-story fitness center and "aqua" lounge, pool, and amenity deck.
Baltimore-based CallisonRTKL designed the building, and AECOM Hunt served as general contractor.
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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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IRVING (REBusiness Online) – KDC and Verizon are wrapping up construction of the new 1.2 million-sf headquarters campus for Pioneer Natural Resources.
Situated on 150 acres within the Hidden Ridge development, the ten-story building overlooks a pond and includes a seven-story parking garage.
Amenities include a daycare, wellness center, and food hall.
Cushman & Wakefield will manage the property. Move-ins will begin in November.
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AUSTIN (Austin American-Statesman) – H-E-B is developing a 110,000-sf store on Lake Austin Blvd.
The multilevel store will include underground parking, a coffee shop, pharmacy, and barbecue restaurant. The store will also have a two-story porch overlooking Lake Austin.
Construction will start in October and wrap up in 2021.
San Antonio-based Lake Flato Architects is the designer.
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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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SAN MARCOS (Austin Business Journal) – Austin-based American Campus Communities is developing a 2,100-bed student housing development on the Texas State University campus.
The 700-bed first phase will be on the west side of campus. It will open for incoming freshman in the fall 2021 semester.
An increase in student enrollment has led to the demand for more on-campus housing at Texas State.
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HOUSTON (NAI Partners) – NAI Partners has purchased Point West Business Park, a 146,000-sf flex industrial park just south of the Westchase District.
Interra Capital Group was the seller.
NAI Partners’ Investment Fund negotiated and closed the deal.
The off-market deal is the buyer's first Fund III acquisition.
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| https://www.recenter.tamu.edu/news/recon/?Item=309 |
| RECON for September 13, 2019 | RECON for September 13, 2019 | | | 2019-09-13T05:00:00Z | 2019-09-13T05:00:00Z |
*|MC_PREVIEW_TEXT|*
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| Granite Properties is preparing to start on the tallest building in its Granite Park in Plano. Get the details on this story and more in today's RECON. (Rendering from Boka Powell.) |
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SAN ANTONIO (San Antonio Express-News) – Ready, set, grow! Rising home prices have landed San Antonio in third place nationally for price growth, according to a Federal Housing Finance Agency report.
Metrostudy Regional Director Jack Inselmann says that San Antonio has "picked up some momentum" over the past few years. In fact, single-family home prices in San Antonio have increased 8.9 percent over a year ago.
The pace of home construction in San Antonio has also reached a 12-year high in the second quarter, according to a Metrostudy report. Builders began work on 3,498 homes, a 6.8 percent spike over the same period last year.
However, rising land, labor, and building costs make it difficult for developers to construct homes in lower price ranges, therefore making few of the new homes in San Antonio affordable. The median price of a home in the San Antonio region rose 4 percent to $239,500 in July, and sales jumped 6 percent, according to the San Antonio Board of Realtors. Despite this, the region is still more affordable than other major Texas metros.
Other Texas cities included in the top ten overall price growth rankings were Austin (fourth) and El Paso (tenth).
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Entering the ninth year of the business cycle expansion, Texas' economic activity remained strong in second quarter 2019. The outlook for the commercial real estate sector seems positive for the state's major MSAs due to the strengths of the U.S. and Texas economies. Read our latest Texas Quarterly Commercial Report for the details.
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PLANO (Dallas Morning News) – Developers of Granite Park business campus are gearing up for Granite Park Six, the 18-story, 415,000-sf high-rise it plans to build on SH 121 just east of the Dallas North Tollway.
Plans for the new building include a ground-floor market café, customer lounge with a coffee bar and golf simulator, staffed fitness center, fifth-floor amenity deck, conference rooms, and lecture hall.
Granite Properties is already marketing office space in the building.
Designed by BOKA Powell and HKS, the Granite Park Six tower will begin construction in early 2020.
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| As summer comes to a close, we look at why Texas' coastal cities are popular destinations for tourists and second-home shoppers. Sea Oats Group CEO Jeff Lamkin joins us on our latest Red Zone podcast to talk about development in Port Aransas and what makes the Texas coast so appealing. |
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SOUTHLAKE (Dallas Business Journal) – Coppell-based Varidesk has acquired The Vista at Solana for the company's second flexible office concept.
The 380,000-sf building, renamed VariSpace Southlake, is off SH 114 at 1 Kirkwood Blvd.
Varidesk will redevelop the building for multitenant use.
The property will get a new cafe, fitness center, meeting rooms, and upgrades throughout.
Cushman & Wakefield is assisting with the redevelopment and leasing. Corgan is the architect and interior designer. JLL represented the seller.
Last year, Varidesk purchased the former Zales headquarters for its first location.
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DALLAS (Environmental Protection Agency) – The U.S. Environmental Protection Agency (EPA) and the Department of the Army have repealed a 2015 rule that "impermissibly expanded the definition of 'waters of the United States' (WOTUS) under the Clean Water Act."
According to a press release from the EPA, "the agencies are recodifying the longstanding and familiar regulatory text that existed prior to the 2015 rule—ending a regulatory patchwork that required implementing two competing Clean Water Act regulations, which has created regulatory uncertainty across the United States."
For more background on the WOTUS rule, read "Treading Water" by Real Estate Center Research Economist Dr. Charles Gilliland.
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Texas A&M University researchers want to hear from Texas row-crop farmers. They are interested in your soil management practices and how you value soil health when purchasing or leasing land. If you are a row-crop farmer in Texas, please consider taking this 20-minute survey. The results will aid policy makers in making informed decisions that benefit the soil and farmers of Texas.
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HOUSTON (Houston Association of Realtors) – Local single-family home sales rose 3.9 percent year over year in August, with 8,679 units sold, the second biggest one-month sales volume of all time.
Total property sales rose 4.1 percent, with 10,375 units sold—the second largest one-month total property sales volume ever.
The single-family median home price rose 4.5 percent and the single-family average home price was up 3.4 percent, both record highs for August.
Townhome/condominium sales fell 2.9 percent year over year, with 641 units sold. The average price was flat at $209,075, and the median price rose 3.9 percent to $172,500.
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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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SAN ANTONIO (San Antonio Express-News) – Silver Ventures is constructing Oxbow, an eight-story mixed-use building at 1803 Broadway St.
The building will have four stories of offices and parking along with restaurant and retail space on the ground floor.
Along with its neighboring Pearl development, Oxbow will be the first local commercial structure to use geothermal power for heating and cooling.
Silver Ventures is building the complex with $8.8 million in tax abatements and rebates from the city and Bexar County.
Construction will finish in second quarter 2020.
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Be your local housing market expert. Find out how by visiting the Real Estate Center’s booth (801/900) at the Texas Realtors Trade Expo on Saturday, Sept. 14, at the Fort Worth Convention Center.
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AUSTIN (Austin Business Journal) – Construction on the Red Bluff mixed-use development at 4713 E. Cesar Chavez St. will begin in the first quarter of next year.
The project will include a six-story building with 74,000 sf of Class A office space and 14,000 sf of ground-floor retail and a restaurant options.
A 63-room boutique hotel operated by Grupo Habita of Mexico City will be built shortly after. Amenities for the hotel will include a stainless-steel pool with a cold plunge, restaurant with outdoor seating, and terrace with views of the Colorado River.
The developers of Red Bluff are Ashmore Real Estate Advisors, HN Capital Partners, Lifestyle Resort Solutions, and the hospitality team behind Eberly and Stubbs.
Opening is set for mid-November 2020.
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TEMPLE (REBusiness Online) – A San Diego-based firm has sold Bird Creek Crossing, a 129,941-sf retail center at 3550 S. General Bruce Dr.
The 98 percent-occupied property is shadow-anchored by Target and Home Depot. Other tenants include Best Buy, Michaels, PetSmart, and SPEC's Wine & Spirits.
Disney Investment Group represented the seller and procured the buyer, a private 1031 exchange.
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Texas Realtor's MarketViewer tool helps members and their clients quickly understand the market statistics in their area. This powerful tool is a member benefit available exclusively to Texas Realtors and local Realtor associations in Texas. Data are compiled and analyzed through a research agreement between Texas Realtors, the Real Estate Center, and all MLSs across the state.
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SAN ANTONIO (Silicon Hills News) – H-E-B is building a 150,000-sf, five-story tech center in downtown.
It will bring 500 new jobs and have the capacity to house 1,000 employees.
The state-of-art tech center will accommodate the growth of H-E-B Digital, which includes its product, design, technology, and e-commerce teams.
Construction begins next summer. The center will open by summer 2022.
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PLANO (Connect Media) – Aligned Energy is working on an eight-megawatt expansion of DFW-01, its 19-acre data center campus at 2800 Summit Ave.
At full buildout, the project will support a 375,000-sf, 60 MW facility.
DFW-01 is a carrier-neutral, Tier III data center that accommodates variable standard and high-power densities, up to 50 kilowatts per rack.
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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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DALLAS (REBusiness Online) – Admiral Capital Group has acquired Fourteen555, a 249,564-sf, Class A office building in the Lower Tollway submarket.
Amenities in the six-story property include a restaurant, fitness center, and covered terrace.
The seller, Cawley Partners, developed the asset in 2018. BOKA Powell designed the building.
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HOUSTON (REBusiness Online) – Fuller Westchase Pl. Ltd. has purchased Westchase Place, a 150,000-sf office building at 11200 Richmond Ave.
The property, which includes a three-level parking garage, was built in 1999 and renovated in 2009 and 2013.
JLL represented the seller, CAPSTAR Real Estate Advisors, in the transaction.
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| https://www.recenter.tamu.edu/news/recon/?Item=308 |
| RECON for September 10, 2019 | RECON for September 10, 2019 | Bryan Pope | Pope
| 2019-09-10T05:00:00Z | 2019-09-10T05:00:00Z |
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| Homes come in many types and sizes, from attached to detached, duplexes to apartments, and manufactured homes to boats and RVs. How did Texans’ housing preferences change between 2005 and 2017? We’ll tell you in our latest article, "Tracking Texas Housing Trends." You can read this Tierra Grande digital first exclusively on the Center's website. (Photo from Center files.) |
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AUSTIN (Austin American-Statesman) – Work will start within the next two months on 6 X Guadalupe, a 66-story tower that will surpass the Independent as the city's tallest tower.
Before construction can begin, a four-story Extended Stay America hotel on the site will be demolished.
The skyscraper, designed by Gensler, will have more than 349 luxury apartments, 589,661 sf of office space, and 11,675 sf of retail space.
Office amenities include 35,000 sf of elevated, park-like space and private offices with balconies. Apartment amenities include an indoor/outdoor deck, three pools, a fitness facility, and an outdoor yoga deck.
There will also be 25 penthouses with access to a private rooftop clubroom, dining room, outdoor deck, and pool.
The office portion will wrap up in late 2022.
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Be your local housing market expert. Find out how by visiting the Real Estate Center’s booth (801/900) at the Texas Realtors Trade Expo on Sept. 14 at the Fort Worth Convention Center.
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HOUSTON (NAI Partners)– Local office market vacancy dropped 60 basis points year over year, reaching its current rate of 21.5 percent, according to NAI Partners.
Net absorption is in the red at negative 438,000 sf, though still an improvement over this time last year, when the year-to-date total was around negative two million sf.
Employment growth accelerated from 3.3 percent over the three months ending in May to 3.6 percent over the period ending in June.
Metro job growth was 2.9 percent from June 2018 to June 2019 (89,650), with the largest number of jobs created in professional and business services.
Recent local office leases include:
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HOUSTON (Connect Media) – Panattoni and capital partner MetLife have begun construction on Park 249, an 816,920-sf speculative industrial project at SH 249 and Beltway 8.
The development will consist of four build-to-suit facilities as part of a 64-acre, master-planned, deed-restricted corporate park.
The site offers dock-high, cross-dock, and front-load distribution space. All buildings will include a 180-ft truck court for trailer parking.
Cushman & Wakefield will handle leasing.
Completion is slated for first quarter 2020.
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SAN ANTONIO (San Antonio Business Journal) – Concord Properties is adding 101,000 sf of Class A office space to the 180-acre Concord Park master-planned business campus in Stone Oak.
The four-story Concord Park III building will feature 25,000 sf of rentable, column-free floor plates; a communal conference room; limited-service deli; top-floor balcony; 67 covered below-grade executive parking spaces; and a parking ratio of four spaces per 1,000 sf.
Construction will be completed by first quarter 2021.
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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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HOUSTON (Transwestern) – Transwestern reported positive momentum for the city's multifamily sector over the second quarter as occupancy increased, rental rates grew, and absorption hit its highest level since 4Q2017.
Over the quarter, 5,904 units were absorbed, with Class A accounting for 48.1 percent at 2,838 units.
The strong absorption pushed the occupancy rate past the recognized threshold of stabilization (90 percent) to 90.2 percent.
With 14 new communities (3,992 units) delivering to market over the quarter, rental rates increased 170 bps to $1.18/sf.
Given high affordability, low unemployment, and strong job growth, developer and investor interest is prevalent with nearly 3,800 units breaking ground and 12,000 units selling over the quarter.
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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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AUSTIN (Austin American-Statesman) – Construction will start next month on 44 East Ave., a 49-story, 322-unit condominium tower in the Rainy Street District.
Prices for one-, two-, and three-bedroom units range from $400,000 to $2 million. Penthouses will be available for between $2 million and $4 million.
The project is valued at more than $200 million.
Work will wrap up in late 2022.
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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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AUSTIN (Austin Business Journal) – Facebook Inc. has opened up new offices in the Third + Shoal tower at 607 W. Third St. in downtown.
The social media company occupies 256,500 sf across 11 floors.
Amenities include a fitness center, shipping center, laundry service, music room, full-service kitchens, and outdoor decks/terraces. There are also 14 art installations located in hallways throughout the building.
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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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HOUSTON (REBusiness Online) – Empyrean Benefits Solutions Inc., a software provider for human resource departments, has signed a 108,109-sf office lease at Pinnacle Westchase at 3010 Briarpark Dr.
Newmark Knight Frank represented the tenant in lease negotiations.
Stream Realty Partners represented the landlord, Pinnacle Tenant LLC.
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HOUSTON (REBusiness Online) – A partnership between MetroNational and Slate Real Estate Partners has completed The McAdams, a 333-unit apartment community at 12000 Barryknoll Ln.
The property offers a mix of one-, two-, and three-bedroom units ranging from 563 to 1,821 sf.
Amenities include a rooftop pool, resident lounge, fitness center, game room, and pet park.
Monthly rents at The McAdams range from $1,515 to $4,865.
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| https://www.recenter.tamu.edu/news/recon/?Item=307 |
| RECON for September 6, 2019 | RECON for September 6, 2019 | Bryan Pope | Pope
| 2019-09-06T05:00:00Z | 2019-09-06T16:00:00Z |
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| In today's RECON: funds available for East Texas southern pine beetle prevention, federal tax credits awarded for low-income El Paso multifamily, and national pending home sales fall 2.5 percent in July. Keep scrolling for all this and more. (Photo from Center files.) |
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EL PASO (El Paso Times) – The Texas Department of Housing and Community Affairs has awarded $53.4 million in federal tax credits for the construction and renovation of five low-income apartment complexes across El Paso County.
The El Paso Housing Authority will use $15 million to start construction next summer on the $21 million, 120-unit Patriot Place apartments at Diana Dr. and Kenworth St. Opening is set for the end of 2021.
Meanwhile, $14.4 million in federal tax credits will help finance renovations to the 98-unit DeWetter Apartments at 560 Lisbon Ave. and the 78-unit Kathy White Apartments at 2500 Mobile Ave.
Renovations have already begun and will be complete by February 2021.
Investment Builders Inc. will use $15 million to help finance the $18.3 million, 104-unit Ridgestone Estates complex at 11050 Montana Ave. Construction will begin by the end of 2019 and wrap up by fall 2021.
Tropicana Building Corp. will use $9 million to help finance the $12 million, 80-unit Anthony Palms low-income apartment complex on the 100 block of Sandia Dr. in Anthony. Work will start next summer, and opening is set for early 2021.
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You know those waiver and release forms some recreational businesses make you sign before you so much as step foot on their premises? If you think those don’t carry much legal weight, think again. When properly drafted, they can. Center Research Attorney Rusty Adams says more in his latest Tierra Grande article.
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WASHINGTON (National Association of Realtors) – U.S. pending home sales dropped in July, reversing course on two consecutive months of growth, according to the National Association of Realtors (NAR).
The Pending Home Sales Index fell 2.5 percent to 105.6 in July, down from 108.3 in June. Year-over-year contract signings fell 0.3 percent, opposing last month's increase.
Pending home sales in the South—the region that includes Texas—fell at a similar rate, dropping 2.4 percent to an index of 122.7 in July, which is 0.1 percent higher than last July.
"Super-low mortgage rates have not yet consistently pulled buyers back into the market," said Lawrence Yun, NAR chief economist. "Economic uncertainty is no doubt holding back some potential demand, but what is desperately needed is more supply of moderately priced homes."
Yun expects GDP growth to ease to 2 percent in 2019 and 1.6 percent in 2020, but growth predictions are somewhat uncertain due to trade tensions. With slower economic growth, interest rates will remain low. Though home sales will get a short-term boost from lower mortgage rates, existing-home sales are likely to be flat at 5.34 million in 2019 given the level of sales in the first seven months of the year.
Amid tight inventory conditions, the median price of existing-home sales will continue increasing, but at a slower pace of 4 percent in 2019, to $269,000, and 3 percent in 2020, to $278,500.
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| September is National Realtor Safety Month, so now is a great time to review your workplace safety practices. Although you should always cautious while holding an open house or showing, we've compiled a dozen tips to take into consideration this month. |
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COLLEGE STATION (Texas A&M Forest Service) – Landowners in 21 East Texas counties conducting first-thinning operations in overly dense, pulpwood-sized pine stands may now apply for the 2019 Southern Pine Beetle (SPB) Prevention Program Thinning Cost Share.
Eligible landowners may receive up to $50 per acre (100-acre maximum) to assist in first-thin operations.
The forested property must meet several criteria and be in one of the following counties: Angelina, Cass, Cherokee, Hardin, Harrison, Houston, Jasper, Liberty, Marion, Nacogdoches, Newton, Panola, Polk, Rusk, Sabine, San Augustine, San Jacinto, Shelby, Trinity, Tyler, or Walker.
All approved thinning projects must be completed within 12 months of the approval date.
This funding opportunity is available thanks to a cost-share grant through the USDA Forest Service Forest Health Protection Program and administered by Texas A&M Forest Service.
Since the SPB Prevention Program's inception, over 100,000 acres have been treated throughout East Texas.
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PLANO (Dallas Morning News) – Silos Harvesting Partners has received city planning approval to add almost 800 apartments to the 110-acre redevelopment of J.C. Penney's old corporate campus.
Trammell Crow Residential and Kairoi Residential will build at least five-story apartments on a small portion of the property at Legacy and Headquarters Drives.
As part of the deal, which still must get the city council's approval, the property owners must set aside almost 14 acres of open space in the project.
The project, called The Campus at Legacy West, will include converting the more than one million-sf headquarters into offices for multiple tenants. Developers will also add a hotel, retail and restaurant space, more offices, residential options, and a boardwalk.
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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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HOUSTON (JLL) – The Hanover Co. and its joint venture partner, PCCP LLC, are developing a 412-unit apartment complex on 5.86 acres at 1500 Westbranch Dr.
The six-story property will encompass a mix of 343 market-rate and 69 affordable units, which will average 889 sf.
The project will feature:
- nearly 3,000 sf of ground-floor retail space;
- landscaped courtyard with resort-style pool, firepit, and grilling area;
- clubhouse with demonstration kitchen and multimedia area equipped with a cinema with stadium seating, gaming activities, and televisions;
- fitness center and business/conference rooms; and
- 596 residential parking spaces.
JLL represented The Hanover Co. in joint venture equity negotiations.
Completion is slated for late 2021.
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ARLINGTON (Dallas Morning News) – Johnson Development Corp. is adding sites for nearly 400 homes in the Viridian community off N. Collins St.
The new phase will include houses priced from $300,000 to $1 million.
Homebuilders include CB Jeni Lifestyle Homes, CastleRock Communities, David Weekley Homes, Drees Custom Homes, Highland Homes, Normandy Homes, Plantation Homes, Toll Brothers, Glendarroch Homes, Struhs Homes, and Windmiller Custom Homes.
Viridian opened in 2008 and was purchased by Johnson in 2015. In 2016, developers opened space for 138 more homes.
Earlier this year, the development landed on John Burns Real Estate Consulting's top 50 master-planned communities list for 2018.
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Texas Realtor's MarketViewer tool helps members and their clients quickly understand the market statistics in their area. This powerful tool is a member benefit available exclusively to Texas Realtors and local Realtor associations in Texas. Data are compiled and analyzed through a research agreement between Texas Realtors, the Real Estate Center, and all MLSs across the state.
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CORPUS CHRISTI (Corpus Christi Caller-Times) – NuStar Energy has completed the second stage of its export project, an eight-mile, 30-inch pipeline that will transport crude oil from Taft.
NuStar is also adding 600,000 barrels of storage to its local terminal, which will bring its total capacity to 3.9 million barrels.
The company's storage expansion will be complete in December.
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NEWTON, Mass. (GlobeSt.) – Locally based Office Properties Income Trust has sold three Texas buildings as part of a five-property, $223 million office portfolio across three states.
One property is a one-story, 182,630-sf office building at 2115-2116 E. Randol Mill Rd. in Arlington.
The other Texas asset includes a two-building, 618,000-sf property at 19100 Ridgewood Pkwy. in San Antonio. The buildings are six and 14 stories.
Other buildings in the portfolio are in Rochester, N.Y., and Hanover, Penn.
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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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LUBBOCK (Lubbock Avalanche-Journal) – H-E-B is developing a 120,000-sf grocery store at 114th St. and Quaker Ave.
The store will include the True Texas BBQ restaurant, pharmacy, Meal Simple department, bakery, healthy living department, and one-hour beer and wine delivery.
Construction will start early next year and wrap up in fall 2020.
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CARROLLTON (MultifamilyBiz) – Lincoln Property Co.'s 324-unit Switchyard Apartments at 1199 N. Broadway St. is now open and available for lease.
The four-story community offers studio, one-, and two-bedroom floor plans ranging from 525 to 1,262 sf.
Amenities include indoor bike storage and repair studio, pet salon, juice bar, fitness center, interactive fitness studio, and easy access to the Dallas Area Rapid Transit system.
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| https://www.recenter.tamu.edu/news/recon/?Item=306 |
