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RECON for January 15, 2021RECON for January 15, 20212021-01-15T06:00:00Z2021-01-15T06:00:00Z

The Winter 2021 edition of TG magazine is now online. In this issue, read about fair housing laws, mechanic's and materialman's liens, the leisure and hospitality industry, housing affordability, and more. Download the digital version and sign up for email notifications. (Cover photo of a snowy Burleson County pecan orchard by Center Creative Manager Bob Beals.)
January 15, 2021

Longtime Center chief economist, research economist retire

COLLEGE STATION (Texas Real Estate Research Center) – Dr. James Gaines, chief economist and director of research at the Texas Real Estate Research Center, and Research Economist Dr. Ali Anari have retired.

During his 15 years at the Center, Gaines specialized in housing and land development issues. He was the author of more than 50 Center reports and articles and the organization's principal speaker.

Previously, Gaines spent 16 years with KPMG and Arthur Andersen providing real estate consulting services. He also served five years as president of the Rice Center, an urban research center affiliated with Rice University.

His decades of experience included a broad array of professional activities, primarily in real estate research and education, urban economics, land-use analysis and development, and project risk assessment. Gaines worked extensively with major corporations, developers, investors, financial institutions, and government agencies across the country.

In 2019, Gaines was part of the Texas Realtors delegation representing the United States at the MIPIM 30th Engaging the Future conference in Cannes, France.

Dr. Ali Anari, who conducted research in econometric modeling, real estate economics, and macroeconomics, also retired. In 2003, he began writing the Center's Monthly Review of the Texas Economy. While at the Texas Real Estate Research Center, he authored 102 technical reports and articles.

Anari has presented papers on economic modeling at conferences around the world and published book chapters and articles in scholarly publications.
Texas Housing at a Glance
Read the latest Texas Housing Insight report for more.

Initial unemployment claims rise to highest level in four months

COLLEGE STATION (Texas Real Estate Research Center) – ​Initial unemployment insurance claims in Texas increase for the third straight week to 52,500 the week ending Jan. 9, the highest weekly reading since Sept. 5, 2020. 

This brings the total since​ March 21 to 4.2 million, according to data from the U.S. Department of Labor (DOL). 

"The increase in initial claims underscores the slowing economy at the start of the year," said Texas Real Estate Research Center Research Economist Dr. Luis Torres. "The rise also showcases the issues facing the labor market's full recovery."

In contrast to new claims, continuing unemployment claims decreased for the third straight week to​ 345,600 the week ending Jan. 2. 

The number of workers receiving benefits through the pandemic unemployment assistance program, which is open to gig workers and others who don’t typically receive benefits, fell the week ending Jan. 9.​

​U.S. initial claims increased to 965,000 the week ending Jan. 9, bringing the 43-week total to 74.8 million. 

According to Torres, the upswing in COVID-19 cases contributes to the increase in national weekly unemployment claims.​

As mentioned in previous reports, the claims numbers can be more volatile around the holidays because of challenges with seasonal adjustment. 

More people in all of Texas' major and border metros filed initial unemployment claims the week ending Jan. 2. The major metros rose to their highest weekly levels since Sept​. 5, 2020.

Using data from the DOL and the Employment and Training Administration, the Center has estimate​d unemployment claims for Texas' major and border metros since March 21:
  • Houston-The Woodlands-Sugar Land, 955,600 claims;
  • Dallas-Fort Worth-Arlington, 909,800 claims;
  • San Antonio-New Braunfels, 283,500 claims;
  • Austin-Round Rock, 238,400 claims;
  • McAllen-Edinburg-Mission, 114,600 claims;
  • El Paso, 100,400 claims;
  • Brownsville-Harlingen, 50,300 claims; and
  • Laredo, 28,800 claims.​
The administrative​/support/waste management/remediation services industry registered the highest number of initial claims the week ending Jan. 2. 

​That sector was followed by accommodation and food services, ​​retail trade, construction, and healthcare and social assistance.
​​​The Texas Real Estate Research Center rang in the new year with a new(ish) name. ​Center Executive Director Gary Maler joins us on the first Real Estate Red Zone podcast of 2021 to discuss the name change and the year ahead. Tune in here. (10 min. 49 sec.)

New York investor acquires 468K-sf Lancaster warehouse

​​​LANCASTER (Dallas Business Journal) – New York City-based Lexington Realty Trust has acquired a fully leased fulfillment center at 3201 N. Houston School Rd.

The 468,300-sf property was built in 2017 and is fully leased to Petmate. 

JLL represented the seller, property developer Huntington Industrial Partners. 
Helping Texans make the best real estate decisions since 1971.

Texas' largest pickleball facility slated for Austin

​​​AUSTIN (Austin American-Statesman) – Tim Klitch and Daniel Keelan are planning the state’s largest pickleball facility. 

The Austin Pickle Ranch will be built on 13 acres at 9110 Bluff Springs Rd. It will include:
  • ​32 pickleball courts, 
  • four sand volleyball courts, 
  • an outdoor mobile stage, 
  • a one-acre outdoor dog park, 
  • and table tennis, cornhole, bocce, and other yard games.​​​
Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:

Cawley, Staubach acquire 475K-sf Southlake campus 

​​​SOUTHLAKE (Connect Media) – Cawley Partners and Staubach Capital have purchased the 475,000-sf, two-building office campus at 3150 Sabre Dr.

Sabre Corp. has signed a 12-year lease ​for the entire 265,000-sf Building A. It also entered into a short-term lease for the 210,000-sf Building B.

Cawley Partners will fully renovate Building B starting in first quarter 2022.

RightQuest breaks ground on Siena Round Rock apartments 

​​​​ROUND ROCK (RightQuest) – RightQuest Residential has broken ground on Siena Round Rock, a 198-unit luxury apartment community at the northeast corner of CR 110 and CR 112. 

The property will offer efficiency and one- and two-bedroom units. Rents will range from $1,158 to $1,578 per month. 

Amenities will include a clubhouse with media center, business center, fitness center, swimming pool, and dog park.   

Construction will be complete in spring 2022. 
market viewer screen shotTexas Realtors' 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 Texas Real Estate Research Center, and all MLSs across the state. 

261K-sf life sciences campus under new ownership

​​​THE WOODLANDS (REBusiness Online) – Lexicon Pharmaceuticals has sold its ​​life sciences campus at 8800 Technology Forest Pl.

The property ha​s 260,950-sf of space across five buildings. 

NAI Partners represented the seller, which is relocating within the city. 

Microsoft buys 34 acres from Valero

​​​SAN ANTONIO (San Antonio Business Journal) – Microsoft has acquired 33.55 acres from Valero Energy Corp.

The land is near the Valero data center at 3535 Wiseman Blvd. 
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Copyright © 2021, All rights reserved.
Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Texas Real Estate Research Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder. The Texas Real Estate Research Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.

https://www.recenter.tamu.edu/news/recon/?Item=440
RECON for January 12, 2021RECON for January 12, 20212021-01-12T06:00:00Z2021-01-12T06:00:00Z
Texas A&M University in snow
Snow blankets the Century Tree and Academic Building on the Texas A&M University campus in College Station after a snowstorm on Jan. 10, 2021. (Photo by Center Photographer JP Beato III.)
January 12, 2021

Treasury launches $25B Emergency Rental Assistance Program

WASHINGTON (U.S. Department of the Treasury) – The U.S. Department of the Treasury has launched the $25 billion Emergency Rental Assistance Program​ (ERAP) established by the Consolidated Appropriations Act, 2021. 

The ERAP assists households that are unable to pay rent and utilities due to the COVID-19 pandemic. 

The funds are provide​d directly to states, U.S. territories, local governments with more than 200,000 residents, the Department of Hawaiian Home Lands, and Indian tribes (defined to include certain Alaska native corporations) or the tribally designated housing entity of an Indian tribe.

Eligible grantees must use the funds to provide assistance to eligible households through existing or newly created rental assistance programs. 

An "eligible household" is defined as a renter household that has a household income at or below 80 percent of the area median and in which at least one or more individuals living in the household:
  • qualifies for unemployment or has experienced a reduction in household income, incurred significant costs, or experienced a financial hardship due to COVID-19; and
  • can demonstrate a risk of experiencing homelessness or housing instability.​
States, U.S. territories, local governments, and Indian Tribes are now able to enroll in the ERAP through a web portal by providing payment information and accepting award terms. Treasury will begin promptly disbursing funding to eligible grantees as soon as a grantee’s enrollment is complete. 
Helping Texans make the best real estate decisions since 1971

Chicago investor picks up 500K-sf logistics asset

HOUSTON (REBusiness Online) – Chicago-based Dayton Street Partners has purchased a 500,000-sf logistics property on 90 acres at 5800 Mesa Dr. 

The asset has a 333-door truck terminal and 33-bay maintenance facility. 

Dayton Street will un​dertake a multimillion-dollar renovation of the terminal and develop 25 acres for secured trailer parking. 
Sketchy drawing of commercial buildingsThe Texas Real Estate Research 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. 

Work starts on 100 Labor mixed-income project 

​​​SAN ANTONIO (San Antonio Business Journal) – Alamo Architects has broken ground on 100 Labor, a 213-unit mixed-income apartment and townhome development at 100 Labor St. 

Amenities will incl​ude two swimming pools, three commercial spaces, and an outdoor plaza. 

Construction will be complete in July 2022. 

Franklin Construction is the general contractor. 
NewsTalk Texas logoHungry 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. 

Apartment community opens in Spring

SPRING (REBusiness Online) – ​Fein has opened Canopy at Springwoods Village, a 332-unit apartment community within the $10 billion Springwoods Village mixed-use development. 

The ​​property has one- to t​hree-bedroom floor plans ranging from 552 to 1,705 sf. Monthly rents start at $1,000 for a one-bedroom unit. 

Amenities include a clubhouse with billiards and ping-pong tables, fitness center with yoga and spin studios, golf simulator, library, conference room, and pool with sun shelves and cabanas. 

Residents also have access to a 1.5-acre lake with surrounding walking trails. 

Steinberg Dickey Collaborative designed the community, which was built by Westchase Construction. 
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123-room Element by Westin underway in Richardson 

​​​​RICHARDSON (REBusiness Online) – 3D Development Partners will build a 123-room Element by Westin hotel at 2205 N. Glenville Ave. 

Amenities will include a fitness center, pool, and bike rental program. MW Builders is the general contractor. 

The hotel, which will be developed and managed by Midas Hospitality, opens in summer 2021.
Communication Matters video seriesThe Texas Real Estate Research 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.

Schertz-Cibolo ISD picks up 30 acres 

​​​SCHERTZ (Connect Media) – The Schertz-Cibolo-Universal City Independent School District has acquired a 29.87-acre site on Green Valley Rd. 

NAI Partners represented the seller in the transaction. 

Energy Corridor office building trades hands

​​HOUSTON (REBusiness Online) ​​– ​Los Angeles-based Younan Properties Inc. has acquired Two Westlake Park, a 455,000-sf office building in the Energy Corridor. 

Built in 1982, the facility is on 5.4 acres within Westlake Park, a 58-acre, 2.8 million​-sf office development. 

JLL represented the seller, PIMCO.
Looking for reliable rural land data for Mississippi, Louisiana, Alabama, and Texas? We've got you covered. Get the data exclusively from the Texas Real Estate Research Center.
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Copyright © 2021, All rights reserved.
Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Texas Real Estate Research Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder. The Texas Real Estate Research Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.

https://www.recenter.tamu.edu/news/recon/?Item=439
RECON for January 8, 2021RECON for January 8, 20212021-01-08T06:00:00Z2021-01-08T06:00:00Z

Aerial view of Austin suburb in the fall
According to the Texas Real Estate Research Center's 2021 outlook, this year's housing market will be characterized by strong demand with low inventories accompanied by solid price growth. Demographic trends, such as aging millennials and out-of-state migration, will help drive Texas housing demand. Keep reading today's RECON for the details. (Photo from Center files.)
January 8, 2021

Center economists look ahead to 2021

COLLEGE STATION (Texas Real Estate Research Center) – Economists at the Texas Real Estate Research Center have issued their 2021 outlook for housing and the state economy, a task made more difficult by unprecedented unknowns.

"The economy could look different coming out of the pandemic as some changes become permanent," said Center Research Economist Dr. Luis Torres. "Because this recession was caused by a health catastrophe, the recovery path could be different than that of previous recessions. Consumer and business safety expectations will play an important role in the economy’s full reopening."

The 2021 housing market will be characterized by strong demand with low inventories accompanied by solid price growth. Inventories of homes priced under $300,000 will be especially low, affecting sales in that price range. Price growth will be positive because of stable demand. Low-skill/low-wage earners were hurt the most economically, and they are typically renters, not homebuyers.

Demographic trends, such as aging millennials and migration from out of state, will help drive Texas housing demand in 2021.

Homebuilders are trying to satisfy demand in the lower price cohorts by building homes in the suburbs or outer city borders where land costs are lower. This trend was prevalent before the pandemic but has accelerated during COVID-19.

Monetary policy implemented by the Federal Reserve, low inflation expectations, and slow economic growth are expected to keep mortgage rates low. Mortgage refinancing, however, will slow as lenders add more requisites and the pool of households able to refinance diminishes.

"According to the Mortgage Bankers Association, 2.7 million homeowners (5.5 percent of all home loans) were in forbearance as of Dec. 13, 2020,” said Torres. “The share of homeowners who will be able to make their mortgage payments once forbearance ends is unknown, but we expect delinquencies and foreclosures, which have so far been kept low by government policy, to increase during the year."

For information on the apartment market, commercial real estate, oil and gas, and rural land, read the 2021 Texas Housing & Economic Outlook.
Helping Texans make the best real estate decisions since 1971.

Household movement took hit in 2020

WASHINGTON (Texas Real Estate Research Center) – According to newly released national data from the U.S. Census Bureau, household movement and reasons for moving changed amid the COVID-19 pandemic. 

“Many analysts expected a large interstate migration last year, such as from California to Texas or from New York to Florida, but that doesn’t appear to be the case,” said Texas Real Estate Research Center Senior Data Analyst Joshua Roberson. “The total mover count—including state-to-state movers—took a major decline in 2020. The biggest influence in this decline was the large drop off in movement from renter-occupied households.”

Owner-occupied households, on the other hand, moved at record levels, aligning with record home sales. Most activity was driven by household moves from one county to another within the same state, followed by movement to other states. 

The data also reveal the flow of movers within or near metro areas, either to principal cities (the largest city in a metropolitan or micropolitan area, like Dallas, Austin, or Houston proper), surrounding areas just outside the principal cities, or non-metro areas even farther out. Net migration into principal cities was already in decline before the pandemic but took an even bigger dip last year. Instead, net growth went to surrounding, less-dense cities within the same metro. Meanwhile, growth to rural non-metro areas actually declined, hinting that while movers wanted more space, they also wanted common in-town amenities.

Reasons for moving also shifted last year. The following reasons, in no particular order, grew in influence last year: wanted to own a home, wanted a better neighborhood, retirement, and job hunting/replacement. Alternatively, the following reasons declined in influence over the same period: pursuit of a new job or transfer, move closer to job/shorter commute, wanted a newer or better home.

Annual Total Movers

Texas unemployment claims increase as 2021 begins

​​​​COLLEGE STATION (Texas Real Estate Research Center) – ​​Texas' initial unemployment claims increased for the second straight week to 46,300 the week ending Jan. 2. This brings the total sinc​e March 21 to 4.1 million, according to data from the U.S. Department of Labor (DOL).

The increase comes during the​ first week in which beneficiaries would be eligible to receive an extra $300 per week from the COVID-19 aid package signed into law last month.

The number of Texans who continue to claim unemployment insurance decreased for the second straight week to 359,200 the week ending Dec. 26.

The number of laid-off workers receiving benefits through the pandemic unemployment assistance program, which is open to gig workers, freelancers, and self-employed workers who don’t typically receive benefits, increased the week ending Jan. 2.

According to Texas Real Estate Research Center Research Economist Dr. Luis Torres, the claims numbers can be more volatile around the holidays because of challenges with seasonal adjustment.

Fewer people in Austin, Dallas-Fort Worth, and Houston filed new unemployment claims during the week ending Dec. 26. San Antonio claims increased during the same week.

More people in El Paso, McAllen, and Brownsville filed new claims, while claims fell in Laredo.

Using data from the DOL and the Employment and Training Administration, the ​Center has estimated unemployment claims for Texas' major and border metros since March 21:​
  • Houston-The Woodlands-Sugar Land, 942,800 claims;
  • Dallas-Fort Worth-Arlington, 897,700 claims;
  • San Antonio-New Braunfels, 280,100 claims;
  • Austin-Round Rock, 235,900 claims;
  • McAllen-Edinburg-Mission, 112,800 claims;​
  • El Paso, 99,200 claims;
  • Brownsville-Harlingen, 49,600 claims; and
  • Laredo, 28,400 claims.
Last week, new national unemployment claims decreased for the second week in a row to 786,700. This brings the 42-week total to 73.8 million.

For the second straight week, the accommodation and food services industry registered the highest number of initial claims during the week ending Dec. 26.​

Following accommodation and food services, construction, administrative/support/waste management/remediation services, retail trade, and healthcare and social assistance were the sectors with the most unemployment claims through Dec. 26.
Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:

1.6M-sf industrial project slated for Austin

​​​AUSTIN (REBusiness Online) – HPI Real Estate Services & Investments is developing Crossroad Logistics Center, a 1.6 million-sf industrial project east of Parmer Ln. between US 290 a​nd SH 130. 

The first of four phases will bring three buildings totaling 483,840 sf. Construction will be complete in 4Q2021. The remaining phases will add four buildings. 

David Bessent Architects and Jamison Civil Engineering are project partners.
market viewer screen shotTexas Realtors' 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 Texas Real Estate Research Center, and all MLSs across the state. 

Tollway offices sell to Missouri investor

​​​DALLAS (Dallas Business Journal) – The Tollway Towers, a 321,578-sf office complex, has sold to an entity connected with St. Louis, Mo.-based Larson Capital Management.

Built in the mid '80s, the 12- and 14-story buildings at 15660 and 15770 N. Dallas Pkwy. were sold by Champion Partners, who had owned the towers since 2016. 

The property has conference rooms with full Wi-Fi and visual capabilities, grab-and-go food options, covered parking, and a fitness center. 

The buyer financed the acquisition with a $30.5 million loan from LMF Commercial.

Each property is being leased by Holt Lunsford Commercial. 

McAllen mobile home park trades hands

​​​McALLEN (REBusiness Online) – ​​Texan Mobile Home Park, a 280-site manufactured housing property, has​ been sold. 

The community at 2917 W. US 83 spans 880,783 sf. 

Marcus & Millichap represented the seller, a partnership, and procured the buyer, a limited liability company. 
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Massive Amazon expansion slated for San Antonio

​​SAN ANTONIO (San Antonio Business Journal) – Amazon is expanding its local operations with two fulfillment centers and a delivery station. 

The first fulfillment center will span o​ne million sf. Construction will be complete in 2021. 

The second 750,000-sf robotics fulfillment center will open in 2022.

Amazon is also planning a 350,000-sf delivery station at 8210 Aviation Landing. The facility will be complete this year. 

198K-sf Houston storage facility sold

​HOUSTON ​​(Connect Media) – ​New York-based Merit Hill Capital has purchased Strack Road Storage.

The 198,005-sf self-storage facility is ​at 4717 Strack Rd. 

Marcus & Millichap marketed the property on behalf of the local seller and procured the buyer. 
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Copyright © 2021, All rights reserved.
Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Texas Real Estate Research Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder. The Texas Real Estate Research Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.

https://www.recenter.tamu.edu/news/recon/?Item=438
RECON for January 5, 2021RECON for January 5, 20212021-01-05T06:00:00Z2021-01-05T06:00:00Z
Texas real estate research center
Texas Real Estate Research Center
New year, new(ish) name. The Center started 2021 by reverting to its given name, the Texas Real Estate Research Center. This change ushers in the Center's 50th anniversary year. 
January 5, 2021

Plano a top city for jobs in 2021

WASHINGTON (WalletHub) – Plano is the tenth-best city in which to find a job this year, according to a WalletHub study.

The North Texas city ranked 14th in socio-economics and 17th in job market. It tied for first with several other cities for highest median annual income.  

Austin was the next Texas city on the list, ranking 23rd overall. It was ​18th in socio-economics and 41st in job market.

According to the study, the rest of the top places to find a job are:
  • South Burlington, Vt.;
  • Columbia, Md.;
  • Virginia Beach, Va.;
  • Salt Lake City;
  • Boise, Idaho;
  • Scottsdale, Ariz.;
  • Chesapeake, Va.;
  • Seattle; and
  • Colorado Springs, Colo.​
To compile the list, WalletHub looked at employment and economic data for 180 cities across the nation.
Helping Texans make the best real estate decisions since 1971

Pharmaceuticals company sells The Woodlands campus

​THE WOODLANDS (Realty News Report) – Lexicon Pharmaceuticals has sold its office and research campus to San Francisco-based Nurix Therapeutics. 

The five-building, 260,950-sf campus is on 12.4 acres at 8800 Technology Forest Dr. 

The main building is a 128,400-sf, Class A office with laboratory space. ​​Other properties include a one-story flex property and two special-use facilities. 

NAI Partners represented the seller. 
Sketchy drawing of commercial buildingsThe Texas Real Estate Research 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. 

627-unit Northpoint Crossing trades hands

​​COLLEGE STATION (REBusiness Online) – A joint venture between Ares Management Corp. and Timberline Real Estate Ventures has purchased Northpoint Crossing, a 1,842-bed student housing community at 1501 Northpoint Ln. 

Built in 2014, the property has one- to four-bedroom units. 

Amenities include a 24-hour clubhouse, two fitness centers, two computer labs, game rooms, outdoor grilling stations, sauna and steam rooms, and rooftop terrace. 

Newmark represented the sellers, Woodridge Capital and funds managed by Oaktree Capital Management L.P. 
NewsTalk Texas logoHungry 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. 

Online retailer signs 204K-sf industrial lease

​​​​MESQUITE (REBusiness Online) – Online retailer 1000bulbs.com has signed a 203,040-sf industrial lease a​t Building 1 at Urban District 30. 

Stream Realty Partners represented the tenant and the landlord, Urban Logistics Realty.

The 977,013-sf industrial development is along I-30 just south of Northwest Dr.
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312K-sf diaper manufacturing plant slated for Waco 

​​​WACO (REBusiness Online) – Hello Bello is developing a 312,000-sf diaper manufacturing plant at 2101 Texas Central Pkwy. 

The $31 million project ​will create 110 jobs.

Construction will be complete by 2Q2021. 
Communication Matters video seriesThe Texas Real Estate Research 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.

Laredo investor picks up McAllen retail

​​​McALLEN (Connect Media) – Laredo-based Big Sky Estate Investments LLC has purchased Main Place Shopping Center, a 172,000-sf retail property.

Built in 1988, the asset is on 20 acres at 1800 S. Main St. 

The largest tenants are the University of Texas Rio Grande Valley and Main Place Indoor Market. 

136K-sf office campus under new ownership

​​​AUSTIN (Austin Business Journal) – A two-building office complex, called 7000 West at Lantana, has been so​ld.

The 136,075-sf asset at 7000 W. William Cannon Dr. is fully leased to Smith + Nephew and Advanced Micro Devices Inc. 

Cushman & Wakefield represented the seller. 
Looking for reliable rural land data for Mississippi, Louisiana, Alabama, and Texas? We've got you covered. Get the data exclusively from the Texas Real Estate Research Center.
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Copyright © 2021, All rights reserved.
Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Texas Real Estate Research Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder. The Texas Real Estate Research Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.

https://www.recenter.tamu.edu/news/recon/?Item=437
RECON for December 22, 2020RECON for December 22, 20202020-12-22T06:00:00Z2020-12-22T06:00:00Z
RECON Real Estate Center
The COVID-19 pandemic has had major effects on many economic sectors, including travel and tourism. Though November's travel numbers seemed stronger than the rest of 2020, December holiday travel expectations are modest at best. Today's RECON has the details. (Photo from Center files.)
December 22, 2020

More Texans staying put during holidays

COLLEGE STATION (Real Estate Center) – The COVID-19 pandemic has had major effects on travel. As the holidays approach, will Texans risk travel to enjoy some much-neede​d holiday cheer with family and friends?

So far in 2020, Thanksgiving has been the high point for travel volume in the state. However, this year’s travel is still far short of 2019’s. According to Transportation Security Administration checkpoint numbers, there were one million fewer travelers nationally the day after Thanksgiving this year compared with last year. Since the pandemic’s onset, the difference has been as high as over two million travelers in late spring and early May to around 1.5 million since September.

Overall travel figures look about the same. The U.S. Census Bureau reported that around half of Texas households who had once planned to take a trip more than 100 miles away ended up cancelling because of the pandemic. That rate was over 60 percent just before Thanksgiving, which may signal just how much some households were willing to risk traveling for the holiday.  

Despite stronger travel numbers in November, December travel expectations are still modest at best. According to AAA Texas, the next two weeks are expected to have around 30 percent fewer travelers than the same time last year. Total Texas traveler volume is expected to be around 6.8 million with nearly all of them—97 percent—traveling by car.

Unfortunately, the pandemic has only worsened since November with infection rates continuing to climb. This has raised concerns of another COVID-19 wave and clouded the forecast for the next few months.
Texas Quarterly Commercial Report
Read our latest Texas Quarterly Commercial Report for more. 

JV developing 483-unit apartment community 

​​​AUSTIN (REBusiness Online) – A joint venture between Legacy Partners and Bridge Investment Group is developing Camber Ranch on Palmer, a 483-unit apartment community at the corner of Parmer and Yager Lanes. 

The community will have 22 two- and three-story buildings. Units will range from 438 to 1,500 sf. 

Amenities will include a fitness center with yoga studio, bike repair shop, outdoor kitchen, snookball court, dog park, and pools. 

Move-ins ​​begin in late 2022. 
The Real Estate Center will close at noon on Dec. 22 and reopen Jan. 4. Happy holidays!

Microsoft booting up at the Ion

​​​​HOUSTON (Houston Chronicle) – Microsoft Corp. has leased space in the Ion, the former Sears building in Midtown.

The office will be on the fifth floor. ​

Microsoft will play a role in professional and workforce development through community start-u​p initiatives within the building. 

Rice University began renovating the historic building in May 2019. Chevron signed on as the building's first tenant in August 2020. ​
Texas’ economy continued to rally in October, recouping 118,100 jobs, more than half of which were in the professional/business services or leisure/hospitality sectors. The Real Estate Center’s Texas weekly leading economic index suggested economic activity continued to pick up in November, although a resurgence in the number of COVID-19 cases limited the state’s reopening and mobility. Read the latest Outlook for the Texas Economy for more.

1M-sf Amazon warehouse slated for San Marcos 

​​​​​​SAN MARCOS (Community Impact Newspaper) – Amazon is developing a more than one million-sf warehouse distribution center, called SAT6, at Fortuna and Yarrington Roads. 

The project will occupy 71 acres in the Whisper Planned Development District. 

The warehouse will be complete by September. 
NewsTalk Texas logoHungry 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. 

Three-building Pearland campus under new ownership

​​​​​PEARLAND (REBusiness Online) – BHVA Real Estate Holdings LLC​ has purchased a 105,664-sf industrial and manufacturing campus. 

The three-building pr​operty spans 32.7 acres.

NAI Partners represented the seller, 14800 Jersey Shore Drive LLC. Oxford Partners represented the buyer.​
El Paso skyline
According to the latest Texas Border Economy report, unemployment declined across the border metros in October, partially due to a decrease in the number of people in the local labor force. Even though total housing sales flattened, annual comparisons were healthy overall. Recent headway in vaccine distribution and congressional agreement on conditions for the second round of federal stimulus contributed to an improved outlook heading into 2021. 

411-unit Cornerstone at Overlook trades hands

​​​​SAN ANTONIO (San Antonio Business Journal) – A joint venture between Overlook Pearl LLC and Overlook Logan LLC has sold Cornerstone at Overlook, a 411-unit apartment complex at 4934 Woodstone Dr. 

Built in 1985, the property has studio and one- and two-bedroom units. Rents range from $690 to $1,040 per month. 

Amenities include a pool, fitness center, basketball court, clubhouse, and laundry facilities. 

Walker & Dunlop represented the buyer and seller. 
The Texas economy lost 474,200 nonagricultural jobs from November 2019 to November 2020, an annual decline of 3.7 percent, smaller than the nation’s employment decline of 6.1 percent. Texas’ seasonally adjusted unemployment rate in November 2020 was 8.1 percent, higher than the 3.5 percent in November 2019. The rise in Texas’ unemployment rate in November was due to more people returning to the labor force and seeking jobs. Read more. 

Jay Paul Co. developing 800K-sf office project 

​​​​​AUSTIN (Austin Business Journal) – Jay Paul Co. is developing two six-story office buildings at 979 Springdale Rd. 

The project, called Spring​dale Green, will total more than 800,000 sf.
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Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder. The Real Estate Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.


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