RECON for August 30, 2019RECON for August 30, 2019Bryan PopePope

RECON Real Estate Center
Drawing of Halbouty Geosciences Building, pre-1972
On August 30, 1971, legislation creating the Texas Real Estate Research Center became effective. The Center was funded by a $10 annual fee for brokers and a $5 fee for salespersons. The next day, the Center began its first day in the Halbouty Geosciences Building. (Image from the Cushing Historical Images Collection.)
August 30, 2019

Two Texas college towns most affordable for renters

​​ATLANTA (Apartment Guide) – Lubbock and College Station have landed on Apartment Guide's list of the top ten most affordable college towns for renters.

Ranking fourth, Lubbock is home to Texas Tech University.​​ Red Raiders pay an average monthly rent (per room) of $709.88 for a one-bedroom apartment, $434.08 for a two-bedroom, and $312.90 for a three-bedroom. 

Average monthly per-unit rents in Lubbock for two- and three-bedroom apartments are $868.16 and $938.71, respectively.

College Station—home to Texas A&M University—ranked tenth on the list. Aggies pay an average of $844.67 per month for a one-bedroom apartment. Monthly per-room rates are $439.50 for a two-bedroom floor plan and $351.69 for a three-bedroom.

Average monthly per-unit rents in Aggieland for two- and three-bedroom units are $879 and $1,055.06, respectively.

Waco was the only other Texas city to land on Apartment Guide's top 25 list, ranking 24th. Baylor Bears pay an average per-unit rate of $876.84 for a one-bedroom, $1,067.02 for a two-bedroom, and $1,196.79 for a three-bedroom. 

Morgantown, W.V.,—home to West Virginia University—was the most affordable college town on the list​​. Berkeley, Calif.—serving the University of California, Berkeley—is the most expensive college town. 
Three smiling people
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.

San Antonio, El Paso poised for industrial growth

​​​​LOS ANGELES (CBRE) – San Antonio and El Paso are among CBRE's 14 strategic industrial markets that offer investors opportunities for new industrial hubs. 

From 2013 through second quarter 2019, San Antonio absorbed nine million sf of industrial space, and 8.5 million sf came online. The industrial vacancy rate is 9.3 percent, and average triple-net asking rates are $6.14.

San Antonio has 561 industrial buildings and 46.9 million sf of rentable building area (RBA). 

​​​​​Since 2013, El Paso has absorbed 6.6 million sf of industrial space, and over 2.1 million sf of new space was completed. The industrial vacancy rate has dipped to 4.7 percent, while average asking rents rose to $4.64. 

El Paso has 629 industrial buildings totaling 57.8 million sf of RBA.

Other markets on CBRE's list:
  • Phoenix;
  • Detroit; 
  • Central Valley, C​alif.;
  • Las Vegas; 
  • Greenville-Spartanburg, S.C.;
  • ​Reno, Nev.;
  • St. Louis​;
  • Milwaukee​;
  • Savannah,​ Ga.;
  • Northeastern Pennsylvania; and ​​
  • Dayton, Ohio.
Podcasdt 433: Helping Texans stay informed about new business tools
When you hear the word "blockchain," does your mind immediately jump to Bitcoin? The technology can be used in industries other than cryptocurrency—even in real estate. Center Research Economist Dr. Luis Torres and Student Intern Kyle Brann say more on our latest Red Zone podcast. 

First downtown Fort Worth residential high-rise in 30 years en route

​​FORT WORTH (Fort Worth Business Press) – The city council has approved an economic agreement with MWG Enterprises for the construction of a high-rise residential tower.

The 17-story, 300-unit development at 1000 Weatherford St. will have room for an additional commercial component. 

The project is the first high-rise residential​ development coming to downtown in nearly three decades.

According to the agreement, MWG must:
  • invest at least $75 million by June 30, 2022, $65 million of which will be hard construction costs;
  • prepare and submit plans by Dec. 31, 2020, for the additional commercial component;
  • ensure at least 15 percent of development costs go to Certified Minority/Women Business Enterprise firms; 
  • ensure at least 15 percent of units qualify as affordable; and 
  • hire at least six full-time employees for the project beginning June 30, 2023.
The ten-year projection for new taxes to the city are about $1.5 million.
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NYC investor picks up former Andeavor HQ

​​SAN ANTONIO (San Antonio Business Journal) – ​​New York City-based U.S. Realty Advisors LLC has purchased Andeavor's former headquarters at 19100 Ridgewood Pkwy.

The deal will likely be one of the biggest local real estate transactions this year.​

The centerpiece of the 15-acre property is a 618,017-sf building that comprises a 14-story tower and six-story office building connected by a lobby.

A six-level parking garage is next door.

The property is fully leased through May 2029 to Ohio-based Marathon Petroleum Corp., which acquired Andeavor in September 2018. Nearly a quarter of the space has been subleased to EOG Resources Inc. since 2011.

JLL is marketing the property for sublease.

CBRE represented the seller, Newton, Mass.-based The RMR Group LLC, who owned the property since 2015. ​
Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:

Park Towers sold for $89.5M

HOUSTON (Houston Business Journal) – Regent Properties has purchased the 545,242-sf Park Towers pair for $89.5 million.

The two 18-story towers are at 1233 and 1333 W. Loop S. just inside the 610 Loop across from Uptown Park.

Roughly half of the building’s office space—270,000 sf—is available for lease, including a contiguous block that contains 120,000 sf.

Transwestern will provide agency leasing services to Regent.
MarketViewer ScreenshotTexas 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. 

Sugar Land medical plaza trades hands

​​SUGAR LAND (Connect Media) – Pisula Development Co. and Harrison Street have acquired CHI St. Luke's Health Sugar Land Medical Plaza.

Built in 2008, the 120,596-sf medical office building at 1327 Lake Pointe Pkwy. is attached to CHI St. Luke's Hospital-Sugar​​​ Land campus. 

Pisula will lease and manage the property, which was 81.7 percent occupied at the time of sale. ​​​​

319K-sf office property sold in Northwest Austin

AUSTIN (Connect Media) – A partnership between Starwood Capital Group and Vanderbilt Partners has purchased the Campus at Arboretum.

The 319,000-sf office property at 10415 Morado Cir. is near The Domain.

The Campus offers picnic areas and basketball and volleyball courts.
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Benjamin Moore signs 238K-sf industrial lease

LEWISVILLE (REBusiness Online) – Benjamin Moore & Co. has sig​ned a 237,926-sf industrial lease at 121 Lakepointe Crossing Building 1.

The property is along SH 121 on the north side of the Metroplex.

Stream Realty Partners represented the landlord, Stockbridge Real Estate, in the lease negotiations.

Cushman & Wakefield represented Benjamin Moore.​

California investor picks up South Austin apartments

​​​​AUSTIN (Austin Business Journal) – Irvine, Calif.-based Steadfast Cos. has purchased the newly developed Estancia Villas apartment complex.

The 312-unit community at 1200 Estancia Pkwy. is part of the 600-acre Estancia Hill Country master-planned community.

Institutional Property Advisors represented the seller, JCI Residential.​​​​
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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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