RECON for September 10, 2019RECON for September 10, 2019Bryan PopePope

RECON Real Estate Center
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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.)
September 10, 2019

The rise of Austin's new tallest building 

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.

Houston office market down 60 basis points 

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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817K-sf Park 249 breaks ground 

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.
Texas Housing at a Glance
Read more in our latest Texas Housing Insight report.

Class A office space coming to Stone Oak

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.
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. 

Space City multifamily market continues positive momentum 

HOUSTON (Transwestern) – Transwestern reported positive momentum for the city's multifamily sector over the second quarter as occupancy inc​reased, 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.
Sketchy drawing of commercial buildingsThe 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.

Rainey Street getting new high-rise

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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Facebook opens new office in Austin

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.
Communication Matters video seriesThe 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.

Empyrean inks office lease at Pinnacle Westchase 

​​​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.​

The McAdams wraps up construction

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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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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