RECON for September 27, 2019RECON for September 27, 2019Bryan PopePope

RECON Real Estate Center
Rendering of Aspen Meadows
Huffines Communities is building a 312-home residential project called Aspen Meadows in Aubrey in Denton County. For the details on this story and more, keep reading today's RECON. (Rendering from Huffines Communities.)
September 27, 2019

Texas job growth sees slight slowdown

​​​DALLAS (Federal Reserve Bank of Dallas) – Texas employment will grow 2.3 percent this year, according to the Texas Employment Forecast by the Federal Reserve Bank of Dallas.

Based on the forecast, the state will add 288,000 jobs​​ this year. Employment in December 2019 will reach 12.9 million.​

This prediction comes after incorporating August​ 2019's annualized employment growth of 1.8 percent and a slight increase in the leading index.

“After two consecutive months of strong growth, Texas jobs decelerated in August,” said Keith R. Phillips, Dallas Fed assistant vice president and senior economist. 

According to Phillips, overall ​economic outlook was pessimistic among heightened trade and political uncertainty. 

Another factor affecting the change in the forecast from last month was the benchmark revision for the first quarter of the year, which resulted in a downward revision of job growth from 2.2 to 1.3 percent. With job growth so far this year not as strong as previously estimated, this lowered the forecast for the year.​​​

The Real Estate Center has more employment data online. 
Man enthusiastically demolishing bathroom
Texas continues to be a home-flipping hotbed. But while profitability is falling, flipping houses is still good business (and good television viewing for many HGTV fans). Learn more in our latest Mixed-Use blog post.

MetLife picks up 230K-sf Frisco Station office

FRISCO (Dallas Morning News) – The Offices One at Frisco Station has been sold to a partnership representing a unit of MetLife Core Property Fund.

The seven-story, 230,000-sf office building was developed by a partnership of VanTrust Real Estate, Hillwood, and the Rudman Partnership.

The office is the first phase of the $1.8 billion Frisco Station development, a 240-acre mixed-use project surrounding the Dallas Cowboys' Star complex.

Tenants include Fiserv, Brierley+Partners, Equinix, and Kimley Horn.

CBRE marketed the property for sale.
Podcast 435: Helping Texans understand liability waivers
Many people often think pre-injury liability release forms don't carry much legal weight. However, when properly drafted, they can. How can you know if a waiver is enforceable? How can landowners protect themselves from liability? Center Research Attorney Rusty Adams joins us on our latest Red Zone podcast to tackle these complicated issues.

3M wraps up move to Parmer Innovation Center 

AUSTIN (Austin Business Journal) – 3M has relocated to Parmer Innovation Center, a business park near I-35 between Parmer and Howard Lanes. 

The company has leased about 330,000 sf in two buildings on Center Lake Dr. for science and business centers. 

There are 43 laboratories and an innovation center in the location, which has allowed for an expansion of 3M's high-voltage lab.

About 500 employees are working in the new space. ​

3M sold its River Place campus​ in February 2018. 
Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:

Huffines building Denton Co. master-planned project

AUBREY (Dallas Morning News) – Huffines Communities is building Aspen Meadows, a 312-home residential project in Denton County.

The 166-acre project at Frontier Pkwy. and FM 2931​ will offer homes starting in the low $200,000s.

Amenities will include 40 acres of open space, three parks, a trail system, community pool and pavilion, dog park, playground, and scenic overlooks.

Builders include Gehan Homes, Lennar, and Impression Homes.

Trez Capital is providing funding.

The first models will be ready in summer 2020.
market viewer screen shotTexas 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. 

CyrusOne developing 206K-sf SA data center 

SAN ANTONIO (Connect Media) – CyrusOne Inc. is developing a 206,310-sf, two-story data center on 16 acres near Potranco Rd. 

The $64 million data center will be the company's fifth on the far west side.

Corgan is designing the building. 

Billingsley Co. plans major mixed-use development 

FAIRVIEW (Dallas Morning News) – Billingsley has partnered with the owner of the vacant southeast corner of N. Central Expressway and SH 121 to develop a mixed-use project on the 242 acres.​

The project ​will include several million sf of office space, 2,000 apartments, retail, green space, and supportive infrastructure.

​McRoberts & Co. brokered the deal.​
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River Oaks breaks ground on 252K-sf Eastlake Marketplace

​​​​​EL PASO (REBusiness Online) – Locally based River Oaks Properties has broken ground on Eastlake Marketplace, a 252,000-sf retail power center at the corner of I-10 and Eastlake Blvd.

The center will open in late 2020. 

New York investor buys downtown Dallas apartments

DALLAS (Dallas Morning News) – New York-based Beachwold Residential has purchased 1001 Ross, a 204-unit apartment block in downtown's West End district.

Built in 2004, the rental community is just blocks from DART's commuter rail line and has more than 30,000 sf of ground-floor retail space.

The apartment is almost fully leased. Rents average $1,200 a month.

JLL brokered the sale.
Texas Realtors quote about Real Estate Center
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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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