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RECON for May 8, 2020RECON for May 8, 20202020-05-08T05:00:00Z2020-05-08T05:00:00Z

RECON Real Estate Center

Man wearing an apron placing an
Gov. Greg Abbott has expanded the reopening of certain businesses starting today, May 8. Barbershops, nail salons, tanning salons, public swimming pools, and similar businesses may reopen provided they maintain six-ft distances between workstations. Get the details on this and more in today's RECON. (Photo from Center files.)
May 8, 2020

New unemployment claims fall for second straight week

​​​COLLEGE STATION (Real Estate Center) – In the week ending May 2, around 252,400 initial unemployment insurance claims were filed in Texas. That brings the total since March 21 to 1.84 million, according to data from the U.S. Department of Labor (DOL). 

Unemployment claims have fallen for the second straight week after peaking on April 18. 

​The Real Estate Center estimates the unemployment rate across the state could be as high as 15 percent in April. Unemployment could hit 16.8 percent in May. 

Using data from the DOL and the Employment and Training Administration, the Real Estate Center estimates that from March 21 to April 25, nearly 362,100 seasonally adjusted claims were filed in Dallas-Fort Worth. That is the highest ​of Texas' major metros. 

In Houston, San Antonio, and Austin, an estimated 342,800, 114,400, and 42,300 claims were filed during that time, respectively. 

At the metro level, the Center estimates the unemployment rate could be 14 percent in Houston, 12.4 percent in San Antonio, 12.3 percent in DFW, and 6.5 percent in Austin.

Retail trade and accommodation and food services represented the sectors with the biggest unemployment claims.

Nationwide, nearly 33.5 million unemployment claims have been filed since March 21. The Center estimates the U.S. employment rate could be 22.9 percent in May. 
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Google buys land for $600M Ellis County data center

​RED OAK (Dallas Morning News) – Google has purchased 165 acres at E. Ovilla Rd. and N. Central Blvd. to build another huge data center.

Utility work is currently underway along the east side of the property.

Ellis County commissioners have voted to give tax breaks to the data center.

The Internet giant has already built the first phase of its $600 million, 375-acre data center in Midlothian. 
Live Oak tree
Texas A&M Forest Service's podcast, Trees Are Key, is celebrating five years of providing short, weekly lessons and tree highlights to their listeners. Now, they are reminding listeners to get outside and explore during stay-at-home times. Listen to the podcast.

Ryan Companies building two high-rise towers in downtown Austin

​​AUSTIN (Austin Business Journal) – Ryan Companies is developing two towers downtown.

The 41-story Tower 5C will be at 415 Colorado St. The 545,000-sf office building will replace Walmart's former technology office and several eateries. 

The second tower will be a 60-story mixed-use building at the corner of W. Sixth and Guadalupe Streets. It will have 363 apartments, 120,000 sf of office space, and ground-floor retail. 

It will replace a sushi restaurant and BBVA bank branch, which will have a 4,000-sf bank branch as well as office space in the new building.  

Construction begins in January 2021. 
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Gov. Abbott expands business openings, announces surge response teams 

​​​​AUSTIN (REBusiness Online) – Gov. Greg Abbott has expanded the reopening of certain businesses and activities. 

Retailers such as barbershops, nail salons, tanning salons, and similar businesses may reopen on Friday, May 8, provided they maintain six-foot distances between workstations. 

Public swimming pools may also reopen Friday. 

Office buildings and manufacturing plants that produce nonessential goods may restart their operations at 25 percent of their normal occupancies on Monday, May 18. 

Officials also announced the formation of surge response teams that will serve nursing homes, prisons, packing plants and other facilities that experience flare-ups of COVID-19. These teams will provide personal protective equipment, testing supplies, onsite staffing, and assessment assistance.
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1M-sf industrial building underway at Southport Logistics Park

​​WILMER (Connect Media) – Logistics Property Co. will break ground in July on Building 3 at Southport Logistics Park.

The one million-sf logistics building will be expandable to 1.2 million sf.

Delivery is set for second quarter 2021.

At full build​out, the 252-acre industrial park will house more than 3.55 million sf of Class A space across four buildings. 

The first two buildings are fully leased. 
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 Real Estate Center, and all MLSs across the state. 

Dell Children’s opening new hospital, expanding Mueller campus

​​AUSTIN (Austin American-Statesman) – Dell Children’s Medical Center of Central Texas is developing a 135,000-sf hospital at Avery Ranch Blvd. and expanding its Mueller campus. 

The new hospital will include 36 beds, emergency and trauma services, two operating rooms, endoscopy and procedure rooms, and sleep labs. It will also include a 60,000-sf medical office building with parking. 

Construction will begin in February 2021 and be complete in November 2022. 

Dell Children’s is also expanding its campus at 4900 Mueller Blvd. by adding a four-story tower with 72 beds.​​
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Construction begins on Oak Lawn mixed-use project

​​DALLAS (Dallas Morning News) – Construction has kicked off on a seven-story mixed-use project next to the Melrose Hotel at Oak Lawn Ave. and Dickason St.

Oden Hughes and Canada-based North American Development Group are building six floors of residential units on top of ground-floor retail and a parking garage.

Designed by GFF, the building will have 293 rental units and 6,000 sf of retail.

The project will open at the end of 2021.
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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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