RECON for June 12, 2020RECON for June 12, 20202020-06-12T05:00:00Z2020-06-12T05:00:00Z

RECON Real Estate Center
Yesterday, The Real Estate Center's "Telling Our Story" Annual Report and Calendar received a Bronze Quill Award of Excellence from the International Association of Business Communicators (IABC) - Houston Chapter. Thanks to the IABC for the recognition and to our audience for the continued support. (Photo from Center files.)
June 12, 2020

Weekly Texas initial unemployment claims fall below six figures

​​​​​​​COLLEGE STATION (Real Estate Center) – In the week ending June 6, over 80,700 initial unemployment insurance claims were filed in Texas. This is the first time initial unemployment​ claims were below six figures since March.​

Total claims since March 21 is 2.4 million,​​ according to data from the U.S. Department of Labor (DOL). 

Unemployment claims fell for the seventh straight week after rebounding on April 18.

Although the number of initial claims continues to fall steadily, numbers are still worrisome. The historical average of Texas' initial unemployment claims from January 3, 1987, to March 14, 2020, is 15,993. Last week's numbers are five times greater than that average. 

Using data from the DOL and the Employment and Training Administration, the Center estimates that from March 21 to May 30 nearly 519,500 seasonally adjusted claims were filed in Dallas-Fort Worth. Houston followed closely with 514,000 claims. 

While DFW registers the largest accumulated number of initial unemployment claims during the past 11 weeks, the Houston MSA has registered the highest number of weekly claims since April 18. 

In San Antonio and Austin, an estimated 163,000 and 148,700 claims were filed during that time, respectively. 

​Along the border, an estimated 56,900, 55,000, 25,300, and 16,000 claims were filed in McAllen, El Paso, Brownsville, and Laredo, respectively. ​

​Brownsville registered an increase in unemployment claims for the second straight week.     ​

​​​From March 21 to May 30, nearly 11,600 unemployment claims were filed in College Station-Bryan.

Nationwide, nearly 44.2​ million unemployment claims have been filed in the past 12 weeks.
Podcast 444: COVID-19 and the Texas Economy
The COVID-19 health crisis is unlike any Texas has experienced before. As the initial economic shock subsides, what should Texans expect moving forward? Center Research Economist Dr. Luis Torres joins us on the latest Red Zone podcast to share his insights.

San Antonio home sales hit hard in May

SAN ANTONIO (San Antonio Express-News)– Local home ​sales fell 20 percent in May, the market’s worst stretch since the onset of COVID-19. 

According to the San Antonio Board of Realtors, 2,869 homes were sold last month, down from 3,590 during the same period last year. 

Despite the drop, sales from January to May are down just 0.3 percent year over year. Pending sales are also up 21 percent heading into June. 

Meanwhile, the median price rose 2 percent to $242,400. Inventory tightened to 3.1 months. The Real Estate Center considers six to 6.5 months of inventory a balanced market. 

Read the Center's latest Texas Housing Insight​ report for more.
Texas Housing at a Glance
Total Texas housing sales declined 17.6 percent in April amid economic uncertainty surrounding the COVID-19 pandemic. Read the full Texas Housing Insight report. Click here to receive email notifications each time this report is published.

EIP, Raith break ground on 124K-sf industrial project 

​EL PASO (REBusiness Online) – A partnership between Equity Industrial Partners and Raith Capital Partners has broken ground on a 123,966 sf, Class A industrial facility at 9541 Joe Rodriguez Dr. 

The facility will hav​e a fenced truck court area, ESFR sprinkler system, 28-ft clear height, LED lighting with motion sensors, and overflow trailer storage. 

Construction will be complete in December. 

Loya Wilke Architects is the architect. Jacob CM is the general contractor. ​
COVID-19 Impact Projections on Texas EconomyThe Texas weekly leading index plateaued during the last week of May after registering a strong improvement during the previous three weeks. It's still signaling only modest economic improvements going forward. Based on both the index and May U.S. employment numbers, which increased 1.9 percent from April, Texas nonfarm employment could increase 1.5 percent in May. If so, the Texas economy could recover around 174,000 of the 1.39 million jobs lost in March and April. Read the Center's latest COVID-19 Impact Projections on Texas Economy report for more. Subscribe for email updates.

Work finishes on Telge 290 Logistics Center

​CYPRESS (Ridgeline Property Group) – ​Archway Properties and Ridgeline Property Group have finished construction on Telge 290 Logistics Cente​r.

The 207,635-sf, Class A industrial asset is at 14803 Cypress N. Houston Rd. 

It offers 32-ft clear heights​​, a front-load configuration, an ESFR sprinkler system, 47 dock-high doors, two drive-in ramps, 180-ft truck court, and on-site detention. 

Colliers International will handle leasing. 
Helping Texans make the best real estate decisions since 1971.

First United Mortgage to anchor new Plano office project

​PLANO (Connect Media) – Cawley Partners, First United Bank, and the Haggard family are developing The Parkwood, a 120,000-sf office project​ off the Dallas North Tollway.

First United Mortgage Co. preleased half the space.

The entire fourth floor and parts of the first and third floors are available for lease. Cawley Partners is handling preleasing.

Work will start in September and wrap up in fourth quarter 2021.
Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:

Freight Dispatch Agency signs 132K-sf lease at I-35 Logistics Center 

​LAREDO (CBRE) – Freight Dispatc​h Service Agency Ltd. has signed a 131,718-sf lease at the I-35 Logistics Center at I-35 Frontage Rd. and Beltway Pkwy. 

CBRE represented the landlord, Tailwind Real Estate Equities, and the developer, Gulf Corporation. NAI Swisher & Martin Realty represented the tenant. 

The development broke ground in August 2019 and delivered in April. ​
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. 

Florida developers planning 164K-sf hotel in East Austin

​​AUSTIN (Austin Business Journal) – F10 Hotels and Floridays Development Co. are developing a 280-room hotel on 2.21 acres at the corner of E. 5th and Robert T. Martinez Jr. Streets. 

The five-story hotel will total 164,372 sf. 
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Hallmark Floors buys Houston distribution center

​​HOUSTON (Connect Media) – Vigavi SEDC LLC has sold a newly constructed distribution center to Hallmark Floors.

The 170,476-sf industrial asset is at 730 Genoa Red Bluff Rd. 

CBRE represented the seller. JLL represented the buyer.​​​

305K-sf Amazon delivery station coming to Buda 

​​BUDA (Community Impact Newspaper) – Amazon has leased a 305,000-sf facility at 2956 Main St. 

The facility, which will serve as a delivery station, will create hundreds of jobs.
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