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RECON for December 22, 2020RECON for December 22, 20202020-12-22T06:00:00Z2020-12-22T06:00:00Z
RECON Real Estate Center
The COVID-19 pandemic has had major effects on many economic sectors, including travel and tourism. Though November's travel numbers seemed stronger than the rest of 2020, December holiday travel expectations are modest at best. Today's RECON has the details. (Photo from Center files.)
December 22, 2020

More Texans staying put during holidays

COLLEGE STATION (Real Estate Center) – The COVID-19 pandemic has had major effects on travel. As the holidays approach, will Texans risk travel to enjoy some much-neede​d holiday cheer with family and friends?

So far in 2020, Thanksgiving has been the high point for travel volume in the state. However, this year’s travel is still far short of 2019’s. According to Transportation Security Administration checkpoint numbers, there were one million fewer travelers nationally the day after Thanksgiving this year compared with last year. Since the pandemic’s onset, the difference has been as high as over two million travelers in late spring and early May to around 1.5 million since September.

Overall travel figures look about the same. The U.S. Census Bureau reported that around half of Texas households who had once planned to take a trip more than 100 miles away ended up cancelling because of the pandemic. That rate was over 60 percent just before Thanksgiving, which may signal just how much some households were willing to risk traveling for the holiday.  

Despite stronger travel numbers in November, December travel expectations are still modest at best. According to AAA Texas, the next two weeks are expected to have around 30 percent fewer travelers than the same time last year. Total Texas traveler volume is expected to be around 6.8 million with nearly all of them—97 percent—traveling by car.

Unfortunately, the pandemic has only worsened since November with infection rates continuing to climb. This has raised concerns of another COVID-19 wave and clouded the forecast for the next few months.
Texas Quarterly Commercial Report
Read our latest Texas Quarterly Commercial Report for more. 

JV developing 483-unit apartment community 

​​​AUSTIN (REBusiness Online) – A joint venture between Legacy Partners and Bridge Investment Group is developing Camber Ranch on Palmer, a 483-unit apartment community at the corner of Parmer and Yager Lanes. 

The community will have 22 two- and three-story buildings. Units will range from 438 to 1,500 sf. 

Amenities will include a fitness center with yoga studio, bike repair shop, outdoor kitchen, snookball court, dog park, and pools. 

Move-ins ​​begin in late 2022. 
The Real Estate Center will close at noon on Dec. 22 and reopen Jan. 4. Happy holidays!

Microsoft booting up at the Ion

​​​​HOUSTON (Houston Chronicle) – Microsoft Corp. has leased space in the Ion, the former Sears building in Midtown.

The office will be on the fifth floor. ​

Microsoft will play a role in professional and workforce development through community start-u​p initiatives within the building. 

Rice University began renovating the historic building in May 2019. Chevron signed on as the building's first tenant in August 2020. ​
Texas’ economy continued to rally in October, recouping 118,100 jobs, more than half of which were in the professional/business services or leisure/hospitality sectors. The Real Estate Center’s Texas weekly leading economic index suggested economic activity continued to pick up in November, although a resurgence in the number of COVID-19 cases limited the state’s reopening and mobility. Read the latest Outlook for the Texas Economy for more.

1M-sf Amazon warehouse slated for San Marcos 

​​​​​​SAN MARCOS (Community Impact Newspaper) – Amazon is developing a more than one million-sf warehouse distribution center, called SAT6, at Fortuna and Yarrington Roads. 

The project will occupy 71 acres in the Whisper Planned Development District. 

The warehouse will be complete by September. 
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. 

Three-building Pearland campus under new ownership

​​​​​PEARLAND (REBusiness Online) – BHVA Real Estate Holdings LLC​ has purchased a 105,664-sf industrial and manufacturing campus. 

The three-building pr​operty spans 32.7 acres.

NAI Partners represented the seller, 14800 Jersey Shore Drive LLC. Oxford Partners represented the buyer.​
El Paso skyline
According to the latest Texas Border Economy report, unemployment declined across the border metros in October, partially due to a decrease in the number of people in the local labor force. Even though total housing sales flattened, annual comparisons were healthy overall. Recent headway in vaccine distribution and congressional agreement on conditions for the second round of federal stimulus contributed to an improved outlook heading into 2021. 

411-unit Cornerstone at Overlook trades hands

​​​​SAN ANTONIO (San Antonio Business Journal) – A joint venture between Overlook Pearl LLC and Overlook Logan LLC has sold Cornerstone at Overlook, a 411-unit apartment complex at 4934 Woodstone Dr. 

Built in 1985, the property has studio and one- and two-bedroom units. Rents range from $690 to $1,040 per month. 

Amenities include a pool, fitness center, basketball court, clubhouse, and laundry facilities. 

Walker & Dunlop represented the buyer and seller. 
The Texas economy lost 474,200 nonagricultural jobs from November 2019 to November 2020, an annual decline of 3.7 percent, smaller than the nation’s employment decline of 6.1 percent. Texas’ seasonally adjusted unemployment rate in November 2020 was 8.1 percent, higher than the 3.5 percent in November 2019. The rise in Texas’ unemployment rate in November was due to more people returning to the labor force and seeking jobs. Read more. 

Jay Paul Co. developing 800K-sf office project 

​​​​​AUSTIN (Austin Business Journal) – Jay Paul Co. is developing two six-story office buildings at 979 Springdale Rd. 

The project, called Spring​dale Green, will total more than 800,000 sf.
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Copyright © 2020, All rights reserved.
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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