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RECON for October 8, 2021RECON for October 8, 20212021-10-08T05:00:00Z2021-10-08T05:00:00Z
Park Bluff Place
Today's RECON has some of the biggest news in Texas real estate. In this issue, we report on Texas' GDP and personal income; a multifamily complex near Corpus Christi; industrial properties in Dallas, Houston, and Austin; and more. Keep reading for the details. (Photo from Oldham Goodwin.)
October 8, 2021

Texas real GDP up in 2Q2021

WASHINGTON (U.S. Bureau of Economic Analysis) – Texas' real gross domestic product (GDP) increased 6.4 percent at an annual rate in second quarter 2021, according to the Bureau of Economic Analysis.

In the second quarter, government assistance payments in the form of loans to businesses and grants to state and local governments increased, w​​​hile social benefits to households, such as the direct economic impact payments, declined. 

Professional, scientific, and technical services; administrative and support and waste management and remediation services; and information were the leading contributors to the increase in GDP.

In the second quarter, Texas' GDP represented 8.6 percent of the nation's GDP. 

Nationally, real GDP increased 6.7 percent at an annual rate. All states and the District of Columbia saw increases in GDP in 2Q2021. 

The increases in state GDPs across the country reflected the continued economic recovery, reopening of establishments, and government response related to the COVID-19 pandemic.
Read the latest Outlook for the Texas Economy report for more.

Portland multifamily under new ownership

​PORTLAND (Oldham Goodwin) – Oldham Goodwin Capital has sold Palm Bluff Place, a 250-unit apartment community at 1825 Billy G. Webb Dr.

Completed in 2017, the Class A apartment community has one, two, and three-bedroom floor plans ranging from​ 705 to 1,313 sf​. 

Amenities include a resort-style pool, resident lounge and clubhouse, fully-equipped fitness center, outdoor kitchen and grilling stations, technology lounge, and controlled-access gates.​
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Texas personal income decreases

W​ASHINGTON (U.S. Bureau of Economic Analysis) – Texas' personal income decreased 21.7 percent at an annual rate in second quarter 2021, according to the U.S. Bureau of Economic Analysis (BEA). 

This comes after the ​metric increased 61.8 percent in the first quarter. 

​Transfer receipts decreased $144 bi​llion​​, accounting for more than the entire $108 billion decrease in personal income.

According to the BEA, the decrease in transfer receipts primarily reflected a reduction in direct economic impact payments provided by the Coronavirus Response and Relief Supplemental Appropriations Act and the American Rescue Plan Act and a decrease in state unemployment insurance compensation.

In Texas, earnings increased 12.9 percent in the second quarter. The increase in earnings reflected the continued economic recovery following the partial economic shutdown that began in the first quarter of 2020 after the start of the COVID-19 pandemic.
Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:

350K-sf distribution building slated for RCR Taylor Logistics Park

​​TAYLOR (Austin Business Journal) – Partners Real Estate Company is developing TaylorPort Rail Park 01, the first building at RCR Taylor Logistics Park. 

The 350,000-sf building will be on 25.4 acres. It will have 2,500-sf spec office spaces, 63 dock doors, and two ramp doors. 

Construction begins in January and will be complete by September 2022. 

NAI Partners is the leasing agent. 
questions?
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Wes Peoples adding 117 cottages to Solms Landing

​​NEW BRAUNFELS (San Antonio Business Journal) – Wes Peoples Homes LLC is building 117 cottages at Solms Landing, a master-planned community near I-35 and Kowald Ln.  

The two-bedroom ​cottages will range from 875 to 1,379 sf. Prices will range from the high $200,000s to $350,000. 

Construction begins in the next few months. The first units will be available next February. 
Helping Texans make the best real estate decisions since 1971

Transwestern planning 480K-sf industrial park near McKinney Airport

​McKINNEY (Dallas Morning News) – Transwestern will develop three buildings in its new McKinney Industrial Business Park on Harry McKillop Blvd., near the airport.​​

The campus will include 480​,000 sf of space and is valued at $18.5 million.

O’Brien & Associates is designing the project, which will break ground next​​ year.
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 Texas Real Estate Research Center, and all MLSs across the state. 

H-E-B store, warehouse slated for Cibolo 

​CIBOLO (San Antonio Business Journal) – H-E-B is developing a 110,000-sf grocery store and 55,000-sf warehouse on 45 acres at the northeast corner of FM 1103 and Main Street. 

The project will bring 35​0 jobs. 

The store will open by June 2023, with the fulfilment center opening within 18 months after that. 

Pollock Orora signs 256K-sf Houston lease

​​​HOUSTON (REBusiness Online) – Pollock Orora has signed a 255,704-sf industrial lease at Seton Lake Logistics Center at 14611 Tomball Pkwy. 

Trammell Crow owns the building, which is on 16.8 acres and has 32-ft clear heights. 

NAI Partners represented the tenant. ​CBRE represented the landlord.
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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 Texas Real Estate Research 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 Texas Real Estate Research 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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