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RECON for July 10, 2020RECON for July 10, 20202020-07-10T05:00:00Z2020-07-10T05:00:00Z
RECON Real Estate Center
Aerial view of a residential subdivision in the suburbs of Houston, Texas consisting of water front homes and manicured landscaping.
Looking for the biggest news in Texas real estate? We've got you covered. In this issue of RECON, read about Texas' initial unemployment claims, Houston's housing market, a new Fort Worth industrial park, and more. (Photo from Center files.)
July 10, 2020

Texas weekly unemployment claims hit nearly 130,000 at start of July

​​​​​​​COLLEGE STATION (Real Estate Center) – Initial unemployment claims in Texas shot up last week to almost 129,800 as the number of COVID-19 cases in Texas continued to increase.

The week ending July 4 was the worst for​ new claims since the week of May 16th.

Since March 21, nearly 2.8 million claims were filed in Texas, according to data from the U.S. Department of Labor (DOL). 

​Continuing unemployment claims decreased the week of June 27 to 1.21 million.​​

"Further waves of infections can reverse increased mobility and spending, affecting the path to recovery," said Real Estate Center Research Associate Paige Silva. "The second wave of COVID-19 cases in Texas has already prompted a partial scaling back of the reopening and a pause in future reopening plans.​ 

"The rise in initial claims does not bode well for a full recovery at a time when COVID-19 cases continue to increase."

Using data from the DOL and the Employment and Training Administration, the Center estimates that from March 21 to June 27, over 609,000 seasonally adjusted claims were filed in Houston-The Woodlands-Sugar Land. 

Houston registered the largest accumulated number of initial unemployment claims by any Texas metro during that 15-week period.

​Here are Center estimates for the other three major and the four border metros during that time:
  • Dallas-Fort Worth-Arlington, 599,900 claims;
  • San Antonio-New Braunfels, 188,200 claims;
  • Austin-Round Rock, 167,400 claims;
  • McAllen-Edinburg-Mission, 68,600 claims; 
  • El Paso, 62,800 claims;
  • Brownsville-Harlingen, 30,200 claims; and
  • Laredo, 18,900 claims.
In Texas, accommodation and food services, retail trade, and administrative and support and waste management and remediation services represent the sectors with the greatest number of new unemployment claims.

In the U.S., initial unemployment claims over the past 16 weeks ticked up to nearly 50 million, but weekly numbers are declining. Continuing claims decreased for the fifth straight week during the week of June 27.​
texas weekly leading indicatorThe Texas weekly leading index took a step backward the last week of Jun, declining primarily due to an increase in the number of people filing for unemployment insurance. The increase in the number of COVID-19 cases in Texas played a role in impeding the re-opening of the state's economy. Although it's only one week of data, the increase in unemployment claims is concerning if COVID-19 cases continue to increase. Read the Center's latest COVID-19 Impact Projections on Texas' Economy report for more. 

Partnership acquires 556 acres for Fort Worth industrial park 

​​FORT WORTH (REBusiness Online) – A partnership between Clarion Partners, Crow Holdings Capital, and Rob Riner Cos. has acquired 556 acres at the southeast corner of Oak Grove and Joel East Roads.

The site will be home to Carter Park East, a seven million-sf industrial park. It will have both speculative and built-to-suit structures accommodating tenants needing up to 1.8 million sf. 

Stream Realty Partners is handli​​ng leasing.

Construction begins this month. The first speculative buildings will deliver in summer 2021. 
enter our 2020 photo contest
Real Estate Center publications are known for their stunning photography. While many shots are taken by our professional photographers, we can't be everywhere in Texas year-round. That's where you come in. Send us your best Texas photograph for a chance to be featured in TG or our 2021 wall calendar. Learn how to enter. 

Houston home sales return to typical levels . . . for now

HOUSTON (Houston Association of Realtors) – ​​An increase of homes going under contract in May after COVID-19-related stay-at-home orders expired led to a surge of closings in June. This drove home sales volumes back up to more typical summertime levels and even beyond 2019’s record pace.

However, renewed coronavirus concerns, stemming from a spike in cases across the metro and the state, may bring this sense of normalcy to an end by the fall. 

According to the Houston Association of Realtors, 9,328 single-family homes sold in June compared with 8,063 a year earlier. That translated to a 15.7 percent jump, a strong rebound from two straight months of declines brought on by coronavirus and ongoing strains in the energy industry. 

The single-family home median price increased 3.6 percent to a historic high of $262,000. The average price dipped less than 1 percent to $319,881. 

Sales of all property types totaled 11,153, up 18.3 percent from June 2019. Total dollar volume for the month increased 15.1 percent to $3.3 billion. 

June leases of single-family homes surged 15.3 percent year over ​year. However, leases of townhomes and condominiums were flat. 

The average rent for single-family homes was down 1​ percent to $1,906 while the average rent for townhomes and condominiums rose 7.9 percent to $1,731.
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Union Supply leasing 380K sf near DFW Airport

​​DALLAS (Dallas Morning News) – Union Supply Group is leasing 380,000 sf of industrial space on the north side of DFW​ Airport between SH 114 and I-635.

Invesco Real Estate owns the ten-year-old building at 2500 Regent Blvd.​​

The tenant will move into ​the building later this year. 

Alliance Architects is designing the new shipping hub.

Lincoln Property Co. marketed it for lease. 
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Colliers: Houston office market weakens in 2Q2020

HOUSTON (Colliers International) – ​The local office market weakened over the second quarter and will likely not see much short-term improvement, according to Colliers International. 

Market-wide office vacancy hit 20.5 percent last quarter, up from 20.1 percent in 1Q2020 and 19​.9 percent in 2Q2019. This increase in the vacancy rate was caused by net negative absorption of 513,316 sf and the delivery of 454,523 sf of new product. 

Houston’s office leasing activity fell 35 percent over the quarter from 4.5 million sf to 2.9 million sf primarily due to the stay-at-home orders in response to the COVID-19 pandemic. 

Local sales volume decreased significantly over the quarter from $462 million in the first quarter to $74 million in the second. 

Currently, there is 4.3 million sf of office space under construction that is 64 percent preleased. 

Asking rents were relatively flat from the previous quarter and the second quarter last year. Downtown Class A asking rents saw the biggest decline, falling $1.80 from last year to $43.84 per sf. 
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112K-sf CoffeeTech HQ brewing in Seguin 

​SEGUIN (San Antonio Business Journal) – CoffeeTech Industries is developing its 112,000-sf headquarters and manufacturing facility on 33 acres so​uth of I-10 between 8th and Guadalupe Streets. 

Construction will begin late this year and wrap up by 2022. 

The $56 million project will create 91 jobs. 

Luxury apartment building opens in Houston

​​​HOUSTON (Connect Media) – Madison Marquette has opened the Travis, a 30-story luxury apartment tower at 330​0 Main St. in Midtown. 

The 375,775-sf building has​​ one-, two-, and three-bedroom apartments and two penthouses​ above 14,000 sf of retail space. 

A ground-floor restaurant will open in first quarter 2021. 

Amenities include an aqua lounge with conference room, salt water pool, private cabanas, fire pits, lawn, 24-hour fitness center, conference center, 24-hour coffee bar with concierge, bike storage, package lockers, and on-site valet dry cleaning. 
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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.

https://www.recenter.tamu.edu/news/recon/?Item=390
RECON for July 7, 2020RECON for July 7, 20202020-07-07T05:00:00Z2020-07-07T05:00:00Z

RECON Real Estate Center
Rendering of Broadmoor
What's happening in today's RECON? Census Bureau survey discusses stimulus spending for Texas homeowners, renters; 66-acre mixed-use development underway in Austin (pictured); and Arlington townhome project gets green light. Keep reading for the details. (Rendering from Brandywine Realty.)
July 7, 2020

Census Bureau survey reveals EIP spending for Texas renters, homeowners

WASHINGTON (U.S. Census Bureau) – In response to COVID-19, the U.S. Census Bureau has developed two new weekly pulse surveys—the Small Business Pulse Survey and Household Pulse Survey​. 

The Household Pulse Survey covers a wide variety of questions including health, food availability, economics, and education. The most recent survey includes new questions about the first round of stimulus checks, formally known as Economic Impact Payments (EIP). It has some revealing findings specific to Texans.

"There doesn't look like there was much difference between how homeowners and renters spent the EIP," s​aid Real Estate Center Senior Data Analyst Joshua Roberson. 

The number one usage of funds for renters was their rent. For homeowners with mortgages, mortgage payment was second only behind food (groceries/restaurants). 

"In general, homeowners do appear slightly more likely to use their EIP to either pay down consumer debts or save it," said Roberson.

Another takeaway was from the respondents who claimed to have mortgage deferments. Less than 3 percent of homeowners claimed to have had a deferment plan. This is lower than the national rate reported by Black Knight Inc., which reported closer to 9 percent of all active mortgages as of June 30th. This lower rate is likely due to the difference in COVID-19 business restrictions between states like Texas and others such as Michigan or some in the Northeast. An additional roughly 3 percent owned their homes free and clear. 

How Texans with mortgage deferment used their stimulus check

For those with deferment plans, the number one use of their EIP was to pay down consumer debt such as credit cards and student loans. Food was a distant third while mortgages were even further back at fifth. 

Homeowners with mortgage deferments also overwhelmingly indicated that, at least for the most recent survey week ending June 16th, they were able to pay for their everyday needs with their regular source of income. Other sources, such as unemployment benefits, the EIP, or savings, barely registered in comparison. 

Many in the real estate industry have kept their eyes on mortgage deferment (or forbearance) households as a leading indicator of things to come. 

​"In Texas, it seems that those who did arrange deferments may have used it as a defensive measure to prepare long-term for the tough economic times ahead," said Roberson. "Many of these households appear to have taken the money otherwise used on their mortgages to pay down debt and hopefully open up more cash flow​ in the future."

At the other end of the spectrum are renters, who in general are a younger demographic and tend to earn less than homeowners. Nearly a third of renter households in the survey reported earning less than $25k on their 2019 tax returns. Texas households in that income bracket have had a much higher proportion—nearly 60 percent—of some level of income loss whether through termination, furlough, or hours cut.  

Most renters in the most recent survey were still able to pay for their everyday needs through their regular income, but the frequency isn't as high as homeowners.

Renters were twice as likely to either use unemployment benefits or borrow money from family members to pay for expenses. The end result is less confidence with renters to pay their next month's rent payment.​
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Brandywine makes progress on 66-acre Broadmoor development 

AUSTIN (Austin Business Journal) – Brandywine Realty Trust is building Broadmoor, a 66-acre mixed-use development. 

Construction will start on 340 apartments and a 360,000-sf office tower in Block A, the first section of the campus, by the end of the year. Construction on an additional 500 units in ​Block F will follow. 

Block L will consist of two massive office towers totaling 1.3 million sf. 

In total, the development will have:
  • three million sf of office space,
  • three million sf of multifamily space,
  • 400,000 sf of retail space, 
  • 250,000 sf of hotels,
  • nine acres of green space, and 
  • a new MetroRail Red Line train station.  
Sketchy drawing of commercial buildingsThe Real Estate Center's Texas Quarterly Commercial Report looks at past, present, and future commercial real estate activity in the state's four major metropolitan areas. It covers the office, retail, and warehouse sectors. Read and download the report for free, and subscribe to know when the next issue is published. 

Lineage Logistics leases 300K-sf cold-storage facility

​​​FORT WORTH (Dallas Business Journal) – Lineage Logistics is leasing an entire cold-storage facility totaling 300,000 sf. 

Built in 2019, the Class A facility is on 19 acres at 8200 Will Rogers Blvd. It has 250 parking spaces and 56 trailer parking stalls.

The company plans to occupy the facility by the end of the year.
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. 

101K-sf MOB coming to Ascension Seton Medical Center 

​​​​AUSTIN (Austin Business Journal) – Birmingham, Ala.-based Johnson Healthcare Real Estate has broken ground on a 101,000-sf medical office building in the Ascension Seton Medical Center at 1201 W. 38th St. 

Ascension Seton, the Capital Medical Clinic, and The OB/GYN Group of Austin will occupy the building. ​

Construction of the building and a 290-space parking garage will be complete in June 2021. 

Stantec is the architect. Hoar Construction is the general contractor. 
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Arlington townhome project approved

​​ARLINGTON (Fort Worth Star-Telegram) – The city council has approved Peyco Southwest's proposal to build 64 townhomes at 1001 W​. Mayfield Rd.

The 9.5-acre development will include a private dog park, a picnic area, and walking trail. 

The developer will upend hundreds of trees, install drainage channels in place of a stream, and create a detention pond near the property’s edge. 

A homeowners association will maintain the property, including roads and amenities.
Communication Matters video seriesThe Real Estate Center's Texas Home Price Index measures price appreciation changes for residential single-family homes. It provides data for eight different Texas metros across three different price ranges.

Pandemic slows down Temple housing starts

​​TEMPLE (Temple Daily Telegram) – The city’s housing market has slowed down as a result of ​the COVID-19 pandemic.

The number of housing starts declined in both April and May, falling 22.7 and 24.7 percent year over year, respectively.

Temple Planning Director Brian Chandler said the drop was expected "considering that fiscal year 2019 represented our largest number of housing starts by far."
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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.

https://www.recenter.tamu.edu/news/recon/?Item=389
RECON for July 3, 2020RECON for July 3, 20202020-07-03T05:00:00Z2020-07-03T05:00:00Z
RECON Real Estate Center
sale pending sign
After two months of declines, U.S. pending home sales showed a market-wide rebound in May, with every major region recording a month-over-month increase. According to a Real Estate Center researcher, Texas also saw a surge in pending home sales going into the summer. Today's RECON has the scoop. (Photo from Center files.)
July 3, 2020

Texas initial unemployment claims increase at end of June

​​COLLEGE STATION (Real Estate Center) – Initial unemployment claims in Texas increased last week to almost 90,200 after decreasing the week prior.

From March 21 to June 27, nearly 2.7 million claims were filed in Texas, according to data from the U.S. Department of Labor (DOL). 

​Continuing unemployment claims increased the week of June 20 to 1.26 million.​

"The increase in the number of COVID-19 cases in Texas is affecting the re-opening of the state’s economy," said Real Estate Center Research Economist Dr. Luis Torres. "This is generating concerns that some people may be furloughed again and postponing companies' plans to re-open and bring people back to work.

"Although it's only one week of data, increases in both initial and continuing unemployment claims is concerning if COVID-19 cases continue to increase."  

The number of initial unemployment claims increased in Texas' major and border metros (with the exception of El Paso) the week of June 20 compared with the previous week.

Using data from the DOL and the Employment and Training Administration, the Center estimates that from March 21 to June 20, over 585,700 seasonally adjusted claims were filed in Houston-The Woodlands-Sugar Land. 

Houston registered the largest accumulated number of initial unemployment claims by any Texas​ metro during that 14-week period.

Here are Center estimates for other metros during that timeline:
  • Dallas-Fort Worth-Arlington, 581,800 claims; 
  • San Antonio-New Braunfels, 181,500 claims;
  • Austin-Round Rock, 162,500 claims; 
  • McAllen-Edinburg-Mission, 65,500 claims;
  • El Paso, 61,000 claims; 
  • Brownsville-Harlingen, 29,000 claims; and 
  • Laredo, 18,200 claims. 
From March 21 to June 20, over 13,100 unemployment claims were filed in College Station-Bryan. The number of claims increased in the week of June 20 compared with the week prior. 

Accommodation and food services, administrative/support/waste management/remediation services, and retail trade represented the sectors with the biggest unemployment claims.

Almost 48.7 million Americans filed initial unemployment claims in the past 15 weeks. Those weekly claims numbers have continued to decline.
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U.S. pending home sales see record increase in May

WASHINGTON (National Association of Realtors) – ​National pending home sales increased 44.3 percent in May—a new record, according to the National Association of Realtors (NAR). 

After two previous months of declines, pending home sales are showing a market rebound, with every major region recording a month-over-month increase. 

According to NAR, the Pending Home Sales Index increased to 99.6 in May—the highest monthly growth since NAR began the series in January 2001. Since the same time last year, pending home sales have fallen 5.1 percent.

In the South—the region including Texas—pending sales increased 43.3 percent over the month and 1.9 percent over the year. 

Real Estate Center Research Data Scientist Gerald Klassen said Texas also saw a surge in pending home sales in May and June. 

"It looks like prospective buyers were able to continue virtual shopping during the lockdown and find homes they wanted to purchase," said Klassen. "When the lockdown ended, they were ready to physically visit and sign contracts. It appears that the pent-up demand is exhausting itself as the flow of pending​ sales falls back to last year's levels.

"It will be interesting to see in the next few weeks if the weekly flow falls below last year. We are late in the selling season so the recent burst of pending listings is likely not sustainable."

NAR expects existing-home sales to reach 4.93 million units in 2020, with new-home sales potentially hitting 690,000. 

"Tighter credit for low-priced and high-priced homes is a headwind that we didn’t have last year," said Klassen. "Lower mortgage rates for GSE-eligible mortgages is a tailwind. Soon we will see which factors have a greater influence on the market."​

In 2021, NAR expects sales to rise to 5.35 million units for existing homes and 800,000 for new homes.
enter our 2020 photo contest
Real Estate Center publications are known for their stunning photography. While many shots are taken by our professional photographers, we can't be everywhere in Texas year-round. That's where you come in. Send us your best Texas photograph for a chance to be featured in TG or our 2021 wall calendar. Learn how to enter. 

Granite Properties redeveloping Cedar Maple Plaza

DALLAS (Connect Media) – Granite Properties is redeveloping Cedar Maple Plaza into an office project called​ 23Springs. 

The three-building project will be torn down to make way for a 26-floor, 623,624-sf office tower; two detached buildings totaling 16,000 sf for restaurants; and a half-acre park. 

Utility work will begin this summer and construction will start in first quarter 2021. 

The 2.5-acre site is on Cedar Springs Rd.​​​​​
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Easton Park getting hundreds of new homes 

​​AUSTIN (Austin Business Journal) – Brookfield Residential is developing Easton Park, a master-planned community near Austin-Bergstrom International Airport. 

About 500 houses will be built and sold this year. Another 500 will be built next year by seven different builders. 

Easton Park will have 10,000 residential units, 4.6 million sf of civic or commercial space, 300 acres of parks and open space, and 13.1 miles of trails. 

The developer received approval from the city in 2015​. 
Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:

Work starts on business park in Brookshire

​BROOKSHIRE (Realty News Report) – Stream Realty Partners has broken ground on Empire West Business Park, a 300-acre indutrial development off I-10 and SH 90.

Phase one will include three speculative buildings totaling one million sf. ​​

Rosenberg Architects is the general contractor. Powers Brown Architecture designed the first phase. Engineering partners include BGE Inc., LJB Inc., and Cope Engineering.

The first phase is slated for completion in spring 2021. ​
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. 

Kalahari Resorts making a splash with November opening

​ROUND ROCK (Community Impact Newspaper) – Kalahari Resorts & Conventions is opening the country’s largest indoor water park in November. 

The 1.5 million-sf resort will feature a 975-room hotel and 200,000-sf convention center, as well as a water park with restaurants, delis, pizzerias, a piano bar, full spa, and retail space. 

The company will hire 1,500 employees.
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Elbit Systems HQ trade in sale-leaseback deal

​​​​F​​ORT WORTH (REBusiiness Online) – Marcus & Millichap has arranged the sale-leaseback of Elbit Systems of America's U.S. headquarters.

The 215,729-sf manufacturing and office campus was built on 25 acres at 4700 Marine Creek Pkwy. in 1980. It has been leased to Elbit Systems since 1993 on a triple-net basis.

A pension fund advisor purchased the campus as part of a portfolio sale that also included the tenant's manufacturing plant in Roanoke, Va. 
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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.

https://www.recenter.tamu.edu/news/recon/?Item=388
RECON for June 30, 2020RECON for June 30, 20202020-06-30T05:00:00Z2020-06-30T05:00:00Z
RECON Real Estate Center
What's happening around Texas? Work starts on San Antonio industrial project, Medical City Frisco expanding by over half a million sf, and Margaritaville-branded hotel opens on Lake Conroe. Today's RECON has the details. (Photo from Margaritaville Lake Resort.)
June 30, 2020

Plaza Hotel reopens after three decades

​EL PASO (KVIA-TV) – The 1930s-era Plaza Hotel Pioneer Park has officially opened after being closed for 30 years.

The 19-story building at 106 W. Mills Ave. underwen​t a $78 million renovation during the past two years.​

The hotel has 130 rooms, a lobby bar, an upscale fitness center, a rooftop bar with two terraces, a restaurant, and a 7,600-sf event space.

Local billionaire Paul Foster is the developer. The hotel will employ about 125 people. 
Weekly Leading Index
The Texas weekly leading index continued showing improvements in economic activity up to the third week of June. However, the recent upsurge in COVID-19 cases in Texas could hinder the rebound. Read our latest economic indicator for more.

Medical City Frisco planning 520K-sf expansion

​​​FRISCO (D Magazine) – Medical City Frisco is planning a 520,000-sf expansion to its ten-acre hospital campus.

The expansion w​ill include eight- and ten-story hospital buildings, a medical office building, and a parking garage.

Groundbreaking is set for summer 2021. 

Architect Perkins & Will designed the project.
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Margaritaville-branded resort opens on Lake Conroe

CONROE (REBusiness Online) –​​​ Atlanta-based Songy Highroads and Louisiana-based Wampold Cos. has opened Margaritaville Lake Resort.

The 303-room hotel is on 186 acres on ​Lake Conroe. 

It has an 18-hole golf course, waterpark with outdoor pools, tennis courts, fitness center, full-service spa, 72,000-sf of indoor and outdoor meeting space, and multiple​ Jimmy Buffet-themed restaurants and stores. 

The project is Texas' first Margaritaville-branded resort. 
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. 

Atlanta developer plans 230K-sf McKinney industrial complex

​​McKINNEY (Dallas Morning News)– Stonemont Financial Group is building an industrial complex on the west side of the McKinney National Airport.

The two-building, 230,000-sf project, called McKinney Airport Center, is for tenants needing between 10,000 and 20,000 sf of space.​

Callaway Architecture designed the project. Somervell Commercial Realty is the development manager, and Bob Moore Construction is the general contractor.

The buildings will be finished in early 2021.​​​
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Navistar breaks ground on 900K-sf plant 

​​SAN ANTONIO (San Antonio Express-News) – Navistar International Corp. has broken ground on its truck plant near Mitchell Lake. 

The 900,000-sf plant will manufacture medium- and heavy-duty trucks. 

It will include an assembly line, body shop, paint shop, logistics center, and truck specialty​​ center. 

Construction will be complete in June 2022. 
Communication Matters video seriesThe Real Estate Center's Texas Home Price Index measures price appreciation changes for residential single-family homes. It provides data for eight different Texas metros across three different price ranges.

Wet Sounds building facility in Fort Bend County

​ROSENBER​​G (Houston Chronicle) – Wet Sounds relocating to a 118,386-sf warehouse and office building on 27 acres at 2975 Louise St. 

The site includes ​280,000 sf for future development. 

Around 50 people will wo​rk in the facility. 

Houston-based KDW is designing the project, which will break ground in August. Completion is set for spring 2021. ​
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Langdon Street buys 144-unit Parkwood Terrace 

​ROUND ROCK (Connect Media) – Beverly Hills, Calif.-based Langdon Street Capital has purchased Parkwood Terrace, a 144-unit apartment community at 1201 E. Old Settlers Blvd. 

Built in 2000, the property has one- to three-bedroom units. Rents range from $950 to $1,475 per month. 

Amenities include a pool, clubhouse, business center, and fitness center. 

Marcus & Millichap represented the seller, James Pinheiro. 
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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.

https://www.recenter.tamu.edu/news/recon/?Item=387
RECON for June 26, 2020RECON for June 26, 20202020-06-26T05:00:00Z2020-06-26T05:00:00Z
RECON Real Estate Center
Traffic in McAllen
International travel is just one of the many aspects of Texas’ border economy that has been hard-hit by COVID-19. The U.S., Mexico, and Canada agreed to limit all non-essential travel across borders beginning March 21, 2020. ​These measures were originally set to expire after 30 days but have since been renewed multiple times with the latest extension to July 21, 2020. It's unlikely that the travel restrictions will be recalled any time soon. Center Research Associate Paige Silva says more in our latest blog post. (Photo of McAllen from Center files.)
June 26, 2020

Texas initial unemployment claims fall after 14 weeks

COLLEGE STATION (Real Estate Center) – Initial unemployment claims in Texas decreased last week to almost 84,700 after increasing the week prior. 

From March 21 to June 20, nearly 2.6 million claims were filed in Texas, according to data from the U.S. Department of Labor (DOL). 

Continuing unemployment claims decreased the week of June 13 to 1.2 million.

"The decline in continuing claims indicate that hiring continues, but that could be hindered by the resurgence in COVID-19 cases in Texas," said Real Estate Center Research Economist Dr. Luis Torres.​

Using data from the DOL and the Employment and Training Administration, the Center estimates that from March 21 to May 13 nearly 562,400 seasonally adjusted claims were filed in Houston-The Woodlands-Sugar Land. 

Houston has now surpassed Dallas-Fort Worth (561,800 claims) with the largest accumulated number of initial unemployment claims.

In San Antonio and Austin, an estimated 175,100 and 158,000 claims were filed during that time, respectively. 

Along the border, an estimated 62,500, 59,200, 27,600, and 17,500 claims were filed in McAllen, El Paso, Brownsville, and Laredo, respectively. ​

From March 21 to June 13, over 12,600 unemployment claims were filed in College Station-Bryan.

Administrative/support/waste management/remediation services, accommodation and food services, and retail trade represented the sectors with the biggest unemployment claims.

Almost 47.2 million Americans filed initial unemployment claims in the past 14 weeks. Those weekly claims numbers have continued to decline.
virtual meeting cartoon
The National Association of Realtors' (NAR) 2020 conference and expo, originally scheduled for November 13-16 in New Orleans, will be transitioned to a fully virtual format in light of ongoing health and safety concerns stemming from the COVID-19 pandemic. NAR will announce more details, including registration information, in the coming weeks. 

Austin ranks sixth in falling apartment rents

​​AUSTIN (Austin Business Journal) – The metro ranked sixth in the country for the biggest decline in apartment rents since March, according to Apartments.com.

Multifamily rents fell 3 percent since March 31. Class A apartments took the hardest hit, falling 4.2 percent through June 12. 

Rents are falling because COVID-19 has slowed down moves, and property managers are offering specials or rent concessions.
The high-tech home of the future is here. While smart devices may make living easier, they can make selling a home more complicated. Real estate attorney and former TREC General Counsel Kerri Lewis gives tips on how to sell smart homes on the latest Red Zone podcast.

Centurion American bringing 1,000 homes to Anna

​​ANNA (Dallas Morning News) – Centurion American is planning Hurricane Creek North, a residential community within the Villages of Hurricane Creek mixed-use development.

The project near US 75 will include 984 single-family homes, 400 multifamily residences, and 50,000 sf of retail, restaurant, and entertainment space. 

There is also land set aside for a community garden, hiking trails, and an amenity center.

Plans call for single-story and two-story houses plus townhomes.

Construction will start in early 2021.
1st quarter apt dataFirst quarter 2020 started strong until the COVID-19 pandemic shut down the economy in the last weeks of March. The duration of high unemployment rates will translate into higher vacancy rates and a decrease in effective rents. The number of tenants who will be able to pay rent going forward is unknown since it depends on them being employed and earning wages. Read more in our quarterly report.

Texas reopening paused as COVID-19 cases rise

​​​AUSTIN (Connect Media) – Governor Greg Abbott has suspended any further phases to reopen the economy due to the recent increase in positive COVID-19 cases and hospitalizations.

Businesses that are permitted to open under the previous phases can continue to operate at the designated occupancy levels and under the minimum standard health protocols provided by the Texas Department of State Health Services.

To help free up hospital capacity, Abbott suspended elective surgeries at hospitals in Bexar, Dallas, Harris, and Travis Counties. 
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Rental community underway in Denton County

​​AUBREY (Dallas Morning News) – ZOM Living and Civitas Capital Group is building Mezzo, a 378-unit rental community near the corner of US 380 and FM 1385.

Stanford Construction is the general contractor, and JHP is the architect. Synovus Bank financed construction.

The first units are set to open in third quarter 2021.​
Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:

Hunt Southwest breaks ground on 370K-sf spec industrial complex 

​​EL PASO (El Paso Times) – Hunt Southwest Real Estate Development Co. has started on the Rojas East Distribution Center, a two-building, 370,000-sf industrial complex.

Hunt Southwest bought the 21-acre site at 12590 Rojas Dr. near Eastlake Blvd. in October.

The project will deliver in first quarter 2021.
Sunset at El Paso
Economic conditions along the Texas-Mexico border plummeted during the statewide stay-at-home order and due to coronavirus-related disruptions. Almost 100,000 jobs were shed, more than a tenth of the border's employment base. Although labor market conditions improved in May, there are still too many unknowns to determine when a full recovery will be achieved. Read the latest Texas Border Economy report for more. 

13 Houston acres slated for multifamily property

​​​​​HOUSTON (Realty News Report) – Alliance Residential Co. has purchased 13 acres at 12115 Main St. for a 336-unit multifamily project.

The three-story garden apartment community will offer one- and two-bedroom floor plans. 

It​ will be part of the proposed Saint Nicholas Place campus.

JLL represented the seller, Taeken Ltd.
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280-acre Mesquite business park starting in 2021

MESQUITE (Dallas Morning News) – Wynne/Jackson is building a 280-acre industrial park in Kaufman County along I-20.

Buildings in the $200 million project will range from 120,000 to 1 million sf.

Stream Realty Partners will market buildings for lease. 

Construction is set to start in early 2021.
Texas Realtors quote about Real Estate Center
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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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