|RECON for July 5, 2022||RECON for July 5, 2022||2022-07-05T05:00:00Z||2022-07-05T05:00:00Z|
Manufactured-housing output and payrolls held firm in June, but TMHS respondents contemplated pulling back production as they adjust to weaker demand. (Photo of Cordell Oaks in Seguin by JP Beato III, TRERC photographer.)
|COLLEGE STATION (Texas Real Estate Research Center) – Recent recessionary concerns suggest a possible slowdown in manufactured housing sales for the remainder of 2022, according to industry experts and the Texas Real Estate Research Center at Texas A&M University (TRERC).|
“It is now quite obvious that the U.S. economy is slowing,” said TRERC Research Economist Dr. Harold Hunt. “Mortgage rates are significantly higher than they were a year ago, and that is already putting a damper on the housing market.”
The latest Texas Manufactured Housing Survey (TMHS) sales index registered its lowest reading on record (the series began in June 2020), and activity is expected to slow in the second half of the year.
“There is a wide disparity between economists, however, regarding how much the economy will slow in the months ahead, and employment growth remains strong,” said Hunt.
Manufactured-housing output and payrolls held firm in June, but TMHS respondents contemplated pulling back production as they adjust to weaker demand.
While raw-materials prices fell for the first time in eight months, supply-chain issues continued both upstream and downstream from manufacturers.
“Market dynamics have shifted from supply constraints at the plant level to demand constraints at the retail level,” said Rob Ripperda, vice president of operations for the Texas Manufactured Housing Association. “Texas retailers are battling a lack of transportation and install services to deliver sold homes, falling foot traffic from new customers, and increased inventory costs on any deals that fall through.”
These challenges, combined with impending regulatory changes from the Department of Energy, resulted in heightened uncertainty and a more moderate outlook after a bullish start to the year. Expectations of future interest-rate increases suggest that these headwinds may persist for the foreseeable future.
UVALDE (San Antonio Business Journal) – H-E-B LP and the Butt family have pledged $10 million toward the construction of a new elementary school.
Following the tragedy at Robb Elementary, Mayor Don McLaughlin announced the school will be demolished.
The new school will have state-of-the-art security measures and enhanced educational offerings. H-E-B is collaborating with Huckabee and Joeris General Contractors on construction.
The school is expected to open in 2024.
|The Texas Real Estate Research 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. |
PLANO (REBUSINESS) – Minneapolis-based Ryan Cos. broke ground on Ryan Tower, a 409,000-sf office building within the Legacy West mixed-use development.
Global tax firm Ryan LLC plans to occupy half of the 23-story building as its new headquarters, while JLL markets the remaining space for lease.
ACORE Capital provided construction financing for the project, which Ryan Cos. is developing in a joint venture with Kansas-based conglomerate Koch Industries.
Amenities will include a fitness center, multiple conference rooms, tenant lounge, and a café.
Gensler is the project architect. Completion is slated for third-quarter 2024.
|Hungry 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. |
KYLE (Austin Business Journal) – California-based Outer Aisle Gourmet LLC has leased a 117,000-sf manufacturing facility in the works at 19200 Marketplace Ave.
Construction begins in January 2023 and will take 9-12 months. The facility will create 150 jobs.
Buildout will cost under $25 million.
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SAN ANTONIO (San Antonio Business Journal) – Indiana-based White Lodging has received approval from the San Antonio Historic Design and Review Commission to develop a ten-story hotel along S. Alamo St.
The project will have 360 rooms, rooftop bar, pool, and street-level restaurant.
White Lodging will transform an underused parking lot for the hotel.
|The Texas Real Estate Research 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.|
HOUSTON (MultiHousing News) – Sentinel Real Estate Corp. has purchased The Retreat at Cinco Ranch, a 268-unit garden-style community at 3306 S. Fry Rd.
The Retreat at Cinco Ranch features one-, two-, and three-bedroom floor plans averaging 943 sf.
Amenities include a clubhouse, fitness center, business center, swimming pool, lounge, and a playground with grilling stations.
Electra America, the previous owner, sold the property for $68.3 million.
ARLINGTON (JLL)– Realterm purchased a 186,344-sf, last-mile distribution facility on 15.5 acres at 2400 Centennial Dr.
Originally constructed in 1987, the facility was upgraded in 2020 and is triple net leased to Amazon.
The front-load building features a 29-ft clear height, ten dock-high doors, deep truck court, LED lighting, low office finish, 338 van parking spaces, and ample vehicle parking.
JLL represented the seller, Oxford Properties.
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