RECON for March 14, 2023RECON for March 14, 20232023-03-14T05:00:00Z2023-03-14T05:00:00Z

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A 362,000-sf San Antonio business complex is under new ownership. This story and more in today's RECON. (Photo from Center files.)
March 14, 2023

Texas Workforce Commission reports higher employment than previously thought

COLLEGE STATION (Texas Real Estate Research Center) – Texas' employment at the end of 2022 was higher than previously thought, according to revised historical employment data released this month by the Texas Workforce Commission.

An economist with the Texas Real Estate Research Center said this wasn’t due to growth in 2022 as much as it was to an underestimation of employment at the end of 2021.

"Texas job growth outperformed in 2021 by more than we knew," said Research Economist Dr. Adam Perdue. "We had even more jobs at the end of 2021 and the beginning of 2022 than we thought."

Perdue said that, statewide, Texas had about 60,000 more jobs in 2022 than previously reported.

San Antonio had around 10,000 more jobs, and Austin ended 2022 with 40,000 more jobs than previously reported.

"Dallas-Fort Worth employment came out a smidge lower, with the revisions down 10,000 at the beginning and end of 2022 relative to the amount previously reported," Perdue said. "Meanwhile, revisions show Houston had around 20,000 fewer jobs at the end of 2022 than we believed before."
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Fuller Realty Interests picks up San Antonio business complex

​SAN ANTONIO (San Antonio Business Journal) – Fuller Realty Interests has acquired Northbrook Business Center at 140 Heimer Rd.

The 362,000-sf complex consists of seven buildings.

The Bexar County App​​raisal District assessed the property at $12 million in 2022.​

Cushman & Wakefield brokered the deal. Transwestern is leasing the space.
Sketchy drawing of commercial buildingsThe 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. 

Construction underway on Fort Worth 240-unit mixed-income residential

FORT WORTH (REBusiness) – Palladium USA is developing Palladium Oak Grove, a 240-unit mixed-income residential project at 1000 Oak Grove Rd.

The project will have one, two-, and three-bedroom floor ​plans.

Amenities will include a pool, fitness center, conference center, dog park, computer lounge, kid's playroom, and resident clubroom.

Cross Architects is designing the project. Treymore Construction is the general contractor.

Completion of the first units is slated for May 2024.
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. 

Greystar completes 166K-sf distribution center in northwest Houston

HOUSTON (REBusiness) – Greystar has completed The Mill, a 166,000-sf shallow-bay distribution center on the city's northwest side.

The property has 185-ft truck court depths, 32-ft clear heights, 33 dock-high doors, and 12 trailer parking stalls.

This marks Greystar's first industrial project in the Houston area.
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Partnership bringing $450 million mixed-use project to South Austin

AUSTIN (Austin Business Journal) – PlaceMKR is partnering with Steinberg Hart to build a $450 million mixed-use project at the intersection of E. Riverside Dr. and SH 71.

East Riverside Gateway will include 1,100 residential units, 68,000 sf of retail space, and 4,000 parking spots.

The project proposes three commercial buildings representing 1.9 million sf. Four additional buildings will be slated for residential uses, with each building accommodating between 170 and 480 units.

Residential units will range from 430-sf studios to three-bedrooms with a 1,770-sf floor plan. 

Artesia Real Estate owns the 22-acre site.
Communication Matters video seriesThe 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. 

BuzzBallz’s 165K-sf industrial lease buzz of Carrollton

​​​​​CARROLLTON (REBusiness) – Alcoholic beverage provider BuzzBallz has signed a 165,050-sf industrial lease at 2080 McDaniel Dr..

Originally built in 1981 and owned by Prologis, the building is being expanded from its 125,000-sf space at 2020 McDaniel Dr. to the adjacent facility.

Lee & Associates represented the tenant in the negotiations for the full-building lease.
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