NewsTalk Texas

Houston-The Woodlands-Sugar Land

Texas City bags new H-E-B 

(8/31/2015)

TEXAS CITY - The debut of the 57,000-sf H-E-B will be September 15, according to Jimmy Hayley, president of the Texas City-La Marque Chamber of Commerce.

The store is just east of SH 146 and north of Palmer Hwy. at the site of the old Kmart building.

The grocer has long operated at 918 20th St. N. But Texas City officials wanted a better store for residents and for 18 months negotiated to make it happen. The existing store will close with the opening of the new one.

Read more on Galveston Daily News.

SpringHill Suites Downtown Houston from 'Humble' beginning 

(8/27/2015 2:00:00 PM)

HOUSTON - Maryland-based RLJ Lodging revamped one of Houston's most historic downtown buildings into a hotel and opened its doors.

The SpringHill Suites by Marriott in downtown Houston is located on Dallas St. in the former Humble Oil Building complex, which was placed on the national register of historic places in 1999.

The 167-suite SpringHill Suites by Marriott in Downtown Houston is located at 914 Dallas St. The SpringHill Suites Houston Downtown/Convention Center will operate as a Marriott franchise.

The company first acquired the complex's three towers, which span an entire city block, in 2013 for $79.5 million. The previous 82-unit apartment tower has now been converted into a 167-suite hotel.

The other towers operate as a 191-room Courtyard Houston Downtown Convention Center and a 171-room Residence Inn Houston Downtown Convention Center.

Read more at the Houston Business Journal.

College Credit for Heroes marches to Lone Star Houston 

(8/26/2015)

HOUSTON - The Texas Workforce Commission (TWC) recently announced the award of $800,000 to support five new accelerated certificate or degree programs through its College Credit for Heroes program, a statewide effort designed to maximize the award of college credit to veterans and service members for their military experience.

The announcement further expands the reach of the successful program, which has now grown to include a network of 37 universities and community college partners.

College Credit for Heroes welcomes five new school projects — including the Lone Star College System — to the third phase of the program:

Lone Star College System (LSCS), Houston: $150,000 is dedicated to creating new streamlined curricula (fast track certificates) based on Prior Learning Assessments (PLA) in the fields of industrial diesel technology, oil and gas drilling and electrical technology.

Unique to Texas, College Credit for Heroes has achieved success by establishing a standard evaluation process used across the state for veterans to receive classroom credit, by growing a vast network of partner schools and by supporting the development of 76 fast-track programs to help veterans translate their military experience into civilian careers.

To read more and see a list of the new school projects, see the Texas Workforce Press Release.

For a complete list of participating schools and fields of study, visit collegecreditforheroes.org.

Adults only: Taylor Morrison to develop 228-acre community 

(8/26/2015)

HOUSTON - Taylor Morrison is expanding its 55 and up active adult presence in the Houston area with the development on a Bonterra active lifestyle community in Cross Creek Ranch on Houston’s west side.

The 228-acre community will have 700 homes — prices from $250,000 to $450,000 — in a gated neighborhood. Last year Taylor Morrison opened another Bonterra active adult community in Woodforest, north of Houston.

Cross Creek Ranch is a master-planned community, developed by Johnson Development, about six miles west of the Grand Parkway near FM 1093. The 3,000-acre project, planned by the SWA Group, emphasizes sustainable landscaping, wildflowers, wetlands and controlled water usage.

Read more at Realty News Report.

Homewood Suites to Galveston's seawall 

(8/25/2015)

GALVESTON - Hilton Worldwide's Homewood Suites is coming to Galveston's East End.

The $5.5 million, 69,000-sf project will be an 86-room property at First St. and Seawall Blvd. SRI Galveston Hospitality, a company that emerged due to the area's booming healthcare scene, is helming the project.

The launch of this new hotel is due to the growing influx of hospital patients and their families. This Homewood Suites is intended to be an extended-stay type of accommodation, which will include kitchens, will open in the fall.

The $438 million, 200-room Jennie Sealy Hospital is currently under construction and expected to be completed next year.

Read more at the Galveston Daily News.

Houston multifamily strong in Spring Branch submarket 

(8/25/2015)

HOUSTON - Transwestern’s Houston Multifamily Investment Services Group completed the sale of a two-property multifamily portfolio totaling 117 units in Spring Branch —  near the Katy Freeway, west of Loop 610.

Transwestern said the Spring Branch submarket had an occupancy rate of 94.1 percent, compared to a citywide rate of 91.4 percent. Monthly PSF rentals rates for Class A, B and C were $1.42, $1.04, and 85 cents, respectively. 

Demand for well-located assets in the Spring Branch submarket remains high.

Transwestern said the off-market deal involved the sale of Spring Gardens, a 79-unit, garden-style community located at 1714 Wirt Rd. and Johanna Square, a 38-unit, garden-style community, located at 1715 Johanna Dr.

Read more on Realty News Report.

Don’t forget! Click Transwestern's Houston Metro Mid-Year Report and see page 22 for multifamily data.

Typhoon Texas forming in Katy 

(8/25/2015)

KATY - Katy's "Typhoon Texas" waterpark has broken ground and is planned to open in May 2016, featuring a 27,000-sf wave pool, a 1,500-foot lazy river and more than 13 rides and attractions.

Plans for the $45 million park — located at 555 Katy Fort Bend Rd. on 25 acres near the Katy Mills mall — began in 2012.

There will be body slides such as the 50-foot "Open AquaDrop."

Tube slides such as the "Constrictor" will spin pairs of riders through series of loops.

Plans include a state-of-the-art microfiltration system that that cycles 70,000 gallons of water per minute, high velocity rides and a rainforest aqua play area.

With the help of the Katy Area Economic Development Council, the site was chosen near the Grand Parkway and close to where the mall will soon undergo a $25 million facelift and where a future boardwalk, hotel and convention center, restaurant strip and shopping center are planned.

Read more at the Houston Chronicle and Community Impact Newspaper.

Don't miss out! Houston Market Research, Houston NewsTalk

The Woodlands medical center area tops off new hospitals 

(8/25/2015)

HOUSTON - The race to build up what some are calling The Woodlands Medical Center has reached a milestone as both Houston Methodist The Woodlands Hospital and Texas Children's Hospital The Woodlands put the final beams in place in the construction of the two new hospitals.

Houston Methodist The Woodlands Hospital building will sit on 59 acres at the corner of I-45 and Texas 242 and will open with 193 in-patient beds and plans to ultimately include 400 beds.

The hospital shares the land with a 150,000-sf medical office building, which is planned to open in February 2016. Houston Methodist is investing $380 million in this campus, which is the eighth in the system and modeled after Houston Methodist West Hospital near Katy.

Texas Children's The Woodlands:

On the other side of the freeway, adjacent to CHI St. Luke's -The Woodlands Hospital, the $360 million, 548,000-sf Texas Children's Hospital The Woodlands pediatric facility is keeping pace.

The hospital will include 24 emergency center rooms, 74 outpatient rooms, five radiology rooms and 30 acute care beds at opening with plans of up to 200 additional beds.

Both hospitals are slated to open in 2017.

Read more at the Houston Chronicle.

Got gigs? Rural telecommunication expands to Houston 

(8/24/2015 7:00:00 AM)

HOUSTON - Texas Lone Star Network (TLSN) has established a point of presence at Data Foundry's newest data center, Houston 2, located in North Houston.

Houston 2 is a 350,000-sf purpose-built, concurrently maintainable data center with 60 megawatts of power, 185 mph wind-rated structure and carrier neutral access to 11+ telecom carriers.

TLSN now offers connectivity to both Houston 2 and Texas 1 which gives customers have another carrier option.

Data Foundry controls and manages over 650,000+ sf of data center facilities in Austin and Houston along with a global network and colocation presences for deployments worldwide.

The company also provides disaster recovery readiness solutions, such as secondary sites, and dedicated office space to complement its core suite of services.

TLSN is a consortium of 40 Rural Telecommunications Carriers in Texas. Our Member Owners have been providing quality services to rural Texas customers for 50 to 100 years.

Read more at IT Business Net.

Houston: Dalfen acquires 201,000-SF Lockwood HQ 

(8/23/2015)

HOUSTON - Dalfen America Corp. has acquired Lockwood International’s corporate headquarters and distribution facilities at 10203 Wallisville Rd.

The three-building portfolio is comprised of two warehouses and one office building totaling 201,000 sf. The properties were a build-to-suit project for Lockwood — a valve automation and supplier — in 1998, 2002 and 2004.

Located approximately two miles from Union Pacific’s Englewood and Settagast intermodal terminals, with access to I-10, and I-620, the property is also located 15 minutes from downtown Houston and 30 minutes from George Bush Intercontinental Airport.

Read more at Globe St.

Also see Houston Market Research with quarterly reports and Houston NewsTalk.

Houston Post Office stamped for redevelopment 

(8/21/2015 11:45:00 AM)

HOUSTON - Lovett Commercial has acquired the downtown U.S. Post Office property, a key 16-acre redevelopment site overlooking Buffalo Bayou.

“This is one of the most important tracts of land in the City of Houston,” said Ann Taylor, Executive Director of Urban Land Institute (ULI) Houston.

Lovett is expected to develop a mixed-use project with retail, residential and office on the Post Office site, 401 Franklin St.

“It’s extremely rare to find a downtown site with direct, easy access to I-10, I-45 and numerous adjacent neighborhoods in Houston,” said Burdette Huffman, Vice President for Lovett Commercial. “Our goal is to create a very special mixed-use development that leverages the Bayou, the theater district and the significant scale of the property.”

The Lovett organization paid about $40 million for the site, although the sales price was not disclosed in Lovett’s press release.

The Post Office, built in 1962, has 517,000 sf of buildings, including a five-story office building that may be redeveloped by Lovett into office space or lofts.

Read more at Realty News Report.

Don't miss out! Houston Market Research, Houston NewsTalk

Tomball business growth ignites housing boom 

(8/21/2015 11:15:00 AM)

TOMBALL - With mobility improvements and further business growth, new housing developments are continuing to sprout in the Tomball region.

From the expansion of Wildwood at NorthPointe and the developing Woodtrace community off Texas 249 to The Reserve at Spring Lakes off Zion Rd., Alexander Estates off FM 2978 and Pine Country off Tomball Cemetery Rd., new housing is keeping pace with population growth.

Opening of the 6.7-mile, $73 million Tomball Tollway and construction of the Grand Parkway, coupled with the business growth in the area, including nearby campuses of Exxon Mobil Corp., Baker Hughes, Southwestern Energy and Noble Energy, has meant a population boom for the region.

Wildwood at NorthPointe, located off Texas 249 and Northpointe Blvd., is answering that need by expanding the community.

Friendswood Development Co. has acquired a 200-acre parcel of land for the expansion of its top-selling community.

The 200 acres, which borders Boudreaux Rd. and is north of the Oakcrest at Wildwood neighborhood, will add about 475 lots, plus space for trails, pocket parks and a recreation center.

Buildout for the expanded Wildwood at NorthPointe is projected for spring 2019. Builders consist of Village Builders, Lennar, M/I Homes, Meritage Homes and Anglia Homes.

Wildwood at NorthPointe, a 700-acre community offering homes priced from about $190,000 to more than $600,000, reported 442 home sales last year.

The Reserves at Spring Lakes is a 232-acre community located on Zion Rd., less than a mile from Tomball High School.

The community is located five miles from The Woodlands and less than two miles from Lone Star College Tomball.

Woodtrace is located off Texas 249 and FM 149 and being developed by Friendswood Development Co. The community will have 850 homes upon completion.

The number of apartments in the Tomball area has doubled in the last two years, said Bruce McClenny, president of Apartment Data Services in Houston, which analyzes apartment trends throughout the region.

There are 5,127 units in the area now, compared with 2,500 a year ago, he said.

In the last year, there have been about 1,300 apartment units added in Tomball at four communities

At the new Alexan Creekside in northeast Tomball on Hufsmith Rd. and Kuykendahl Rd., there are 380 units among its 17 buildings, and at the new Avenues at Northpointe apartment community, located off Texas 249, there are 280 units.

Read more at the Houston Chronicle.

Quarterly reports are available at Houston-The Woodlands-Sugar Land Market Research. Also see what's happenin' at Houston NewsTalk.

Houston Gateway to office stats 2Q 2015 

(8/21/2015)

HOUSTON - Commercial Gateway, the commercial division of the Houston Association of Realtors (HAR), has released its area office reports for 2Q 2015.

Houston Area Office Market Summary 2Q 2015*
Market
Area
Bldg.
SF**
Vacancy
Rate
Net Absorp.
YTD
Under
Const.
Wtd.
Avg.
Rent***
Suburban 169,189,585 13.2% 2,471,980 9,449,610 $24.58
CBD 40,315,042 9.0% -283,197 1,525,000 $36.90
Uptown 28,932,922 12.8% -413,210 1,383,824 $33.48
Inner Loop 25,081,447 10.0% -519,250 1,025,151 $26.76
Energy
Corridor
18,832,381 9.8% 165,419 1,965,701 $28.78
Houston-Area
Total
209,504,627 12.4% 2,188,783 10,974,610 $26.49


*Top five markets ranked by SF.
**Includes all general-purpose existing industrial buildings 20,000 sf or larger.
***Rental rates are weighted and averaged based on available space.

Source: Commercial Gateway

See the full 2Q 2015 Office Market Summary (PDF).

Also see Houston Market Research with quarterly reports and Houston NewsTalk.

Goose Creek CISD $14M IMPACT in Baytown 

(8/20/2015 7:30:00 AM)

BAYTOWN - Goose Creek CISD’s fourth high school now has a permanent home.

Since IMPACT Early College High School was first established in 2010, its students have been shuffled between Lee College, the Peter E. Hyland Center and portable buildings.

Now, a $14 million building has been constructed to house the ECHS students between Bicentennial Park and Robert E. Lee High School.

Students at IMPACT or “Intelligent Minds Participating in Acts of Courageous Talent,” have the opportunity to earn a high school diploma and an associate’s degree or at least 60 hours of college credit tuition-free.

The new 50,000-sf facility will hold up to 400 students and has plenty of offices, a commons area, multiple classrooms, science labs, computer labs and a teacher/lounge workroom.

IMPACT is a collaborative project of Goose Creek CISD and Lee College.

Read more at The Baytown Sun.

Click Houston Market Research and Houston NewsTalk.

Houston sale: IMT Uptown Post Oak's $90M 

(8/19/2015 3:00:00 PM)

HOUSTON - IMT Uptown Post Oak, a 392-unit apartment community at 1111 Post Oak Blvd. near Houston’s Galleria has been acquired by IMT Capital LLC.

The complex was acquired for $90.1 million from Plano, Texas-based Monogram Residential Trust.

IMT Uptown Post Oak offers studio, one- and two-bedroom units ranging from 674 sf to 1,533 sf. Rent ranges from $1,165 to $3,320.

Read more at Realty News Report.

Don't miss out! Houston Market Research, Houston NewsTalk

Texas industrial strength: 158 warehouses underway 

(8/19/2015 9:00:00 AM)

HOUSTON - Texas is in the midst of a warehouse boom, CBRE Research reports 158 large industrial buildings were under construction in the state during second quarter 2015.

Houston, riding the wave of a petrochemical growth, has 10.2 million sf underway.

Dallas, a major retail distribution hub, leads the way with 14 million sf of industrial space under construction, CBRE reported.

Strong job growth and population gains fuel the industrial real estate market in the Lone Star State, which has 1.4 billion sf of warehouse, distribution and industrial space.

The construction totals do not include the recently completed Amazon e-commerce distribution facility, a 1.2 million-sf project where 450 are employed and 350 more will be hired, CBRE reported.

Read more at Realty News Report.

Click to see the full CBRE Houston Industrial 2Q 2015 report. Stay tuned for CBRE's Texas Industrial Report 2Q 2015

Houston Palms on Westheimer snapped up for $40M 

(8/19/2015 7:45:00 AM)

HOUSTON - Vende Capital boosted its local holdings with the purchase of Palms on Westheimer Apts. at 6425 Westheimer Rd. from BRT Realty Trust for $39.9 million, or approximately $50,000 per unit.

Located in the Great Uptown Multifamily submarket, the 763,455-sf complex consists of one- and two-bedroom units in 29 buildings.

The Houston-based asset management and real estate investment company assumed $24.1 million of mortgage debt to acquire the 798-unit gated community, which delivered in 1974 and was last renovated in 2012.

Source: CoStar Group

Houston retail occupancy hits ten-year high 

(8/18/2015 9:00:00 AM)

HOUSTON - Prices for Houston retail properties jumped sharply in the last 12 months — more than 20 percent in some cases, reports Deal Sikes & Associates, a Houston-based real estate valuation firm.

Investors are finding the inventory of available retail properties is tight and prices are very strong, says Mark Sikes of the Deal Sikes firm.

Houston’s retail occupancy rate is over 94 percent, the highest in over ten years, reports Lisa Bridges, director of research for Colliers International in Houston. Colliers reports only 2 million sf of new space is in the construction pipeline.

The new retail space in the pipeline is 78 percent preleased, Colliers reported. During second quarter, 933,719 sf of Houston’s retail inventory was absorbed.

Houston’s average retail vacancy rate decreased slightly from 6.2 percent a year ago to 5.8 percent in the second quarter.

The citywide average quoted retail rental rate increased to $15.30 per sf, up 2.3 percent from $14.96 per sf a year ago.

Read more at Realty News Report.

Don't miss out! Houston Market Research, Houston NewsTalk

Houston: 16-story, 40-unit Aurora on the horizon 

(8/18/2015)

HOUSTON - Sims Luxury Builders is developing Aurora, a 16-story residential high-rise.

The 40-unit project, with homes priced at $2 million and up will be located at 4906 Tilbury Dr. in the Hidden Oaks neighborhood of Houston, near Uptown Park and the Galleria.

Aurora will feature 40 residences ranging from 3,400 to 4,000 sf and four penthouses ranging from 5,700 to 6,400 sf.

Aurora’s classic modernist architecture is designed by Philip Johnson/Alan Ritchie Architects.

Read more at Realty News Report.

Houston: 50,000 SF Ignite Restaurant Group's test kitchen 

(8/18/2015)

HOUSTON - Ignite Restaurant Group will gain about 50 percent more space when it relocates to new headquarters later this year.

The Houston-based owner and operator of the Joe's Crab Shack and Brick House Tavern & Tap chains has leased the entire 49,865-sf building at 10555 Richmond in Westchase.

"They are incorporating a test kitchen into the property, which is something they've needed for a long time," said Scott Covington, a broker with SE Covington & Co.

The company will relocate from 9900 Westpark, near Gessner, where it occupies about 33,000 sf.

Building owner Zenith Real Estate Group recently completed interior improvements, including a new lobby, and is finalizing exterior renovations to the building. It will build out the space for Ignite Restaurant Group.

The occupancy rate for Class B office space in Westchase was 82 percent in first quarter 2015, the Westchase District reports.

Read more at the Houston Chronicle.

Will Waller Daiken plant spark apts? Class A project planned 

(8/17/2015 2:00:00 PM)

WALLER - A new apartment project is set to rise near Daikin North America LLC’s $417 million manufacturing plant northwest of Houston.

T R Inscore LLC plans to build a Class A, garden-style apartment project on the southeast corner of FM 2920 and U.S. Hwy. 290 in Waller County.

The 9.6-acre site is located just a few miles north of Daikin-Goodman Comfortplex Campus, the Japanese HVAC giant's newest manufacturing plant currently under construction.

The new 4.1-million-sf plant — one of the largest industrial buildings under construction in the U.S. — is expected to open in fall 2016 and employ more than 6,000 employees by mid-2017.

The Cypress-based multifamily developer hopes to capitalize on the growing demand for housing in this region as a result of the new Daikin plant and other industrial projects in the northwest Houston area.

Currently, the closest Class A apartment communities are located in Cypress, which is about a 30-minute drive to the plant.

T R Inscore LLC plans to build a two-and three-story ranch-like apartment complex with 224 high-end units, which will average 792 sf in size. Estimated rent will average about $1,002 per month.

Read more at the Houston Business Journal. See Houston's Multifamily Market Research.

See previous story Cool! Daikin heats up $417M Waller campus.

Galveston $23M sand beach expansion underway 

(8/17/2015)

GALVESTON - A major beach expansion is now underway, representing the largest sand nourishment project to take place on the Texas Gulf Coast this summer.

The project will use 725,000 cubic yards of sand dredged from the Galveston Ship Channel to create 20 blocks of additional beach along the island’s seawall between 61st and 81st streets.

“This is the single largest volume of sand ever placed on Galveston’s beaches,” said Park Board Executive Director Kelly de Schaun. “This project is part of a long-term strategy to build public beaches, protect community assets from storm surges and increase property values on the island.”

The $23 million-project is a collaborative effort sponsored by the Galveston Park Board, City of Galveston and the Texas General Land Office.

The U.S. Army Corps of Engineers Galveston District — which routinely dredges the ship channel every 18–24 months — will place the material on the beach in lieu of offshore.

The project will take approximately 60 days to complete. During construction, public access to west seawall beaches between 61st and 81st streets will be limited.

Source: Galveston.com

Ashford Crossing II brings $10.6M in Houston 

(8/14/2015 12:30:00 PM)

HOUSTON - The Ashford Crossing II office building near west Houston’s Energy Corridor has been acquired by an affiliate of Hartman Short Term Income Properties XX for a purchase price of $10.6 million.

Ashford Crossing II is a 158,451-sf, six story office building located at Dairy Ashford Rd. and Whittington Dr. Built in 1983, the property is currently 87 percent leased.

Source: Realty News Report and Securities and Exchange Commission

Also see Houston Market Research and Houston NewsTalk.

July best month in home sales for Houston, despite oil crash 

(8/14/2015 9:00:00 AM)

HOUSTON - July was the best month ever for home sales in Houston, despite the economic woes generated by the decline of the energy industry.

Houston Association of Realtors reported 8,147 single family homes were sold last month, the first time more than 8,000 homes have been sold in a single month, the Houston Association of Realtors reports.

Rising apartment rents are also driving apartment dwellers into purchasing a home, said Ted C. Jones, chief economist of Houston’s Stewart Title Guaranty, because today’s higher rents make purchasing a house an attractive proposition.

After a record setting year in 2014, home sales are running slight ahead of last year’s fiery pace. So far this year 43,559 single-family homes have been sold in the Houston area, up slightly from 43,482 sales at this point in 2014.

Single-family home sales in July represented almost a 7 percent gain over sales in July of last year, HAR reports.

The previous record for home sales in a single month was set earlier this summer when 7,669 homes were sold in June 2015. Sales of townhouses and condominiums were up about 7 percent in July, compared to a year ago.

Home prices continued to rise. The average price of a single-family home sold in July was $293,790, up over 6 percent from last year, HAR reports. The inventory of homes for sale remains tight with less than a four-month supply.

Read more at Realty News Report.

Houston: 29-unit Riva at the Park rises on Buffalo Bayou 

(8/14/2015)

HOUSTON - Sugar Land-based Sims Luxury Builders has broken ground on its first condominium project.

Riva at the Park, located at 3331 D’Amico St. near Allen Pkwy. and Dunlavy St., will be a ten-story, 29-unit high-rise overlooking Buffalo Bayou Park, one mile west of the downtown Central Business District.

The new floor plans range from 2,350 to 3,600 sf and are priced from $800,000 to $1.6 million.

All units have been sold, and the high-rise is expected to be completed next summer.

Read more at the Houston Business Journal.

Retail center, medical building sold in Houston 

(8/14/2015)

HOUSTON - Inland Real Estate Acquisitions announced the acquisition of four properties purchased in July on behalf of an Inland affiliate.

The acquisitions total more than 476,000 sf across three states for a total purchase price of more than $75 million.

The properties acquired include two apartment communities with a combined total of 278 units, one medical office building and a retail center.

The two Texas properties acquired include:

  • The Fountains, a 131,578-sf retail center located in Hixson with Kohl’s and Academy Sports as tenants.
     
  • Emerus Community Hospital, an approximately 38,000-sf building, located in Tomball which contains a hospital with emergency and acute care capabilities as well as space dedicated for medical offices.


Read more at MultifamilyBiz.com.

HAR: Houston area home sales July 2015 

(8/13/2015 8:30:00 AM)

HOUSTON - Houston Association of Realtors (HAR) has released home sales data for July 2015.

  • The median price of existing single-family homes decreased to $222,500, down 1.7 percent from June 2015.
  • Existing single-family home sales increased 0.8 percent from June 2015 for a July 2015 total of 7,752 sold units.
  • Condos decreased in price to $165,000, down 5.7 percent from June 2015.
  • Existing condo sales decreased 4.4 percent in July 2015 over June 2015 for a total of 766 sold units.

HAR June 2015 Regional Sales and Price Activity
MLS Wide Units Sold
July 2015
Median Price
July
2015
Price Chg.
July 2014
Sales Chg.
July
2014
HAR
(single-family)
7,752 $222,500 8.50% 2.10%
HAR (condo) 766 $165,000 -1.40% 1.10%
Region Cities*  
Houston 2,185 $207,000 6.20% -1.70%
Katy 634 $256,250 7.50% 8.90%
Spring 559 $202,158 -1.40% -9.70%
Cypress 383 $259,900 14.80% 6.70%
Humble 258 $180,000 7.10% -8.80%
Richmond 248 $242,000 8.20% -4.20%
Pearland 227 $248,700 15.70% -5.00%
Sugar Land 219 $325,000 0% 13.50%


*Region Cities' data include single-family only and represents eight select cities sorted by number of units sold.

See the full report from the Houston Association of Realtors.

Click: Houston NewsTalk, Houston Market Research for quarterly reports of all kinds.

Texas Children’s Health Plan takes 160,000 SF in Bellaire 

(8/13/2015 7:58:00 AM)

BELLAIRE - Texas Children’s Health Plan signed a ten-year deal for 159,136 sf at 6330 W. Loop South.

The Texas Children’s Hospital subsidiary will occupy the top eight floors at the 14-story, 278,489-sf building, joining engineering consulting firm WorleyParsons in the complex beginning January 2016.

Source: CoStar Group

Check out Colliers Houston Market Research Medical Office 2Q 2015.

Transwestern: Houston industrial market watch June 2015 

(8/13/2015)

HOUSTON - Transwestern has released the June 2015 Market Watch report for the industrial market.

Houston Industrial Market Indicators*
Submarket** Total RBA
(SF)
Direct
Vacant
(SF)
Overall
Vacancy
Rate
SF Under
Construction
1Q 2015
Net Absorp.
Northwest Near 86,918,130 2,710,124 3.20% 668,078 -139,000
North Far 60,086,663 4,771,019 8.10% 1,724,943 1,272,000
Northwest Far 59,540,324 2,839,947 4.80% 3,036,696 518,000
East-Southeast
Far
45,530,288 2,612,039 5.70% 1,938,642 358,000
Southwest Near 38,696,794 1,383,538 3.60% 37,296 81,000
Southeast Near 30,734,163 428,075 1.40% - -20,000
CBD 30,218,438 1,317,280 4.40% - 117,000
Northeast Near 30,081,678 365,789 1.20% 20,000 39,000
Total*** 469,464,464 20,055,844 4.30% 8,586,060 2,823,000


*Transwestern analysis of Costar data, includes buildings 15,000 SF RBA and greater, excluding government-owned buildings.

**Survey includes Houston submarkets with SF RBA larger than 30,000,000.

***Total includes all 14 Houston submarkets.

Click here for the full Houston Industrial Market Watch report from Transwestern.    

Colliers 2Q 2015: limited space in Houston retail 

(8/12/2015)

HOUSTON - The second quarter 2015 Colliers International report shows leasing in the city’s retail market declined in 2Q due to limited available space.

“The retail vacancy rate has dropped to 5.8 percent city-wide, which is the lowest vacancy rate over the last ten years,” Lisa Bridges, director of market research at Colliers, told GlobeSt.com. “The majority of the new development is located in the suburban submarkets and is mostly grocery-anchored centers.”

During 2Q, the report states, 933,719 sf of Houston’s retail inventory was absorbed, slightly more than the 837,255 sf from the previous quarter.

Retail leasing activity decreased, reaching 1 million sf, a decrease of 30 percent from the 1.3 million sf leased in 1Q.

In addition, over 1.1 million sf of new inventory delivered during 2Q and 87.1 percent of the new product is pre-leased. Houston’s retail construction pipeline totals 1.9 million sf and 78 percent is pre-leased.

Houston’s average retail vacancy rate decreased slightly from 6 percent to 5.8 percent between quarters, and decreased from 6.2 percent over the past year.

Houston Retail Market Summary
Category Rentable
Area (SF)
Total
Vacancy
2Q 2015
Net
Absorp.
Strip centers
(unanchored)
34,398,258 8.4% 126,004
Neighborhood center
(one anchor)
69,348,861 9.5% 251,261
Community centers
(two anchors)
44,503,623 5.6% 75,125
Power centers
(3 or more anchors)
25,736,000 3.7% 36,766
Lifestyle centers 4,419,210 4.8% 2,550
Outlet centers 1,899,333 13.9% 11,780
Theme/entertainment 533,474 3.3% 6,316
Single-tenant 72,817,078 1.9% 423,781
Malls 23,247,353 5.3% 136
Greater Houston total 276,903,190 5.8% 933,719


Source: Colliers

See Colliers International Houston Retail 2Q 2015 report.

Read more at Globe St.

Do you need other sources for Houston retail? Save time! Go to Houston Market Research and look under the Retail category.

Houston's robust medical office trends 2Q 2015 

(8/11/2015 10:00:00 AM)

HOUSTON - While low oil prices have negatively affected jobs and growth in Houston’s oil industry in the first half of 2015, the health care industry has continued to flourish, according to Colliers’ 2Q 2015 Houston Medical Office and Healthcare Real Estate Trends report by Coy Davidson.

Houston Medical Summary Statistics 2Q 2015
  2Q 2014 1Q 2015 2Q 2015
Vacancy rate 10.9% 12.1% 11.7%
Net absorp.* 265.0 -235.5 306.7
New construction* 0 0 216.1
Under construction* 649.7 236.1 794.2
Asking Rents
($/SF/YR)
 
Average $23.58 $24.54 $24.43
Class A $27.70 $27.85 $26.84
Class B $23.42 $24.60 $24.49


*thousand sf

Medical Office Sales 1Q 2015–2Q 2015
Building Name Submarket RBA (SF) Sales
Price
Price
PSF
Closed
Bayside Medical Center Gulf Freeway/Pasadena 51,136 $6.5M $127 June-2015
22710-22730 Professional Dr. Kingwood/Humble 43,000 $14.9M $348 March-2015
Spring Medical Plaza Northwest Outlier 22,345 $7.0M $316 Jan-2015
Friendswood Medical Center NASA/Clear Lake 14,000 $5.6M $245 Feb-2015
Northwest Surgery Center Northwest 11,200 $4.6M $411 May-2015


Source: Colliers

Don't forget! Visit Houston Market Research and Houston NewsTalk.

CenterPoint acquires 240,000 SF near Houston port 

(8/10/2015)

HOUSTON - CenterPoint Properties has acquired over 240,000 sf and 11 acres across two properties near rail and shipping lines.

Located at 8501 North Loop East and 8786 Wallisville Rd., the facilities are less than 20 miles from the Port of Houston’s Barbours Cut and Bayport terminals, allowing for three to four daily trips.

Both buildings offer close proximity to local rail and port shipping channels, situated less than one mile from the Union Pacific (UP) Settegast and UP Englewood intermodal yards, and less than four miles from the Houston Ship Channel.

The 8501 North Loop East property is fully leased, and consists of 103,950 sf of industrial warehouse space with 25 exterior docks, 22-foot clearance storage and seven rail doors.

The 8786 Wallisville Rd. property, which is fully leased, contains 136,928 sf of industrial warehouse space with 35 exterior docks, 18-foot clearance storage and 16 rail doors.

Read more at Globe St.

Also see Houston Market Research and Houston NewsTalk.

Transwestern Houston metro outlook mid-year 2015 

(8/6/2015)

HOUSTON - The Houston office market is still seeing some major leases signed, but overall activity has slowed as tenants exercise caution in the current economy, according to the Houston Metro Real Estate Outlook report from Transwestern.

The overall office vacancy rate was 12.5 percent at mid-year, up from 11.4 percent in first quarter 2015. Direct vacancy was 11.4 percent, up from 10.4 percent over the same period.

Net absorption of industrial space totaled 3.4 million sf in 2Q 2015, for a mid-year total of 6.2 million sf.

There was 11.0 million sf of industrial space under construction in 2Q 2015, up significantly from 8.6 million sf last quarter. This space was 57 percent preleased at mid-year.

Houston’s retail market has shown tremendous growth through mid-year, adding 13,700 jobs over the 12 months ending in May, a 4.7 percent increase.

Grocery-anchored centers still have a dominant hold on construction starts, and the metro will see a fair share of luxury stores and new restaurants delivered in 2015 as well.

Houston Market Indicators Mid-Year 2015*
Sector Inventory SF Available Vacancy Rate
2Q 2015
Under
Construction
Net Absorption
2Q 2015
Net Absorption
YTD 2015
Office** 235,262,516 26,792,529 11.4% 11,344,943 -155,000 1,652,000
Industrial*** 473,409,407 20,645,564 4.4% 11,023,418 3,354,000 6,177,000


*Does not include buildings under construction or owned by the government.
**Includes buildings 50,000 sf and greater.
***Includes buildings 15,000 sf and greater.

Click here for the full Houston Metro Outlook Mid-Year 2015 report from Transwestern.

Save time and effort! See Houston Market Research for a variety of up-to-date stats.

Cypress: Towne Lake stepping out on 150,000-SF boardwalk 

(8/5/2015 10:00:00 AM)

CYPRESS - Caldwell Cos. has revealed its first tenants in The Boardwalk at Towne Lake, a new lakeside mixed-use project northwest of Houston.

Caldwell Cos. is building The Boardwalk, a major retail, office and dining project on the northwest corner of Barker Cypress and Tuckerton Rd. in the master-planned community of Towne Lake.

The Boardwalk will open in spring 2016 with four large buildings featuring 150,000 sf of shops, offices and patio restaurants, as well as green space and several docks for resident boats.

Future plans call for three additional retail, restaurant and office buildings as well as water taxis and a boutique hotel with a lakeside pool and bar.

The Boardwalk is approximately 65 percent preleased.

Read more at the Houston Business Journal.

Houston: 30,000-SF facility piped to Northwest Crossing 

(8/5/2015)

HOUSTON - Pipeline Research Council International Inc. recently completed construction of a 30,000-sf facility on 8.5 acres in Carson Companies' Northwest Crossing Industrial Park.

The facility includes a 700-foot by 230-foot concrete pull test facility, which is the largest of its kind in the world.

The facility also includes 8,500 sf of office and meeting space and a 21,500-sf workshop.

The Houston Chronicle reported last year that the facility would cost $10 million to construct.

Read more at the Houston Business Journal.

740-Acre Royal Brook development fit for Kingwood 

(8/4/2015 8:30:00 AM)

KINGWOOD - The original developer of Kingwood is at work on a major expansion of the area that will add at least 1,100 new homes over the next several years.

Friendswood Development is expanding the 15,000-acre master-planned community in northeast Houston by 740 acres.

The new section of Kingwood, to be called Royal Brook, is being developed at the northeast intersection of Mills Branch Rd. and West Lake Houston Pkwy.

The first phase will include 160 lots and should be completed by year-end. Homes are expected to be under construction in early 2016.

The project is just one example of new development in the Lake Houston area to serve a population that's grown more than 70 percent over the last 15 years.

The project comes at a time of tremendous growth in this region, which also includes Atascocita and Humble, where builders have 13,000 new homes and apartments under construction or planned.

This region defies the overall trend across the Houston region, for new homes, at least.

Read more at the Houston Chronicle.

Baytown Cedar Port industrial park signs major tenant  

(8/4/2015)

BAYTOWN - Cedar Port Industrial Park, a massive park located across the Houston Ship Channel from the Barbours Cut and Bayport container terminals, has sold 50 acres and an existing 312,000-sf warehouse to a South American plastics packaging company.

The buyer plans to use the 50 acres to expand its operations, including adding more warehouse space. The company is the first major tenant to be signed since Beaumont-based Trans-Global Solutions Inc. purchased the park in December.

The park has direct access to both the Union Pacific Railroad and BNSF Railway as well as to a Chambers County Improvement District barge dock on Cedar Bayou.

In February, TGS announced that it will make $22 million in infrastructure improvements, including expanding rail lines, to allow for 11,000 acres to be developed within the park.

Read more at the Houston Business Journal.

Memorial Hermann boosts 45,000-SF care center to Kingwood 

(7/31/2015)

KINGWOOD - Memorial Hermann Health System will build a 45,000-sf convenient care center in Kingwood.

The convenient care center will be located at Kingwood Dr. and West Lake Houston Pkwy. in the Main Street Kingwood Shopping Center.

It will be two stories, and will feature adult and pediatric primary care services, specialty physicians, sports medicine and rehabilitation, outpatient imaging and lab services and a 24-hour emergency room.

The convenient care center is expected to open fall 2016.

Read more at the Houston Business Journal.

Houston: Waypoint snags 246-unit Valencia Place 

(7/31/2015)

HOUSTON - Waypoint Residential has acquired Valencia Place located at 3131 West Bellfort Ave.

Valencia Place is a brand new 246-unit, Class A property in close proximity to the Texas Medical Center.

Valencia Place also enjoys easy, direct access to major highways, providing convenient access to Houston’s core employment centers.

Read more at MultifamilyBiz.com.

Stafford: 420-unit Preserve at Colony Lakes to Venterra 

(7/29/2015)

STAFFORD - Venterra Realty has acquired the Preserve at Colony Lakes, a 420-unit multifamily community about 20 miles southwest of downtown Houston.

Preserve at Colony Lakes was completed in 2004 and is located at 1000 Farrah Lane near the convergence of US Hwy. 59 and SH 90.

The property offers one-, two- and three-bedroom floor plans, and it is 93 percent leased.

Read more at Realty News Report.

Oceans Behavioral Hospital Katy floats to the finish 

(7/29/2015)

KATY - Ascension Group Architects recently completed Oceans Behavioral Hospital Katy at 455 Park Grove Dr.

The hospital opened to patients in the spring. The 48-bed, 34,274-sf behavioral health hospital provides care to adults 55 years and older who require inpatient hospitalizations for psychiatric illnesses.

The property is located just south of I-10 and Mason Rd.

Read more at Texas Real Estate Business.

Colliers: The Woodlands 2Q 2015 Office Snapshot 

(7/28/2015 10:00:00 AM)

THE WOODLANDS - Class A rents increased slightly over the quarter while Class B rents remained flat, according to Colliers International Market Office Snapshot 2Q 2015.

Positive net absorption and new supply reflected the continuation of ExxonMobil’s relocation into Phase III of its new campus.

Construction activity remains slow as proposed projects are still on hold due to the slump in energy prices.

The Woodlands Office Snapshot 2Q 2015
  Inventory Direct Vacancy Vacancy Rate Net Absorption (SF) Rental
Rate
Class Bldgs. Total (SF) (SF) Rate 2Q 2015 1Q 2015 2Q 2015 1Q 2015 Avg. (SF)
A 32 9,251,755 434,129 4.7% 5.2% 5.0% 452,559 1,671,730 $35.60
B 70 4,426,517 442,448 10.0% 10.7% 8.1% -115,935 762 $24.66
C 5 338,038 1,000 0.3% 0.3% 0.3% 0 0 $19.80
Total 107 14,016,310 877,577 6.3% 6.9% 5.9% 336,624 1,672,492 $30.28


See The Woodlands Office Research Snapshot 2Q 2015 (PDF) for the full report.

Free and easy data? See more quarterly reports under Houston Market Research under Office.

CBRE: Houston North by NW industrial leases high in 2Q 2015 

(7/28/2015 7:30:00 AM)

HOUSTON - Building on a record year, during the first five months of 2015, the Port of Houston Authority handled more than 16 million tons of cargo, an increase of 9 percent, compared to the same period last year.

Even though leasing activity has taken a breather, second quarter 2015 posted positive net absorption of 1.1 million sf, and the market has seen 17 consecutive quarters of positive net absorption.

Construction remains on the fast track with 72 buildings underway, totaling 10.3 million sf in the greater Houston industrial market.

Houston Industrial Market Statistics 2Q 2015*
Market Rentable
Area
(SF)
Vacancy
Rate
2Q 2015
Net
Absorption
(SF)
Under
Construction
(SF)
Avg. Asking
Rate
($/SF/Yr)
Northwest 138,146,402 4.7% 144,708 6,294,869 0.79
North 80,459,789 8.1% 386,551 1,860,611 0.72
Southeast 77,490,632 3.6% 123,970 947,827 0.71
Southwest 62,541,580 4.7% 427,222 1,129,046 0.79
CBD 53,117,266 4.9% -33,860 22,800 0.55
Totals** 487,063,332 4.8% 1,149,402 10,325,153 0.69


*Ranked by market rentable area.
**Totals are based on all submarkets. Only top five of the seven submarkets are shown.

Source: CBRE

Full report? CBRE's Houston Industrial MarketView 2Q 2015 (PDF)

Also see Houston Market Research and Houston NewsTalk.

Conroe: 2,046-acre Grand Central Park out of the woods 

(7/28/2015 6:00:00 AM)

CONROE - The Johnson Development Corp. has big plans for its newest master-planned community, Grand Central Park.

The Houston developer revealed the master plan for the 2,046-acre wooded property, located on the southwest corner of I-45 North and Loop 336 in Conroe.

Johnson Development purchased the former Camp Strake property from the Sam Houston Area Council Boy Scouts of America in November 2013.

The master plan for Grand Central Park calls for traditional single-family homes, townhomes, apartments, condominiums, offices, retail shops, hotels and conference centers, as well as Montgomery County’s first medical school.

Johnson Development wanted to create a “distinct forest living experience with a decidedly urban feel” in Grand Central Park.

The developer said it is taking a careful approach, developing only a third of the property and protecting more than 1,200 acres of woodlands and 100 acres of lakes.

Read more at the Houston Business Journal.

Lone Star propels 50,000-SF center to Generation Park 

(7/28/2015)

HOUSTON - Lone Star College will build a 50,000-sf Process Technology Center on 8.3 acres of land in the 4,000-acre Generation Park.

The center will prepare students for technical careers in the energy industry.

Using funds from a $485 million bond package the college passed last November, Lone Star College purchased six acres of land. The other 2.3 acres were donated by McCord Development.

"We are moving quickly to address the key employment issues facing Houston companies today," said Dr. Katherine Persson, Lone Star College, Kingwood President. "This Process Technology Center will prepare students with the critical skills that are in high demand from the world's leading oil and gas companies."

Read more at the Houston Business Journal.

Don’t forget! Click Houston Market Research and Houston NewsTalk.

Houston hotel market 1Q 2015 

(7/28/2015)

HOUSTON - Source Strategies Inc. has released Houston occupancy, revenue and room data for first quarter 2015.

Houston Hotel / Motel Performance 1Q 2015*
  Number of
Rooms
$ Room Revenues
(000's)
Occupancy
  2014 2015 %
Chg.
2014 2015 %
Chg.
2014 2015 Point
Chg.
Houston 51,136 52,294 2.3 395,835 406,246 2.6 73.5 71.2 -2.4
Galveston 4,857 4,856 0.0 24,283 27,526 13.4 42.8 47.4 4.6
The Woodlands 1,964 2,261 15.1 21,609 26,146 21.0 71.3 72.7 1.4
Webster 1,868 1,868 0.0 8,323 8,923 7.2 73.8 71.4 -2.4
Baytown 1,639 1,674 2.1 6,893 7,783 12.9 73.2 73.7 0.5
Humble 1,503 1,654 10.0 7,172 7,732 7.8 72.4 69.9 -2.6
Total** 82,239 84,342 2.6 557,084 585,550 5.1 70.2 69.0 -1.1


*Ranked by 1Q 2015 number of rooms.
**Total includes all submarkets of the Houston area.

Source: Source Strategies Inc.

See more hotel data under Houston Market Research.

Be sure to link Houston NewsTalk to your own website or blog.

Tomball: 380-unit Alexan Creekside surfs to Francis Property 

(7/27/2015)

TOMBALL - ARA Newmark has arranged the sale of Alexan Creekside, a 380-unit, Class A apartment complex located at 8627 Hufsmith Rd.

Los Angeles-based Francis Property Management purchased the property from Trammell Crow Residential and The Carlyle Group.

Constructed in 2014, Alexan Creekside is located near The Woodlands’ 3,500-acre Creekside Park.

Read more at Texas Real Estate Business.

Houston: Richland Cos. acquires 53,872-SF office space 

(7/27/2015)

HOUSTON - The Richland Cos. has acquired 550 Post Oak from Japan-based Synerfac, an oil and gas company, and will move its corporate headquarters to the West Loop building.

The 53,872-sf, six-story, brick building is on the northeast corner of Post Oak Blvd. and Post Oak Park. The property sits on approximately one acre and offers amenities such as card-key access, onsite management and podium-style parking.

Additional amenities will include a gym/workout facility available to tenants, along with onsite car washing services, laundry and dry-cleaning pickup and gourmet food trucks twice a week.

Read more at GlobeSt.com

60,000-SF office building planted in Pearland Town Center 

(7/27/2015)

PEARLAND - CBL Properties, a Tennessee-based REIT, is developing a 60,000-sf office building in Pearland Town Center, a large mixed-used project just south of Houston.

The existing office space in the project is 96 percent leased and rents are strong, reports broker Lilly Golden of Evergreen Commercial Realty.

Pearland Town Center is located on 110 acres at the southwest corner of Hwy. 288 and FM 518.

Read more at Realty News Report.

1,110 Units Spring Branches to sale in Houston  

(7/23/2015 11:00:00 AM)

HOUSTON - Three adjacent multifamily properties totaling more than 1,100 units in the Spring Branch submarket have been acquired.

Los Angeles-based Nimes Capital — the private investment arm of Nazarian Enterprises — acquired the properties with a plan to renovate the units; the firm will also update the exteriors and improve common-area amenities.

The communities are Kempwood Hollow, Kempwood Place and Spring Shadows.

  • Kempwood Hollow, located at 9999 Kempwood Dr., are a mix of one- and two-bedroom units ranging from 765 sf to 1,110 sf.
  • Kempwood Place, located at 10,010 Kempwood Dr., are a mix of one- and two-bedroom units ranging from 607 sf to 903 sf.
  • Spring Shadows, located at 10,105 Kempwood Dr., are a mix of one-, two- and three-bedroom units ranging from 555 sf to 1,296 sf.


Read more at Globe St.

Report ranks Houston's best hospitals 2015 

(7/23/2015)

HOUSTON - Of the top six Texas hospitals that landed spots on this year’s U.S. News & World Report’s Best Hospitals list, half were from Houston.

Houston Methodist Hospital earned the No. 1 spot in both the area and the state again this year.

The Texas Medical Center location of CHI St. Luke’s Health — formerly St. Luke’s Episcopal Hospital — regained its second-place position on both lists after slipping to No. 3 statewide last year.

Memorial Hermann Hospital-Texas Medical Center also climbed back up on the list, coming in at No. 3 in the city and No. 4 in the state. Last year, the hospital fell three spots to No. 7 in the Houston area.

Clear Lake Regional Medical Center also moved into the top nine on the Houston-area list. The hospital in Webster, which is a part of the Hospital Corp. of America, earned the No. 6 spot this year.

The University of Texas M.D. Anderson Cancer Center was ranked the best hospital for cancer care nationwide again with a 100 percent overall score.

Click here to see the best hospitals in Houston.

Read the full story at the Houston Business Journal.

Houston real estate HQ to Galleria area 

(7/23/2015)

HOUSTON - A Houston-based company is moving into the Galleria and making major upgrades to its new space.

The Richland Cos., which owns and manages more than 2 million sf of commercial space in Texas and three other states, purchased 550 Post Oak, and will move its office into the building Aug. 1.

The 58,000-sf building includes four floors of parking beneath three floors of office space. The building is 85 percent leased including the 6,000 sf that Richland will occupy.

Richland founder and CEO Edna Meyer-Nelson said the company is putting $1.5 million into upgrades on the building, which will include a new facade, new elevators and a fitness center.

The company moves from 1110 N. Post Oak Lane, near I-10, a building the company owned and served as its headquarters for the past 12 years. Richland sold the property to Awty International School Houston.

Read more at the Houston Business Journal.

Click for Houston NewsTalk plus quarterly data at Houston Market Research.

University of Houston Sugar Land receives $54M to expand 

(7/22/2015)

SUGAR LAND - State leaders have paved the way for new construction at the University of Houston Sugar Land (UHSL).

UHSL received a $54 million allocation in House Bill 100 to construct a new 150,000-sf classroom building.

The new building, planned to be completed in 2019, will primarily house programs offered by the UH College of Technology.

A portion of the college will relocate to Sugar Land, and additional programs in business, education and health-related fields are also expected in the next two to five years.

The addition of a fourth building to the 250-acre campus allows for expanded programs that complement the workforce needs of the area, which is home to a number of technology and engineering companies.

Read more at the Fort Bend Star.

Houston leads nation in apartment growth  

(7/22/2015)

HOUSTON - Multifamily permitting activity continues to grow in the city despite an apparent slowdown in the market, according to a new national report.

The Houston metropolitan area ranked No. 2 nationally for the number of apartment permits issued over the past 12 months trailing May, according to Axiometrics Inc., a Dallas-based multifamily research company.

Houston-area developers received permits for 23,340 multifamily units in the 12 months trailing May, a 21 percent increase from the previous year.

The City of Houston issued more than half of the permits in the region, permitting 12,636 apartment units in the 12 months trailing May.

Nationally, 557,000 apartment units were permitted from June 2014 to May 2015, a 54 percent increase from the previous year.

Here are the top ten metro areas leading the nation for multifamily units permitted in 12 months trailing May.

U.S. Multifamily Rankings by Units Permitted*
City Units
New York City
44,333
Houston 23,340
Los Angeles 14,379
Dallas 14,218
Seattle 13,981
Washington, D.C. 9,738
Atlanta 9,262
Austin 9,135
Miami 8,054
Denver 7,840


*12 months trailing May 2015

Read more at the Houston Business Journal.

Click Houston Market Research for multifamily quarterly data or Houston NewsTalk multifamily.

Houston adds 57,000 new jobs in last 12 months 

(7/21/2015)

HOUSTON - Houston has gained 57,000 new jobs over the last 12 months, including 4,300 new jobs in June, the Texas Workforce Commission reported.

Although Houston has lost jobs in the manufacturing sector, the overall unemployment rate is low. The unemployment rate stood at 4.3 percent in June, an improvement from 5.3 percent a year earlier.

Houston gained over 100,000 new jobs in 2014, one of the strongest areas in the nation for job growth. However, a huge drop in oil prices darkened the outlook for the Houston economy.

Economic forecasters say Houston will still gain jobs in 2015, but it will be fewer than the boom of last year.

Read more at Realty News Report. Also, see Texas Workforce Commission.

Click Houston NewsTalk and Houston Market Research.

Houston company to buy $1.5B Enterprise gulf assets  

(7/19/2015)

HOUSTON - Genesis Energy LP has agreed to purchase the offshore pipeline and services business of Enterprise Products Partners LP for approximately $1.5 billion in cash.

Genesis will assume ownership interest in Enterprise’s Gulf of Mexico assets in nine crude oil pipeline systems, nine natural gas pipeline systems and six offshore hub platforms. According to a release from Enterprise, this totals approximately 2,300 miles of pipeline.

Genesis also announced it would fund the acquisition through a series of public offerings. The company will offer $750 million in senior unsecured notes due in 2022 and 9 million common units of limited partner interests.

Read more at the Houston Business Journal.

Baytown buy: 1.2M-SF San Jacinto Regional Mall 

(7/17/2015 9:15:00 AM)

BAYTOWN - A Fidelis Realty Partners affiliate has acquired the 1.2 million-sf San Jacinto Mall for a major redevelopment.

The mall, built in 1981, is located on the east side of Houston on 107 acres at the southwest corner of I-10 and Garth Rd., and is anchored by Macy’s, JCPenney and Sears.

Houston-based Fidelis said the redevelopment plan, which could take five years to complete, will likely include the demolition of the existing mall and construction of a 1 million-sf open air retail center.

The existing mall anchors, which own their own buildings, will be incorporated into the new development.

San Jacinto Mall is 70 occupied and there is deferred maintenance, said Lynn Davis, head of leasing for Fidelis.

Source: RealtyNewsReport.com

See Houston area NewsTalk and lots of quarterly data at Houston Market Research.

And the list goes on! Downtown Houston residential projects  

(7/16/2015 8:08:00 AM)

HOUSTON - Developers are clamoring to build residential projects in downtown Houston, but some projects have been delayed amid a slowdown in the multifamily market.

Nine projects totaling 2,729 units are under construction and nine others representing 2,458 units are planned, according to Central Houston's second quarter 2015 report.

Here is a list of current projects under construction in downtown Houston:

  • 500 Crawford: Houston-based The Finger Cos. is building a seven-story, 400-unit apartment project, which is expected to be complete by 3Q 2015.
     
  • 1111 Rusk: Dallas-based Provident Realty Advisors and EFO Holdings LP are redeveloping the old Texaco building into a 323-unit apartment project, which is expected to be completed at the end of 2015.
     
  • Block 334: Phoenix-based Alliance Residential Co. is building a five-story, 207-unit apartment project one block north of SkyHouse Houston. The project is expected to be complete in 1Q 2016.
     
  • Catalyst: Illinois-based Marquette Cos. is building a 28-story, 361-unit apartment tower on Block 52, which is bounded by Texas, Austin, Prairie and La Branch. The project is expected to be completed in 4Q 2016.
     
  • Hines Market Square: Houston-based Hines is building a 32-story, 274-unit apartment at the southeast corner of Travis and Preston. The project is expected to be complete 2Q 2017.
     
  • Market Square Tower: Woodbranch Investments Corp., an affiliate of Houston-based BMS Management Inc., is building a 40-story, 463-unit apartment tower next to Market Square Park. The project is expected to be completed in 1Q 2017.
     
  • SkyHouse Main: Atlanta-based Novare Group is building a 24-story, 336-unit apartment tower one block south of SkyHouse Houston. This second building is expected to be completed in 1Q 2016.
     
  • The Hamilton: Houston-based Resolution Real Estate is building a five-story, 149-unit apartment on a city block bounded by St. Joseph, Chenevert, Pierce and Hamilton. The project is expected to be completed in 2Q 2016.
     
  • Untitled: Dallas-based Leon Capital Group is building a five-story, 220-unit apartment on city block 365, bounded by Austin, Caroline, Jefferson and Pease. The project is expected to be completed in 4Q 2016.


Want to see the nine planned projects? Read more at the Houston Business Journal.

Catch a bird's-eye view of downtown development of Downtown Houston Development Map April 2015

Houston home sales hot in June  

(7/16/2015 5:45:00 AM)

HOUSTON - Houston realtors set a record in June, selling 9,480 single-family homes, townhomes, condos, duplexes, county homes, high-rise units and lots, according to the Houston Association of Realtors (HAR).

The second best month on record was June 2006, when local relators sold 9,287 units. Over the past 12 months, local relators recorded 90,814 closings. The 12-month pace has held above 90,000 units since October 2014.

“I think it speaks very well for the health of our real estate market when you have a month in which sales are up, rentals are up, inventory is growing, and you’re comparing it all to the record year of 2014,” said HAR Chair Nancy Furst with Berkshire Hathaway HomeServices Anderson Properties.

“We still expect normalization in the marketplace later this year, and that may well mean these alternating up and down sales months, but the bottom line appears to be that there is no lack of interest in housing in Houston, Texas.”

Housing Market Summary: June 2015 vs. June 2014
  June 2015 June 2014 Chg.
Total sales 9,480 9,177 3.3%
Total dollar volume $2,712,021,860 $2,477,752,487 9.5%
Total active listings 31,963 29,513 8.3%
Single-family sales 7,935 7,621 4.1%
Single-family home
avg. price
$302,942 $284,289 6.6%
Single-family home
median price
$225,000 $214,500 4.9%
Single-family inventory* 3.2 2.9 -


*The number of months it will take to deplete current active inventory based on the prior 12 months of sales activity. The market is considered evenly balanced between supply and demand when it has a six-month inventory.

Source: Houston Association of Realtors

Read more at the Great Houston Partnership.

Also, check out housing at Houston NewsTalk and Houston Market Research.

Houston: Sunny Sky beverages to DCT Northwest Crossroads 

(7/15/2015 10:00:00 AM)

HOUSTON - The second building at Denver-based DCT Industrial Trust Inc.'s northwest Houston industrial park, DCT Northwest Crossroads Logistics Centre, was completed in June and has signed a tenant for more than half of the space.

Sunny Sky Products, a beverage manufacturer and distributor, has signed a long-term lease for 189,000 sf of the 320,000-sf building.

Justin Bennett, senior vice president at DCT, said the company was an existing tenant in the northwest submarket and the building's location, off Beltway eight near North Gessner Rd., was a main selling point.

According to CBRE first-quarter numbers, the northwest submarket had a 4.1 percent vacancy rate and an asking rate of 79 cents per sf, which tied the southwest for the highest rental rates for industrial submarkets across the city.

Read more at the Houston Business Journal, CBRE 1Q 2015 Houston Industrial Overview.

Noble Energy Inc. to close Houston Rosetta HQ; cut jobs  

(7/15/2015 9:45:00 AM)

HOUSTON - Noble Energy Inc. notified the state of Texas that it will close Houston-based Rosetta Resources Inc.’s downtown headquarters after the companies’ multibillion-dollar deal closes this summer.

Noble’s acquisition of Rosetta, which was announced in May, is expected to close on July 20, according to a letter sent to the Texas Workforce Commission. The all-stock acquisition is worth $2.1 billion, and Noble is expected to assume Rosetta’s debt, valued at $1.8 billion in May.

Afterward, Rosetta’s headquarters at 1111 Bagby St., Suite 1600, is expected to close on Aug. 31 or within 14 days thereafter, according to the Worker Adjustment and Retraining Notification Act letter.

Eleven executives will resign, and 65 other jobs will be cut between Sept. 8 and Sept. 14.

Meanwhile, the remaining 230 employees from Rosetta’s headquarters will be offered continued employment at Noble’s headquarters, at 1001 Noble Energy Way in the former Compaq campus in northwest Houston.

Noble expects many of the employees to accept the offer, but those who do not will lose their jobs.

Read more at the Houston Business Journal.

Going up; Seagrass Beach homes swell on Bolivar Peninsula 

(7/15/2015 8:00:00 AM)

BOLIVAR PENINSULA - NewCoast Properties has broken ground on a luxury beachfront community on Bolivar Peninsula that was stall amid Hurricane Ike.

Brad Ballard, founder of NewCoast Properties, plans to develop 35 homesites at Seagrass Beach, located on 33.5 acres off SH 87, about 11 miles west of SH 124 southeast of Houston.

The gated home lots, which average a little more than an acre, are priced from the low $200,000s.

The luxury community will feature unobstructed views of the Gulf of Mexico and several high-end amenities, including an 18-foot-tall elevated pool with six cabanas, a beachside fire pit, four manicured lawn areas and a stocked fishing pond.

The project already has five buyers lined up, and lot development and amenities are expected to be finished in the next four to five months.

NewCoast Properties also acquired nearby Laguna Harbor from Crown Team Texas LLC and plans to add a full-service marina, fuel dock and waterfront restaurant to the 80-acre luxury waterfront development..

Source: Houston Business Journal

Packers Plus Energy plans $21M facility in Tomball 

(7/15/2015 7:00:00 AM)

TOMBALL - Packers Plus Energy Services (USA) Inc. purchased 17.4 acres in the Tomball Business and Technology Park from Tomball Economic Development Corp., Colliers International announced.

The Canada-based oil and gas services company will consolidate its Houston operations into the new location.

The $21 million project will be constructed in phases and consist of a 50,000-sf research and development center, followed by a 237,000-sf manufacturing building and finally a 40,000-sf corporate office building.

According to Colliers, Packers Plus plans to create 172 jobs at the facility within the first five years of operations. Eventually, there will be 353 full-time employees at the facility.

Packers Plus will be the first tenant for the park, which is at the intersection of Holderrieth Blvd. and Hufsmith-Kohrville Rd., near SH 249. 

Read more at the Houston Business Journal.

High Point Storage sells in League City 

(7/15/2015)

LEAGUE CITY - High Point Storage has been sold. Built in 2007, the facility comprises 99,950 net rentable sf in 767 units and was 95 percent occupied at the time of purchase.

The property sits on 9.24 acres and underwent an expansion earlier this year. League City is the largest city in Galveston County and is about 30 miles south of Houston.

Source: Inside Self-Storage

Houston Technip to lay off 6,000 workers 

(7/14/2015 11:00:00 AM)

HOUSTON - Oil equipment builder Technip says it plans to cut about 6,000 jobs, roughly 16 percent of its workforce, as it restructures its business to cope with the oil industry downturn.

The Paris-based firm, which has its main U.S. offices in Houston, said the move will save it $919 million over the next two and a half years, with the bulk of those savings coming in 2016.

It said it will make the cuts “in anticipation of an even more challenging environment in oil and gas.”

Read more at the Houston Chronicle.

Biggest bang for your Texas university education buck 

(7/14/2015 7:45:00 AM)

HOUSTON - A new report shows that Houston's Rice University provides the most valuable education in Texas.

Rice University ranked 14th on Money’s 2015 Best Colleges List, which compares educational quality, affordability and alumni earnings among 736 four-year universities in the U.S.

See select rankings below:

MONEY's Best Colleges
Rank School Graduation
Rate
Net Price Of
A Degree
Avg. Early
Career Earnings
1 Stanford University-
Stanford, Calif.
96% $178,731 $64,400
14 Rice University-
Houston
91% $157,824 $61,200
20 Texas A&M University-
College Station
79% $84,732 $54,000
82 The University of Texas
at Austin
79% $120,844 $52,200
134 Ohio State University-
Columbus, Ohio
83% $100,296 $48,700
221 Texas Tech University-
Lubbock
59% $102,144 $50,900
237 Texas A&M
International University-
Laredo
44% $85,504 $36,500
254 The University of Texas
at Dallas-
Richardson
63% $92,434 $50,000
284 Southern Methodist
University-
Dallas
79% $199,272 $49,900
307 Trinity University-
San Antonio
81% $146,509 $43,000
318 Oklahoma State University-
Stillwater, Okla.
60% $93,175 $45,700
345 Texas Christian University-
Fort Worth
76% $181,120 $46,500


Read more at the Houston Business Journal and Money's 2015 Best Colleges List.

Berkadia: Houston multifamily submarkets 1Q 2015 

(7/14/2015 7:30:00 AM)

HOUSTON - Developers moved to capitalize on the heightened rental demand by filing permits for 5,600 multifamily units in first quarter 2015, outpacing the 4,920 units requested during the same time last year.

Meanwhile, single-family activity was up 3.5 percent from the year before with 9,290 permits filed in 1Q 2015.

Vacancy tightened 30 basis points in the last three months to 5.4 percent by the end of 1Q 2015.

Average asking rent advanced 0.8 percent to $1,052 per month in 1Q 2015. The latest increase was part of a 4.2 percent rise in rents in the last year.

Houston Multifamily 1Q 2015 / 1Q 2014
Comparison by Rent $1,000+
Submarkets* Vacancy Average Rent
1Q 2015 1Q 2014 1Q 2015 1Q 2014
Bear Creek/Katy 4.8% 4.7% $1,090 $1,042
Braeswood/Bellaire 5.5% 4.9% $1,350 $1,286
Brazoria County 5.3% 4.8% $1,170 $1,147
Briar Forest/Ashford 6.1% 5.2% $1,031 $982
Briar Grove/Westchase 5.5% 5.2% $1,102 $1,048
Chambers County 1.0% 2.4% $1,090 $1,031
Cypress/Fairbanks 5.5% 5.1% $1,040 $965
Far NW/Montgomery County 6.0% 5.4% $1,108 $1,059
Fort Bend County 5.2% 4.4% $1,134 $1,081
Galveston County 6.0% 5.0% $1,026 $985
Montrose/River Oaks 6.2% 4.5% $1,698 $1,687
North/Northeast Houston 6.2% 6.3% $1,208 $1,161
Total** 5.4% 6.0% $1,052 $1,009


*Listed submarkets include those which have an average rent over $1,000 in 1Q 2015.
**Total represents all 28 submarkets in the Houston area.

Click to see the full report Houston Multifamily 1Q 2015 (PDF).

Source: Berkadia

Colliers: Houston Research Office Report 2Q 2015 

(7/14/2015)

HOUSTON - Houston’s office investment sales activity included an average price per sf of $222 and an average cap rate of 6.87 percent, according to Colliers 2Q Office report.

Houston Office 2Q 2015 Summary Statistics
  2Q 2015 1Q 2015 2Q 2014
Vacancy Rate 14.1% 13.0% 11.6%
Net Absorption
(million sf)
-0.5 0.2 1.8
New Construction
(million sf)
2.1 3.5 1.4
Under Construction
(million sf)
12.3 13.3 17.8


Listed below are a few significant transactions that closed in 2Q 2015.

2Q 2015 Significant Sales Transactions
Building Name Submarket RBA
(SF)
Buyer Sales
Price
$/SF
Westgate II & III
17320 Katy Fwy and
17325 Park Row
Katy Freeway 412,173 Griffin Capital Essential
Asset REIT Inc
$134M $325
801 Travis CBD 220,380 LPC Realty Advisors I, Ltd $46.3M $210
Mason Creek I
21420 Merchants Way
Katy Freeway 135,716 Nicola Crosby
Real Estate Investments
$38.5M $284
400 North Belt
400 N Sam Houston
Pky E
North Belt 234,147 Hartman Short Term
Income Properties XX Inc
$10.1M $43


Source: Colliers

For the full report click Houston Research Office Report 2Q 2015 (PDF).

Looking for other sources for Houston office? Save time! Go to Houston Market Research and look under the Office category.

HAR: Houston area home sales June 2015 

(7/14/2015)

HOUSTON - Houston Association of Realtors (HAR) has released home sales data for June 2015.

Quick facts include:

•  The median price of existing single-family homes increased to $226,900, up 0.8 percent from May 2015.
•  Existing single-family home sales increased 14.9 percent from May 2015 for a June 2015 total of 7,588 sold units.
•  Condos increased in price to $175,000, up 6.1 percent from May 2015.
•  Existing condo sales increased 13.3 percent in June 2015 from May 2015 for a total of 792 sold units.

Select region cities are represented below along with statistics from the HAR MLS area as a whole.

HAR June 2015 Regional Sales and Price Activity
MLS Wide Median Price
June 2015
Price Chg.
June
2014
Units Sold
June 2015
Sales Chg.
June
2014
HAR
(single-family)
$226,900 5.5% 7,588 -0.1%
HAR (condo) $175,000 2.9% 792 2.3%
Region Cities*  
Houston $203,500 -1.2% 2,174 0.4%
Katy $261,250 2.5% 596 -1.5%
Spring $205,000 0.1% 535 -10.7%
Cypress $248,315 3.5% 355 1.7%
Humble $194,000 11.5% 253 -2.7%
The Woodlands $453,750 3.6% 240 34.1%
Pearland $244,250 9.0% 230 -6.9%
Richmond $239,045 -2.2% 230 -14.5%


*Region Cities' data include single-family only and represents eight select cities sorted by number of units sold.

Click the entire report with lots of cities at Houston Association of Realtors.

Check out more stories at Houston-The Woodlands-Sugar Land NewsTalk.

Need data? Click on Houston-The Woodlands-Sugar Land Market Research for downloads.

See more data at Houston-The Woodlands-Sugar Land Market Research.

Houston: Chinese investors buy 372-unit Broadstone Post Oak  

(7/14/2015)

HOUSTON - Strategic Capital of China has entered the Texas market with the purchase of the 372-unit Broadstone Post Oak apartments near the Galleria.

The sale of the five-story community, 3100 Post Oak Blvd., was arranged by CBRE.

Alliance Residential Partners developed Broadstone Post Oak in 2014 on one of the last remaining land tracts along the prestigious Post Oak Drive in the Houston Galleria.

Broadstone is just south of the Waterwall, near the Lakes on Post Oak office park. (The Lakes of Post Oak buildings also attracted investors from the Far East when the project was sold off in pieces last year.)

Read more at RealtyNewsReport.com.

Need free data with no ads? Click Houston Market Research for real estate data.

North Houston homes selling for (a lot) more than expected 

(7/13/2015)

HOUSTON - Homes in Springwoods Village are selling for a lot more than expected as thousands of new Exxon Mobil Corp. employees move to the north suburb.

Taylor Morrison Homes Corp. has built 29 of 51 planned homes in the Audubon Grove neighborhood. Their traditional, single-family homes were originally listed between $470,000 to $570,000, but have sold between $600,000 and $700,000.

Sullivan Brothers Builders has built 26 of 88 planned homes in the Harper Woods neighborhood. Their American craftsman, New Orleans-style and row townhomes were originally listed between $395,000 to $595,000, but have sold between $500,000 and $600,000.

Homes in both neighborhoods are selling for a lot more than originally estimated, said Keith Simon, executive vice president and director of development at CDC Houston.

As CDC Houston looks to its second phase of residential development, it hopes to hold down home prices to between $300,000 and $400,000, Simon said.

Read more at the Houston Business Journal.

Click Houston NewsTalk, Houston Market Research.

1,500 Homes to dock at Lakes of Bella Terra in Richmond 

(7/13/2015)

RICHMOND - Ryko is offering about 50 acres of undeveloped land along Westpark Tollway for a new commercial development in the Lakes of Bella Terra.

The developer is building more than 1,500 homes in the 670-acre community, located on the southwest corner of Westpark Tollway and the Grand Parkway, near George Bush Park. As the community nears residential buildout, retail is following rooftops.

The commercial development will feature a mix of retail, including a strip center with restaurants and big-box stores and pad sites.

Read more at the Houston Business Journal.

Houston: Central Wire parks in Bear Creek Industrial  

(7/13/2015)

HOUSTON - Central Wire Inc. has purchased a 30,000-sf, crane-ready industrial building on nine acres located at Kieth Harrow Blvd. and Barker Cypress more commonly known as Bear Creek Industrial Park.

The project was a Finial Development & Construction spec development.

Read more at REDNews Publications.

168,000-SF Volta Distribution building to Houston IAH 

(7/13/2015)

HUMBLE - Huntington and Cypressbrook Development are teaming up to develop 168,000 sf Volta Distribution Building, a cross-dock warehouse/distribution facility half a mile from Bush Intercontinental.

The building includes 130-foot truck courts and 39,000 sf of outside storage, and is slated to deliver this December.

Read more at Bisnow (almost) never boring!

Aloft Hotels expands footprint in Houston 

(7/13/2015)

HOUSTON - Starwood Hotels & Resorts Worldwide Inc. plans to add nine more Aloft Hotels in Texas — including three in Bayou City — within three years.

One of the new hotels will be the Aloft Houston Downtown. The historic Stowers Furniture Building at 820 Fannin St. will be redeveloped into a 165-room hotel with 2,000 sf of meeting space and is expected to open June 2016.

The newly announced hotels will be in the Energy Corridor and in Shenandoah, near The Woodlands.

Aloft Houston West will offer 117 rooms and 2,000 sf of meeting facilities. It will be near the intersection of I-10 and Houston Chronicle Blvd., just east of Barker Cypress Rd., and it will open March 2017.

Aloft Shenandoah Near The Woodlands will be directly across I-45 from The Woodlands and will open January 2018.

Read more at the Houston Business Journal.

Grand Oaks Business Park expands in Richmond 

(7/10/2015)

RICHMOND - Dmac has fully leased all the buildings in Grand Oaks Business Park and is now kicking off a new 30,000 sf tilt-wall development.

The developer is creating small suites on the street side of the building dedicated to tenants that want under 2,000 sf and no warehouse space.

Three more buildings are on the site plan in Grand Oaks, which would bring it to 150,000 sf.

Read more at Bisnow.

Imperial Market mixed-use slated for Sugar Land 

(7/10/2015)

SUGAR LAND - Imperial Market, a mixed-use center with retail, hotel, office and multifamily, will be developed on the site of the former Imperial Sugar complex on the southwest side of Houston, the Houston Chronicle reports.

The project will have 270,000 sf of retail/restaurant space, 275 apartments developed by Sueba USA, and 86,400 sf of office space above ground-level retail.

Twenty-six acres are being purchased for the Imperial Market and historic structures on the site will be redeveloped, including an eight-story char house that will be a 120-room Starwood-affiliated Aloft hotel.

The Imperial Sugar site, being developed by Johnson Development, is located on Hwy. 90, near Texas 6.

Read more at Realty News Report.

Houston master-planned communities drop off top-selling list 

(7/10/2015)

HOUSTON - Four communities have fallen off a new list of the top-selling master-planned communities nationwide.

RCLCO, a national real estate consulting company which compiled the midyear 2015 list, said many Houston-area communities cited construction delays due to heavy rains for the drop in sales.

The communities missing from this most recent list — Cinco Ranch, Woodforest and Cross Creek Ranch — fell off quickly over the past 18 months.

The Woodlands dropped out of the top 20 for the first time since RCLCO first published its list in 1994. The pace of home sales has slowed as The Woodlands approaches buildout.

Cinco Ranch fell from No. 3 for the full year 2013 to No. 12 for 2014.

Woodforest fell from No. 15 for 2013 to No. 18 to 2014, and Cross Creek Ranch fell from No. 12 to No. 19.

Here are the top five Houston-area communities that made RCLCO’s Top-Selling Master-Planned Communities Mid-Year 2015 list:

  • No. 5: Riverstone in Fort Bend County: 347 mid-2015 sales, down 10 percent from mid-2014
  • No. 14: Aliana in Fort Bend County: 245 sales, down 8 percent
  • No. 16: Canyon Lakes West in Cypress: 235 sales, down 2 percent
  • No. 18: Wildwood at Northpointe in Tomball: 225 sales, up 2 percent


Read more at the Houston Business Journal.

Click here to see RCLCO's full list of top-selling master-planned communities.

328-Unit Southfork Lake underway in Manvel 

(7/10/2015)

MANVEL - Allied Orion Group has broken ground on Southfork Lake at 3333 Southfork Parkway, near SH 288 south of the city. It is expected to open in summer 2016.

Southfork Lake will have 328 apartments ranging from one to three bedrooms.

The community also will include a fitness center with an interactive Wellbeats group fitness system, resort-style swimming pool and cabanas, courtyards with grilling stations, a pond and walking track.

Southfork Lake is zoned to the newly built Dr. James Red Duke Elementary and the future Shadow Creek High School in the Alvin Independent School District.

This will be Allied Orion’s first multifamily project in the Manvel-Pearland area.

The Houston-based developer also recently broke ground on The Beacon at Buffalo Pointe, a 281-unit apartment community just outside of the 610 Loop in southwest Houston, and opened The Retreat at Riverstone, the first luxury apartment complex in Riverstone.

Read more at the Houston Business Journal.

Adobe acquires The Waterford at Summer Park in Rosenberg 

(7/10/2015)

ROSENBERG - Abode Properties has acquired the 196-unit The Waterford at Summer Park, adding another Class A multifamily asset to its portfolio.

The property is situated near the Brazos Town Center.

The apartment complex, built in 2013, is located next to US 59 (I-69) and a short drive to Sugar Land’s Town Square, Constellation Field and all Fort Bend County’s employment centers.

The nearby Grand Parkway offers quick and easy access to Katy, West Houston and the Energy Corridor.

Read more at BusinessWire.

Downtown Houston post office delivers buyer 

(7/10/2015)

HOUSTON - Lovett Commercial is under contract to buy the downtown 16-acre post office property and turn it into an urban complex of shops, offices, housing and a hotel.

The 16-acre site houses a five-story office building and a one-story industrial building totaling 516,978 sf.

The downtown facility at 401 Franklin was shuttered earlier this year.

Lovett is also exploring ways to reuse portions of the site's existing buildings, which sit on the northwestern edge of downtown, just north of Buffalo Bayou and across from the Theater District.

The property offers an "incredible location with direct connectivity to Buffalo Bayou and the Theater District," as well as "fantastic access to I-10, I-45, downtown and the Washington corridor," Lovett said.

Read more at the Houston Chronicle.

ARA Newmark: Houston multifamily report 2015 

(7/9/2015 2:00:00 PM)

HOUSTON - ARA Newmark's Houston Multifamily Overview report is available.

Overall, Houston grew 5.7 percent in the past 12 months as of April 30, 2015, in rental rates.

Disregarding new construction, the overall Houston market is currently 91.2 percent concerning occupancy.

1Q 2015 Houston Multifamily Fundamentals
  Overall
Market
2013
Construction
2014-2015
Construction
Class A
(w/o '13&'14)
Class B
(w/o '13&'14)
Class C
Number of units 594,243 12,186 24,700 112,063 197,095 179,518
Occupancy 91.2% 91.1% 39.9% 93.6% 94.5% 94.0%
Price per SF $1.07 $1.55 $1.60 $1.47 $1.05 $0.85
Price per Month $939 $1,475 $1,533 $1,402 $914 $713
Rent growth (T12)* 5.7% 1.1% - 2.4% 7.0% 6.1%
Rent growth (T3)** 6.6% 3.6% - 4.5% 6.7% 7.1%
Absorption (T12)* 15,871 3,309 8,413  -1,403 404 3,204
Absorption (T3)** 5,598 309 2,370 211 312 1,514

*T12: trailing 12 months
**T3: trailing three months

See the full ARA Newmark Houston Multifamily Overview April 2015 (PDF).

Click Houston NewsTalk, Houston Market Research.

Hotel demand in Spring driven by energy growth 

(7/9/2015 8:15:00 AM)

SPRING - The burgeoning energy industry in Spring is driving demand for hotels with at least ten hospitality projects under construction or planned in the region.

Much of the hotel industry growth has been driven by the need for more conventions and conferences in the area.

Click the Hurried Hotel Pace projects map.

Three hotels have broken ground or are set to begin construction soon within the master-planned community Springwoods Village, which houses the 385-acre ExxonMobil campus and Southwestern Energy’s headquarters.

A Hyatt Place hotel is planned inside The Vintage across from Noble Energy’s headquarters.

Development in Springwoods Village is driving hotel construction activity outside the community as well.

Two hotels near I-45 and the Hardy Toll Rd. — a Hampton Inn and a Hilton Garden Inn — should be open by October 2016, according to EE Reed Construction.

With 12,000 jobs already created in Springwoods Village and more than 25,000 expected when the community is completed, the community has created a new submarket for the hospitality industry.

Read more at the Community Impact Newspaper.

Click Houston NewsTalk, Houston Market Research for easy to find quarterly data. No ads, no blinking lights, no sign-ups. Just pure sweet data.

The Reserve at Clear Lake City first new homes in years 

(7/9/2015)

CLEAR LAKE - Trendmaker Homes has opened a new residential community — the southeast Houston suburb’s first new home development in two decades.

The home builder plans to construct 740 homes at the The Reserve at Clear Lake City, located along Space Center Blvd., just east of Ellington Field near Beltway 8 and the Gulf Fwy.

The first phase of the new community will feature 165 high-end homes, a mix of traditional single-family and patio homes on 55-, 70- and 80-foot lots.

The traditional two-story homes range in size from 3,266 to 5,090 sf, offering four to five bedrooms, three-and-a-half to five-and-half bathrooms and two- or three-car garages.

Trendmaker purchased the 372-acre site in 2013 from Fidelis Realty Partners, which is developing a large shopping center anchored by an H-E-B grocery store on about 40 acres adjacent to The Reserve at Clear Lake City.

Read more at the Houston Business Journal.

Space age sports medicine facility opens in Sugar Land 

(7/9/2015)

SUGAR LAND - Houston Methodist Orthopedics & Sports Medicine opened the most technologically advanced orthopedic and rehabilitation facility in the country on the campus of Houston Methodist Sugar Land Hospital.

The 75,000-sf facility at 16811 Southwest Fwy. is located at the corner of US 59 and Sweetwater Blvd.

The new location includes office and patient care space for the organization’s board-certified and fellowship-trained physicians and surgeons, as well as dedicated areas for physical and occupational therapy.

The facility includes an indoor batting cage and golf net, an indoor pool with built-in treadmill and an outdoor, 40-foot by 20-foot field turf training field to help athletes recover from injury.

The outside training field will be used to more effectively rehabilitate athletes in the later stages of rehab.

Read more at Your Houston News.

MetroNational plans 240,000-SF office in Memorial City 

(7/9/2015)

MEMORIAL CITY - MetroNational plans to build a 240,000-sf office building in Memorial City on an 18-acre tract, as part of the company’s long-term vision to redevelop the area.

The six-floor building will be located at the northwest corner of Gessner Rd. and the Katy Fwy. at 10100 Katy Fwy., directly across from Memorial Hermann Tower.

Mexico-based Cemex will anchor the development as the building’s first tenant with 80,000 sf on the building’s second and third levels.

The building will feature 40,000-sf floor plates.

The first floor will include 15,000 sf of retail. 

The project is slated to break ground in fall 2015 and open in fall 2016.

Read more at the Houston Chronicle.

Click Houston NewsTalk, Houston Market Research for quarterly reports.

268-Unit The Mark underway near Houston's new Exxon campus 

(7/9/2015)

HOUSTON - A new luxury apartment project has broken ground in Springwoods Village, a growing master-planned community north of Houston.

Martin Fein Interests began construction in June on The Mark at CityPlace Springwoods Village.

The six-story, 268-unit apartment project is located on 3.75 acres in a $10 billion mixed-use development called CityPlace, along Springwoods Village Parkway next to Exxon Mobil Corp.’s new campus.

The Mark will offer one-, two- and three-bedroom apartments ranging in size from 572 sf to nearly 1,600 sf.

The units will feature ten-foot ceiling, wood floors, stone countertops, tile backsplashes, stainless steel appliances and built-in lights underneath custom cabinets.

Read more at the Houston Business Journal.

ATCAP buys 120,810-SF facility in East Houston Market St. 

(7/9/2015)

HOUSTON - ATCAP Partners has acquired a 120,810-sf industrial facility at 8451 Market St.

8451 Market St. is situated on five acres near the intersection of I-10 East and Loop 610 adjacent to the Budweiser beer plant and the Ship Channel, six miles east of Houston’s central business district.

The property features 24-foot ceiling heights and a 7.8 percent office build-out. Tenants at the fully-leased facility include Santini Export Packaging Corp., Area Wholesale Tire and Interglobal Plastics.

Read more at Realty News Report.

Houston: Rebekah townhomes underway in Montrose 

(7/9/2015)

HOUSTON - Construction is underway on a new townhome community called Rebekah in the Montrose area.

Developed on a 30,000-sf property near Taft and West Drew St, the community will offer 15 townhomes starting in the $730,000 price range.

Six floor plans are available for the four-story detached townhomes. The homes will range from 2,875 to 3,180 sf.

Four of the townhomes and one model home expected to open in August. The company plans to have most of the townhomes built by the end of 2015.

Read more at the Houston Business Journal.

Galveston County beachfront view for Seagrass Beach homes 

(7/8/2015 8:00:00 AM)

GALVESTON COUNTY - Seagrass Beach luxury beachfront community is underway off SH 87 on Bolivar Peninsula.

NewCoast Propertiesis is planning 35 homesites on 33.5 acres about 11 miles west of SH 124.

The new community will feature several high-end amenities and unobstructed views of the Gulf of Mexico.

Residents will have access to an 18-foot elevated pool with six cabanas overlooking the ocean, a beachside fire pit, tennis courts, four manicured lawn areas and a stocked fishing pond.

The gated home lots, which average a little more than an acre, are priced from the low $200,000s.

Read more at the Houston Business Journal.

450,000-SF Shoppes at Parkwest underway in Katy 

(7/8/2015 6:15:00 AM)

KATY - The Retail Connection has broken ground on the Shoppes at Parkwest, a planned 450,000-sf retail near the Grand Parkway.

Construction is underway on the initial 300,000 sf of the power center, located at the northeast corner of I-10 and Katy Fort Bend Rd., catty cornered from Katy Mills Mall.

The Shoppes at Parkwest will ultimately be built on 40 acres consisting of a combination of junior anchors, small shop retailers, restaurants, entertainment and service users.

Tenants in the center will include Bed, Bath and Beyond, BuyBuy Baby, DSW, Kirkland’s and DXL.

Read more at Realty News Report.

Massive pallet rack Hannibal Industries adding SF in Houston 

(7/8/2015)

HOUSTON - Hannibal Industries Inc. broke ground on a 42,000-sf addition to its Hannibal South manufacturing center on 10.5 acres in the city's booming industrial area.

Construction is now underway to enlarge the existing 110,000-sf facility at 6501 Bingle Rd. to house a new state-of-the-art powder-coating production line, an environmental room and additional office space.

The Hannibal South facility will offer their full range of pallet racking products to serve the eastern U.S. markets.

Read more at the Digital Journal.

Houston's crumbling Westbury Square to new residential hub 

(7/8/2015)

HOUSTON - Westbury Square is being sold to Villas at Westbury Square who plans to tear down the remaining buildings subdivide the land into approximately 110 residential lots.

Company OnStage theater group is the only tenant left in the center, which is near the intersection of West Bellfort and Chimney Rock.

The new owner would sell the lots to residential developers for a gated complex of two- and three-story homes on roughly 2,400-sf plots. The homes would be priced between $350,000 and $400,000.

Market research has shown strong demand for new housing in the area.

Villas at Westbury Square has a development background in high-rise condominium buildings in Florida and medical properties in Houston.

Read more at the Houston Chronicle.

Katy: Walmart Neighborhood Market slated on Highland Knolls 

(7/8/2015)

KATY - A new Walmart Neighborhood Market location is slated to open at the apartment and retail development under construction at 20903 Highland Knolls Dr.

Construction is already underway at the site and there is no official opening date yet, but the store will be approximately 40,000 sf.

Warwick Construction, the construction manager, is also building two retail buildings, each 10,000 sf, adjacent to the future Walmart Neighborhood Market, said Bill Chenel, senior project manager for Warwick Construction.

No construction timeline has been released, but Chenel said the store could open as early as November.

Read more at the Houston Business Journal.

Click Houston NewsTalk, Houston Market Research (updated stats for office, industrial, multifamily)

ARA multifamily overview 2015: Houston, DFW, SA, Austin 

(7/7/2015 8:00:00 AM)

HOUSTON - All major Texas markets are above 91 percent occupancy and experiencing impressive rent growth according to ARA Newmark, who released the Houston Multifamily Overview report on April 30, 2015.

In 2014, job growth in each market exceeded 3.1 percent and healthy job growth is projected in 2015.

Texas Multifamily Fundamentals
  Houston DFW* San
Antonio
Austin
Total units 594,243 632,002 165,000 188,266
Average occupancy 91.2% 92.8% 91.3% 91.0%
2015 Rent growth
(T12** Apr. 2015)
5.7% 5.6% 3.5% 5.0%
2014 Rent growth 7.8% 6.1% 3.4% 6.0%
Absorption
(T12** Apr. '15)
15,871 16,242 6,068 7,781
Absorption (2014) 15,918 14,277 5,804 7,513
Under construction
(Apr. '15)
26,490 16,404 5,513 8,355
Now leasing (Apr. '15) 20,406 16,138 5,267 11,039
2013 Job growth 3.7% 2.9% 3.2% 4.7
2014 Job growth 3.4% 3.5% 3.2% 4.1%
2015 Job Y-O-Y
(Feb. '15)
3.1% 4.1% 3.7% 3.0%


*Dallas-Fort Worth
**T12: trailing 12 months

See the full ARA Newmark Houston Multifamily Overview April 2015 (PDF) includes data from Austin, DFW and San Antonio in the report.

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