NewsTalk Texas

Houston-The Woodlands-Sugar Land

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.

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.

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.

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.

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!

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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)

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.

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.

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.

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

Houston hotel future positive; but oil downturn tests demand 

(7/7/2015)

HOUSTON - The collapse in oil prices is putting a slight damper on the local hotel market at a time when the supply of new properties is ramping up, but industry experts expect the softness will be short-lived.

Hotel occupancy fell to 69.1 percent during first quarter 2015, down 1 percent from a year earlier.

Rate and occupancy growth has started to flatten out or decline in some areas, but "the future looks reasonably stable," said fellow speaker Bruce Walker of hotel consulting firm Source Strategies.

While downtown hotels may soften a bit this year, the city center remains very healthy with just under 70 percent occupancy.

Across the Houston area, 7,000 hotel rooms are under construction, and another 10,666 are planned.

While the other big Texas markets are doing well, the Rio Grande Valley is a "hidden gem" that's been "overlooked by nearly everybody" said Michael Yu, first vice president of investments for Michael & Millichap.

Read more at the Houston Chronicle.

Click Houston NewsTalk, Houston Market Research.

Sold: Houston luxury Broadstone Post Oak apartments 

(7/7/2015)

HOUSTON - Broadstone Post Oak has been sold to Strategic Capital, the U.S.-based investment platform of China State Construction Engineering Corp.

Broadstone Post Oak, at 3100 Post Oak Blvd., is a five-story, Class A+ apartment complex south of the Galleria mall and north of Richmond Ave.

Read more at the Houston Business Journal.

Zachry 'engineers' double space in Houston Westchase 

(7/7/2015)

HOUSTON - A new lease by a division of Zachry Group brings the recently completed Westchase Park II building to 50 percent leased, tenant rep firm Savills Studley announced.

Zachry Engineering Corp. will nearly double its space when it moves to 48,500 sf on the second floor of the building at 3600 W. Sam Houston Pkwy.

The company will relocate from 10255 Richmond in Westchase this fall. The extra space was needed for the expansion of its process engineering business.

Zachry Group provides turnkey construction, engineering, maintenance, turnaround and fabrication services in the power, energy, chemicals, manufacturing and industrial sectors.

Read more at the Houston Chronicle.

Houston's 357,000-SF piece of puzzle in Texas mega sale 

(7/6/2015 2:00:00 PM)

HOUSTON - Sealy & Co. and AEW Capital Management sold a mega portfolio of Texas industrial properties of 19 institutional assets totaling 1.5 million sf.

The deal includes two Houston facilities totaling 357,000 sf: 1150-1170 Silber and 8790 Wallisville.

Both properties are fully occupied; the overall portfolio is 91 percent leased.

Read more at Bisnow (almost) never boring!

Houston occupancy drops in top-end apartments 

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

HOUSTON - Rental units with the high-end amenities and luxe living spaces have seen occupancy drop about 7 percent since high times two years ago, according to data from Houston-based Apartment Data Services.

Class A apartments had 85 percent occupancy over the last 12 months, compared to 91 percent in July 2013, according to the apartment research firm based on 12-months ending June 30.

While tens of thousands of units are expected to open this year in complexes already underway, the number of projects likely fell off.

Last year, 18,000 new apartment units came to the market to keep up with the demand. This year, original projections forecast 27,000 units to open.

Rent growth has also slowed to 5.5 percent overall, a drop from 8 percent last year.

Prices are still high in most markets. High end apartments average $1,454, mid-range are $926 and lower end $737. In the overall market, the average rent is $963.

Read more at the Houston Chronicle.

Click Houston NewsTalk, Houston Market Research.

Houston Willowbrook Plaza sells to DDR for $74M  

(7/6/2015 6:40:00 AM)

HOUSTON - DDR Corp. acquired Willowbrook Plaza, a 385,000-sf power center for $74 million.

The center, 17355 Tomball Parkway, is adjacent to Willowbrook Mall, one of the city's top regional malls.

Anchored by Bed Bath & Beyond, the shopping center is 87 percent leased.

Willowbrook Plaza, built in 1999, is located near the intersection of FM 1960 and SH 249.

Read more at Realty News Report.

Houston Retailers in the River Oaks District set opening 

(7/6/2015)

HOUSTON - Retailers in the River Oaks District, a high-end, mixed-use development under construction along Westheimer Rd. near the I-610 loop, will begin opening Oct. 1.

The retail center’s movie theater, an iPic Theater, has scheduled to open Oct. 30 — the date many holiday movies usually are released, said Greg Wattson, senior managing director of development for Oliver McMillan.

Also as part of construction, improvements are underway along Bettis Dr. to help with traffic flow, drainage improvements are being done along Westheimer Rd. and the property’s utilities have been moved underground, Wattson said.

Developers continue seeking additional retailers. The development features space for 70 retailers and will have eight restaurants.

Read more at the Houston Chronicle.

Richmond opens Gallery Furniture plus attractions 

(7/6/2015)

RICHMOND - The 165,000-sf Gallery Furniture opened a new store located off the Grand Parkway at the Market at Long Meadow Farms.

The store offers furniture, and a full-service restaurant, called Brick & Mortar Kitchen.

An atrium in the center of the building includes a living wall with 11,000 plants, multiple exotic birds and a family of three capuchin monkeys. At the grand opening, a zebra shark was added into a 30,000-gallon saltwater aquarium to join a variety of fish.

The company has also partnered with The Brookwood Community, a nonprofit that works with people with developmental disabilities, for a section devoted to the Brookwood residents' handcrafted products.

Read more at the Houston Business Journal.

Tourism efforts surge in Tomball, Magnolia 

(7/6/2015)

MAGNOLIA, TOMBALL - Tomball leaders have made significant strides to ramp up community events designed to brand the city as a destination for tourism and family-oriented fun with 51,000 people attending city-sponsored festivals in 2014.

Likewise, Magnolia officials have begun this year to market the city as a hub for healthy living and continue to embrace its designation as an official host City of the Texas Renaissance Festival since 2011.

City of Tomball sales tax numbers have increased from $8.8 million in 2010 to $14.2 million in 2014, Tomball City Manager George Shackelford said.

As more hotels continue to open in the area, the hotel occupancy tax numbers have spiked about 24 percent from late 2012 to 2015, he said, due in part to the establishment of a Tourism Advisory Committee and creation of a marketing director position four years ago.

In Magnolia, sales tax revenue has seen a 30.4 percent increase from $1.84 million in 2010 to $2.4 million in 2014.

Similarly, hotel occupancy tax revenue rose 29 percent over the same time frame from $37,005 in 2010 to $47,729 in 2014, and the city is looking for ways to increase its marketability, said Tana Ross, Magnolia Economic Development Coordinator.

Read more at the Community Impact Newspaper.

Electro-Tech quadruples in size with Houston acquisition 

(7/6/2015)

HOUSTON - Electro-Tech Industries acquired a 115,000-sf industrial building located at 303 West Little York.

Founded in 2000, Electro-Tech Industries offers custom design, manufacturing, testing, and field service for electrical power distribution equipment and systems.

Read more at Realty News Report.

Briggs Equipment complex sells in Northeast Houston 

(7/6/2015)

HOUSTON - Twinrose Investments has sold the industrial building at 8787 Wallisville Rd.

The 126,821-sf facility is fully leased by Briggs Equipment, a materials handling equipment producer that has utilized the site as a distribution center since the building delivered in 1975.

The facility features 28-foot clear heights and 24 exterior doors, including ten truck wells, and 142 parking spaces.

It is located on a 10.1-acre site just southwest of the I-610 and Hwy. 90 intersection with frontage on Hwy. 90 and Wallisville Rd.

Source: CoStar Group

April foreclosure numbers show Texas housing stability haven 

(7/3/2015 9:00:00 AM)

TEXAS - The Lone Star State continues to be a bright spot for Americans seeking a stable, affordable place to own a home using April 2015 numbers.

Low home foreclosure and appreciation rates point toward a housing market that’s relatively affordable now and likely to stay that way for the immediate future.

April 2015 data from FindTheHome shows 0.21 percent of Texas homes in foreclosure, compared to 0.48 percent of home across the United States.

Fewer Texans are behind on their mortgage payments as well, with only 0.90 percent of homes more than 90 days delinquent on mortgage payments, against 1.32 percent nationwide.

Texas foreclosure rates are down 19.35 percent from a year ago, compared to a 27.15 percent drop nationwide, and delinquent mortgages are also decreasing more slowly.

Take a look at Texas counties at the Houston Chronicle.

tag: Houston NewsTalk, Houston Market Research

GHP cuts Houston job predictions in half 

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

HOUSTON - Greater Houston Partnership announced a revision to its 2015 employment forecast, with a gain of only half as many jobs this year as were predicted in December.

The revision states that the region will gain around 20,000 to 30,000 jobs this year after predicting in December that Houston’s metropolitan area would add 62,900 jobs in 2015.

“Economic conditions have changed dramatically since the partnership issued its original forecast,” the revision reads.

The original report assumed that the North American rig count would fall by 500 rigs this year, but it has actually lost more than 1,000 since its September 2014 peak.

The partnership also assumed the energy industry would cut exploration expenditures by 25 percent, but the cuts are nearing 40 percent.

The revised report shows that total nonfarm employment in Houston peaked in December 2014, but that Houston lost 47,000 jobs in January 2015.

As of May 2015, the Houston-The Woodlands-Sugar Land area reported 2.9 million total nonfarm payroll jobs.

Read more at the Houston Business Journal.

tag: Houston Market Research, Houston NewsTalk

Houston ranks in top five 'green building' markets 

(7/2/2015)

HOUSTON - The city No. five on a list of the country’s “greenest” office markets, falling one spot from last year, according to the Green Building Adoption Index, a joint project of CBRE Group Inc. and Maastricht University.

Despite the downgrade, the amount of Houston’s green office space is considerably higher than the national average of 38.7 percent.

More than half of the office space in this area — 52.9 percent — is considered green, which the group defines as holding either an EPA Energy Star label, U.S. Green Building Council LEED certification or both.

Top 10 Green Office Markets
Market 2015
Rank
% 2014
Rank
Minneapolis 1 70.4 1
San Francisco 2 70.0 2
Chicago 3 63.4 3
Atlanta 4 57.8 5
Houston 5 52.9 4
Denver 6 48.7 7
Los Angeles 7 47.1 6
Washington, D.C. 8 42.3 10
Miami 9 41.6 9
Seattle 10 40.1 8


Read more at Houston Chronicle.

tag: Houston NewsTalk Office

Domain-branded New Forest apartments to far east Houston 

(7/1/2015 6:45:00 AM)

HOUSTON - City Street Residential plans to develop a new Domain-branded apartment on 10.5 acres near Beltway 8 and Wallisville Rd. in New Forest.

The project will be City Street Residential’s eastern-most project in Houston.

Single-family and multifamily development is heating up on Houston’s east side as new commercial, industrial, petrochemical and shipping projects are developed there.

Some 300 units are planned for Domain New Forest, said Matt Tucker, a platting project manager with Winrose Land Services Inc., which provided platting and survey services for the project.

City Street Residential has nine luxury apartment projects in Houston, including five Domain-branded luxury apartment projects in prime areas like CityCentre, Energy Corridor and the Texas Medical Center.

The developer also built 3333 Allen Parkway, a 33-story condominium tower overlooking Buffalo Bayou Park.

Read more at Houston Business Journal.

Intrepid Business Park delivers in NW Houston 

(7/1/2015)

HOUSTON - Triten has delivered Building Four at Intrepid Business Park — a spec industrial development located in northwest Houston.

The building is an 86,250-sf front-load, distribution facility that is 38 percent preleased.

Located on Brittmoore Rd. near Tanner Rd., Intrepid Business Park is a Class A, tilt-wall development that features such amenities as a 30-foot clear height ESFR sprinkler system, T-5 lights and large truck courts.

There is 53,525 sf remaining at Intrepid, offering a future tenant a high dock door per-sf ratio, the opportunity to fence and secure the truck court and up to an acre of outside storage.

Read more at GlobeSt.com.

Houston:$50M secured for Village of River Oaks senior living 

(7/1/2015)

HOUSTON - The Village of River Oaks, a senior housing project on South Shepherd, has secured $49.7 million in construction financing.

The project, at 1015 S. Shepherd Dr., was announced in the fall of 2013. It will be the first senior housing community in River Oaks.

The 182,500-sf facility will contain 195 units. It is expected to open in 2016.

CBRE Capital Markets arranged the financing for a joint venture between Bridgewood Property Co. and Harrison Real Estate Capital, which is developing the project.

Read more at the Houston Business Journal.

People's Trust HQ going up in Houston 

(7/1/2015)

HOUSTON - Construction began for the new corporate headquarters of People’s Trust Federal Credit Union to the east of downtown.

The new 26,000-sf building located at 413 Bastrop near the BBVA Compass Stadium will have a member lounge, two outdoor ATMs and a coffee and refreshment bar. There will also be a large multipurpose room for special events.

Previously, the credit union leased a space in Two Shell Plaza in downtown. Company officials say owning its own facility will protect the credit union against the rising lease rates of downtown and offer free parking.

Read more at Houston Chronicle.

Houston's median home prices continue to rise 

(7/1/2015)

HOUSTON - This city is leading the way when it comes to rising home price listings despite plunging oil prices.

While the real estate bubble is still expected to bust, median list prices of homes in the Houston metro area are increasing more quickly than any other place in the state, research site FindTheHome reported.

Median list prices have increased 19.91 percent since last year, against 6.47 percent statewide, and 12.70 percent nationwide.

Local median list price is currently $266,927, according to FindTheHome, much higher than Texas’ $232,455 medial list price and the nation's $231,543.

Also Read more at the Houston Chronicle.

Click Houston NewsTalk, Houston Market Research for quarterly reports in all categories.

Office sold: Griffin buys Houston's 85,923-SF at 602 Sawyer 

(7/1/2015)

HOUSTON - Griffin Partners has acquired a seven-story office building located at 602 Sawyer St. just west of downtown Houston.

The 85,923-sf building is in the Sixth Ward area, one of Houston’s oldest neighborhoods, north of Memorial Dr. and south of Washington Ave.

The sale of 602 Sawyer marks the 22nd transaction in the last 24 months in which National Asset Services (NAS) has guided tenant-in-common investment groups through a sale or refinancing process, resulting in a positive outcome for the investors.

Read more at Realty News Report.

Lux apartments to rise near Houston Generation Park 

(7/1/2015)

HOUSTON - The Garrett Cos. has acquired a 17.7 acre parcel for a new luxury apartment project on West Lake Houston Parkway, just north of Lakeshore Elementary School and west of Lake Houston.

Indianapolis-based Garrett Cos. plans to build a luxury apartment complex with two- and four-story buildings featuring 280 Class A units, a pool and surface parking as well as detached and attached garages.

“This will really be one of the first multifamily projects along West Lake Houston Parkway, north of Beltway 8,” with Houston-based ARA Newmark Dosch said.

“Historically, it’s been more difficult to develop on the east side of I-45, but that’s going to change with all the growth with Generation Park, which is bringing in a lot of jobs.”

The land is about six miles north of Generation Park, a massive mixed-use project under construction by McCord Development Inc.

Read more at the Houston Business Journal.

tag: Houston NewsTalk, Houston Market Research (latest quarterly reports with no ads, no pop-ups)

Houston: Hines working on $50M deal for Chronicle's property 

(6/30/2015 7:59:00 AM)

HOUSTON - Hines has been negotiating a $50 million deal to acquire the Houston Chronicle property in downtown.

The newspaper’s facilities cover 99,184 sf of land on two city blocks and would be an ideal platform for Hines to construct its next Houston skyscraper.

Hearst Corp., which owns the Chronicle, will relocate the newspaper offices to the former Houston Post property on Southwest Fwy. near Loop 610 next year.

The Chronicle site includes a ten-story building at 801 Texas Ave. and a 560-space parking garage at 710 Preston.

The Houston-based real estate development company is considering paying more than $50 million, perhaps as much as $55 million, for the Chronicle’s downtown property.

Read more at Realty News Report.

Midstream to build $95M crude oil storage in Seabrook  

(6/30/2015 7:30:00 AM)

SEABROOK - Magellan Midstream Partners and LBC have partnered to build a $95 million crude oil storage and pipeline infrastructure in the Houston Gulf Coast area.

The new facility will open first quarter 2017 and is expected to accommodate more than 700,000 barrels of crude oil. An 18-inch diameter pipeline will connect the new facility to a third-party pipeline to transport the crude oil to a Houston-area refinery.

The infrastructure will be located next to LBC’s existing terminal.

The project is being supported by a long-term storage and transportation commitment with a major refiner.

Source: Houston Business Journal

Better mobility drives growth to Tomball 

(6/30/2015)

TOMBALL - As of 2015, the population within a ten miles radius sits at approximately 485,000 — a 98 percent increase since 2000, said Tomball Mayor Gretchen Fagan.

The same area has grown to a population of 413,000 in 2010 from 245,000 residents in 2000, according to U.S. Census Bureau data.

Much of Tomball's growth is the result of improved mobility, particularly with the recent completion of the first segment of Texas 249, from Spring-Cypress Rd., north to FM 2920 overpass.

The second and third segments, which will connect at FM 2920 and continue to FM 149 in Pinehurst, are in the planning stages and will begin construction early 2016.

Along those same lines, the long anticipated Grand Parkway, which is under construction, will connect with US 290 in Cypress and span 38 miles on its way through Tomball to I-69 north of Kingwood.

Although mobility has been the driving force of growth in the city and region, companies are also relocating and expanding in the area.

Read more at the Houston Chronicle.

Ohio-based health firm buys in The Woodlands and Kingwood 

(6/30/2015)

THE WOODLANDS, KINGWOOD - Woodside Health has added two medical office buildings in the suburban areas of Houston to its portfolio.

The Alore Center, originally built as a retail property at 26710 I-45 North, is fully occupied by two tenants. First Surgical Partners uses the bulk of the 29,924-sf center and operates a surgery center called First Surgical Woodlands.

The Rockmead Professional Center, a 28,038-sf property at 605 and 611 Rockmead Dr. in Kingwood, is leased to six tenants with Texas Children's Hospital as the largest. One suite is available for lease.

"The next year or two might be a little slower with the oil and gas industry, but we're believers," said Ben Sheridan, a co-founder of Woodside Health.

The health care sector is more resistant to downturns than other types of real estate, Sheridan said.

Read more at Houston Chronicle.

165-Unit Crystal Falls sells in Houston 

(6/30/2015)

HOUSTON - Berkadia sold Crystal Falls at 10950 Westbrae Parkway near Braeswood Blvd., SH 59 and Beltway 8.

Built in 1984, the 165-unit property features studio, one- and two-bedroom floor plans.

The property was 96 percent occupied at the time of the sale.

Each unit features fully equipped kitchens and balcony or patio. Select units have washer and dryer connections, fireplaces and vaulted ceilings. Community amenities include a swimming pool, Jacuzzi, fitness center and controlled-access gate.

Houston-metro vacancy tightened 30 basis points in the last three months to 5.4 percent by the end of first quarter 2015. Average asking rents advanced 0.8 percent to $1,052 per month in first quarter.

Read more at GlobeSt.com.

Houston: greater east side 60-unit Oaks at Wayside underway 

(6/30/2015)

HOUSTON - Dakota Property broke ground on 60-unit Oaks at Wayside at 6502 Jamail Dr.

The nearly two-acre plot of land will be developed into “modest” housing, and will allow those who live in the community to remain there, upgrading their apartments as the neighborhood slowly transforms.

The three-story project will have 60 units and feature one- and two-bedroom plans.

The location is around the corner from a neighborhood Fiesta store, near the Gus Wortham Golf Course and about half a mile from the new metro line connecting to downtown.

The complex is planned to open as soon as March 2016.

Read more at Houston Chronicle.

Houston multifamily deals hold up despite oil slump 

(6/30/2015)

HOUSTON - Multifamily developers are still buying land for new apartment projects despite the downturn in oil prices.

ARA Newmark has closed about eight new multifamily deals so far this year, said transaction manager Tom Dosch.

The Houston-based commercial real estate brokerage had the quickest start to the year for multifamily land transactions, even as oil prices slipped to near six-year lows earlier this year.

Some multifamily developers continue to look for new development opportunities as others slow down or stall new projects amid the oil slump.

“Groups who still have the capital want to build in Houston,” Dosch said. “Houston is a still a great long-term play.”

Read more at the Houston Business Journal.

Click Houston NewsTalk, Houston Market Research.

Orchard Assisted Living opens in Katy 

(6/30/2015)

KATY - The Orchard Assisted Living & Memory Care is celebrating its grand opening.

The 69,000-sf community, five-acre community, owned and operated by Stroud Cos., will serve nearly 100 residents and will create 50 jobs.

The one-story development is pet-friendly and can serve 57 residents in assisted living and 40 in memory care.

Larger assisted-living apartments are available with or without patios. There are currently three landscaped courtyards with walking paths, and plans are underway to build a dog park on campus.

Read more at GlobeSt.com.

Houston: FMC Technologies HQ completion date set 

(6/29/2015 9:15:00 AM)

HOUSTON - FMC Technolgies' new headquarters located on 71 acres of the Generation Park campus in the Lake Houston area is scheduled for completion in December.

The first phase will include one large office facility, a parking garage and five industrial buildings that will be used for subsea development.

The office facility will be 360,000 sf and house about 1,200 employees by early 2016.

Included with this is a 600,000-sf subsea facility to open at the same time and FMC will have 1,700 working at Generation Park early next year.

Bob Houlgrave, FMC Technologies project manager for the Generation Park campus, said many of the buildings are 60 to 70 percent complete with only interior work left to be done.

When the campus is built out, the FMC headquarters will have three office buildings, and several production facilities.

Read more at Houston Chronicle.

Houston: May 2015 construction permits 

(6/29/2015 8:00:00 AM)

HOUSTON - City of Houston construction permits totaled $8.2 billion for the 12 months ending May 2015.

The total represents a 10.6 percent increase from $7.4 billion for the 12 months ending May 2014.

Houston Building Permits May 2015
  Monthly Data Year-to-Date Total
  May
2015
May
2014
%
Chg.
May
2015
May
2014
%
Chg.
Building Permits
($, City of Houston)
596,954,584 971,764,397 -38.6 3,145,907,862 3,644,067,547 -13.7
Nonresidential total 414,981,705 604,507,316 -31.4 2,034,041,660 2,425,455,752 -16.1
New nonresidential 279,544,525 439,366,231 -36.4 1,165,194,217 1,573,542,661 -26.0
Nonresidential additions/
alterations/conversions
135,437,180 165,141,085 -18.0 868,847,443 851,913,091 2.0
Residential total 181,972,879 367,257,081 -50.5 1,111,866,202 1,218,611,795 -8.8
New residential 163,549,276 340,298,206 -51.9 1,014,014,229 1,085,846,664 -6.6
Residential additions/
alterations/conversions
18,423,603 26,958,875 -31.7 97,851,973 132,765,131 -26.3


Source: Greater Houston Partnership

See May Economic Indicators.

tag: Houston Market Research

Downtown Houston Capitol Tower pours on foundation 

(6/29/2015 6:30:00 AM)

HOUSTON - Skanska is planning to pour the foundation of the Capitol Tower, a 35-story office building slated for downtown’s former Houston Club building site, next month.

Capitol Tower was designed by Gensler to have 750,000 sf and a tunnel-level lobby visible to pedestrians on the streets above it.

In January, Skanska said the building would not break ground until a substantial portion of the space was preleased.

“We’re preparing our site to go vertical when that decision gets made,” said Michael Mair, executive vice president and regional manager for Skanska USA in Houston.

Read more at Houston Chronicle.

Office sublease space up 61 percent in Houston 

(6/29/2015 6:05:00 AM)

HOUSTON - With shrinkage in the energy industry, the Houston office market has 61 percent more sublease space today than it did a year ago, according to Dan Boyles of NAI Partners of Houston.

Sublease space is concentrated primarily in West Houston, which includes the Energy Corridor, Westchase and the Katy area.

Houston has 7.7 million sf of sublease space available in Class A and B combined, double the historic average of 3.3 million sf.

Read more at Realty News Report.

tags: Houston NewsTalk office, Houston Market Research

Houston Energy Center 3 to fetch $270M 

(6/26/2015 10:00:00 AM)

HOUSTON - Energy Center 3's new office building in Energy Corridor is expected to sell for a record-high price of $270 million, or $492 per sf, despite the recent collapse in oil prices and the energy industry layoffs that followed.

The 549,000-sf tower located near the intersection of North Eldridge Parkway and I-10, is fully leased to ConocoPhillips for $210.9 million for 12 years.

Read more at Realty News Report.

tag: Houston Market Research, Houston NewsTalk

Transwestern: Houston multifamily Market Watch June 2015 

(6/26/2015 8:00:00 AM)

HOUSTON - Transwesten released the June 2015 Market Watch for Houston multifamily.

The report also contains recent sales, sales statistics and submarket overviews. The chart below shows monthly statistics for the Houston MSA.

Monthly Multifamily Statistics Houston
Category June
2015
Occupancy 91.2%
Price ($/Mo) $956
Rental rate ($/SF/Mo) $1.09
Average size (SF) 877
Number of communities 2,580
Number of units 597,732
Under construction (units) 21,035
Units absorbed (past 12 months) 13,428
% Offering concessions 23%
Average concession package 5.4%


Source: Apartment Data Services Inc.

Click to see Transwestern's full report.

For more Multifamily statistics, see Houston Market Research.

Houston economy to plunge further 

(6/26/2015 6:15:00 AM)

HOUSTON - As a future wave of job cuts is forecasted for the energy sector, economists and those in human resources offer a similarly sobering look at the overall health of the area's economy.

The loss of 1,072 working rigs through June amounts to an ultimate loss of over 240,000 drilling-related jobs, according to a recent report from the Bauer College of Business at the University of Houston.

Houston is home to 35 percent of Texas oil producer and oil service employment.

At the end of May, job losses in the oil and gas industry nationwide amounted to 150,000, up from 120,000 in March, according to Swift Worldwide Resources, an energy staffing firm.

What in particular affects Houston's outlook is that one job loss that is directly energy-related results in four additional job losses that are indirectly dependent on energy, the University of Houston report said.

Read more at Houston Business Journal.

See Bauer College of Business' full report here.

Groundbreaking for new TSTC campus in Rosenberg 

(6/26/2015)

ROSENBERG - Texas State Technical College officials broke ground on the new TSTC Fort Bend County campus.

The groundbreaking marks the construction of the first of six to eight buildings on the 80-acre campus, located north of Hwy. 59 between FM 2218 and Hwy. 36.

Construction of the first 110,000-sf building is expected to be complete and ready for classes August 2016.

The new facility will house various technical programs, including cyber security, industrial maintenance technology, telecommunications convergence technology and welding technology.

Once complete, projections estimate the campus will serve more than 5,000 students, said Randy Wooten, TSTC Vice Chancellor and Executive-in-Charge for Fort Bend County.

The campus is projected to total more than $40 million, and the project will be funded by money raised by local organizations, the cities of Sugar Land, Richmond and Rosenberg and Fort Bend County.

Read more at Community Impact Newspaper.

Houston homes vs. rest of the nation 

(6/26/2015)

HOUSTON - The average local home is newer and larger than the national average, according to a new federal survey released recently.

Every two years, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development conducts a housing survey, which looks at the housing stock in 25 major metropolitan areas across the nation.

The Houston area has 1.3 million owner-occupied homes and condominiums in 2013, the most recent data available. This constitutes 55.6 percent of the total housing inventory in the region.

By the numbers:

  • 823,400 rental homes and apartments units in Houston, representing a third of the region’s housing stock
  • 8.9 percent remaining homes are vacant and 1.1 percent are vacation homes
  • 1984 median year of homes and apartments, compared to 1975 nationally
  • 2,000 sf median size of homes and condominiums, compared to 1,800 sf national average
  • 920 sf average size of a rental home or apartment in Bayou City, compared to 974 sf national average
  • Over 90 percent of homes and rental properties with central air conditioning, compared to 67 percent nationally
  • One in five homes and apartments with unsafe drinking water, compared to less than one in ten nationally
     

Read and see more statistics at Houston Business Journal.

tags: Houston Market Research, Houston NewsTalk Housing

Largest Mexico hotel operator expands to Houston 

(6/26/2015)

HOUSTON - Live Aqua is expanding outside of Mexico for the first time after hotel operator Grupo Posadas and Bighorn Capital Inc. signed an agreement to introduce the luxury boutique hotel brand to major U.S. cities.

Bighorn will invest $450 million to develop the first five hotels in Houston, Chicago, Los Angeles, Miami and Washington, D.C., chosen for their large Hispanic populations and substantial Latin American and international tourists, who may already be familiar with the Live Aqua brand.

Debút Hotel Group, a Hampshire Hotels Management company, will manage the hotels, which are expected to average 250 to 300 rooms.

Posadas is Mexico's largest hotel operator, according to the company, with 136 hotels across the country.

Read more at Houston Business Journal.

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