NewsTalk Texas

Houston-The Woodlands-Sugar Land

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.

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)

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.

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.

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.

Tomball, Magnolia new retail, residential, commercial plans 

(6/26/2015)

MAGNOLIA, TOMBALL - A number of new developments are on the drawing board for the Tomball and Magnolia area.

Magnolia area:

Halberdier Real Estate has five different properties ranging from seven acres to 500 acres in the works in Magnolia, said founder Trey Halberdier.

The company has 500 acres under contract a few miles north of FM 1488 on FM 149, to be developed as a residential community.

They also purchased a 350-acre tract, on FM 1774 just north of Magnolia and the Texas Renaissance Festival, expected to feature single-family large acreage ranch-type lots as well as some commercial parcels.

By the end of June, Halberdier plans to close on a 48-acre tract expected to become a mixed-use development.

Tomball area:

J. Alan Kent Development is developing new master-planned community Lakes at Creekside near the southwest corner of Kuykendahl and Hufsmith roads, which will feature more than 600 homes, eight lakes, a recreation center, park, trails, sidewalks, a splash pad and a pool.

The first of four development phases is expected to open in February 2016 and will offer 148 homes from several builders, such as Trendmaker Homes, Lennar and M/I Homes.

Lakes at Creekside lots will be priced from $300,000 to more than $1 million and are zoned to Tomball ISD.

Read more at Community Impact Newspaper.

Houston West Memorial Place's first tenant takes 158,000 SF 

(6/25/2015 7:15:00 AM)

HOUSTON - Skanska has secured its first tenant for West Memorial Place II, an Energy Corridor office project.

IHI E&C International Corp. will lease 158,050 sf, or 41 percent, on floors three through eight of the 385,000-sf tower at 15377 Memorial Dr which sits on a 12-acre site.

The 14-story West Memorial Place II is expected to be completed in October and to be operational mid-2016.

IHI E&C, a wholly owned subsidiary of Tokyo-based IHI Corp., is an engineering, procurement and construction company that serves the energy industry.

Read more at Houston Business Journal.

APM Terminals ends La Porte operations, affect 100 jobs 

(6/25/2015)

LA PORTE - APM Terminals is shutting down its Houston operations earlier than expected at 919 E. Barbours Cut Blvd., affecting 109 jobs.

The terminal was originally scheduled to be shut down on August 17, but the closure date was moved up to July 24, according to the Workers Adjustment and Retraining Notification Act letter.

The closure will affect 23 nonunion jobs and 86 union jobs. Most of the employees are expected to transition to other positions in the industry.

APM decided to close the terminal to consolidate business in the port, Mike Shaffner, APM Terminals port director in Houston said.

The Houston terminal was the third-largest APM pier in North America, according to the company's website.

APM Terminals is an international port manager and network that operates 11 ports in the United States and 72 worldwide.

Read more at Houston Business Journal.

Houston: Westmount buys 542-unit Braesridge Apartments 

(6/25/2015)

HOUSTON - Westmount has acquired the 542-unit Braesridge Apartments, located in southwest Houston, and will rebrand the garden-style community as Westmount at Braesridge.

The three-story asset, constructed in 1982, consists of 413,276 sf on 16.74 acres, for an average of 32 units per acre.

The apartments, located at 11100 Braesridge Dr., are a mix of one- and two-bedroom units ranging from 550 sf to 1,300 sf, with elevators to all third-floor units.

Common-area amenities include a clubhouse, complimentary assigned covered parking, social activities, a courtyard area with two gazebos, a dining hall with a full kitchen and 15 sets of tables, two swimming pools, a business center and limited-access gates.

Read more at GlobeSt.com.

Webster: Medistar plans mixed-use with Exxon's 177 acres 

(6/24/2015 10:00:00 AM)

WEBSTER - Medistar bought 177 acres from Exxon Mobil to build a mixed-use development featuring a new hotel and conference center, retail, office, medical facilities and entertainment.

The development will be adjacent to Webster’s new TopGolf, which is expected to open this fall, and near Fry’s Electronics and Academy Sports + Outdoors.

In the Webster-Clear Lake area, Medistar recently sold the Webster Rehabilitation Hospital, acquired and renovated three office buildings, and announced the expansion of the new Bay Area Regional Medical Center.

Read more at Houston Business Journal.

Itís not necessarily cheap to rent in Houstonís suburbs 

(6/24/2015 7:45:00 AM)

HOUSTON - Rent growth across the Houston region has been relatively stagnant in recent months, according to data from Apartment List.

The median price for a one-bedroom in Houston was $1,030 and a two-bedroom was $1,260.

The most expensive neighborhood in Houston remains Downtown, where rents are three times the national average and nearly two and a half times above the average metro area.

Ten Most Expensive Houston Neighborhoods
Location Median
Two-bedroom Rent
Downtown Houston $3,020
Afton Oaks/River Oaks $2,400
Memorial $2,270
Washington Ave/Memorial Park $2,050
Midtown $1,860

 

Highest Houston Metro Rents
Metro Median
Two-bedroom rent
Pearland $1,420
Pasadena $1,380
The Woodlands $1,320
Tomball $1,280
Houston $1,260


Read more at Houston Chronicle.

tags: Houston Market Research, Houston NewsTalk apartments

Groundbreaking for Wilshire condo tower Houston 

(6/24/2015)

HOUSTON - Pelican Builders confirmed a $55.2 million loan from PCCP and will start construction next month on the Wilshire at River Oaks District, a 17-story, 96-unit luxury condominium building.

Located at 2049 Westcreek Lane, it is inside the West Loop and is adjacent to the soon-to-open River Oaks District mixed-use development.

Construction should be complete mid-2017.

Read more at Houston Chronicle.

Houston: World-class brands to River Oaks District 

(6/24/2015)

HOUSTON - Seven retailers and one restaurant will join River Oaks District luxury mixed-use development slated to open later this year.

“We are excited to welcome these world-class brands to River Oaks District,” said Jeff Zeigler, senior managing director of retail services for OliverMcMillan, the real estate firm building River Oaks District.

The following retailers have been added:

  • Stella McCartney: women’s ready-to-wear, accessories, lingerie, eyewear, fragrance and kids designer
  • Van Cleef & Arpels, a French jewelry, watch, and perfume company renowned for pieces featuring flowers, animals and fairies worn by style icons
  • Vince: Contemporary women, men and kids’ clothing line
  • Vilebrequin: Luxury French brand specializing in swimwear and ready-to-wear for men and women
  • Planet Blue: Bohemian and vintage-inspired boutique featuring California beach-style swimwear
  • St. Nicola: International luxury line offering men’s and women’s footwear and handbags
  • Davidoff of Geneva: Swiss luxury tobacco goods including cigars, pipe tobacco and accessories
  • Steak 44: American steakhouse, part of the Mastro Family Restaurant Group


Read more at Houston Chronicle.

Worldwide: Houston No. 47 in expensive office markets 

(6/23/2015 10:00:00 AM)

HOUSTON - Downtown Houston office market ranks No. 47 in rent/occupancy costs worldwide, the CBRE Global Price Office Occupancy Costs Survey reported. It is the highest priced office market in Texas.

Among U.S. cities, New York was at $127 per sf; San Francisco was at $114 and Downtown Houston was at $62.50.

London office buildings have the highest office rents/occupancy costs in the world, while Hong Kong is second according to a new study by CBRE Group.

Markets with the fastest growing office space occupancy costs are Dublin, Seattle and Panama City, according to CBRE Research's study.

The rankings are based on “occupancy cost” — which represents rent, plus local taxes and service charges.

Most Expensive Office Markets
Market Price per SF
1. London $267
2. Hong Kong $254
3. Beijing (Finance Street) $196
4. Beijing (Central Business District) $188
5. New Delhi $157


Read more at Realty News Report.

NAR Houston housing market 1Q 2015 

(6/23/2015 7:30:00 AM)

HOUSTON - First quarter 2015 housing data have been released for the Houston market by the National Association of Realtors.

Included in the report are housing affordability, drivers of local demand and new housing construction.

NAR Houston Housing Market 1Q 2015
Price Activity Houston U.S. Local Trend
Current Median Home Price (1Q 2015) $200,300 $203,867 Prices are up from a year ago,
but price growth is slowing.
1-year (4-quarter) Appreciation (1Q 2015) 8.5% 6.7%
3-year (12-quarter) Appreciation (1Q 2015) 31.7% 28.8%
3-year (12-quarter) Housing Equity Gain* $48,200 $45,533 Gains in the last 3 years have
extended the trend of
positive price growth after
the recession.
7-year (28 quarters) Housing Equity Gain* $51,900 $5,333
9-year (36 quarters) Housing Equity Gain* $58,000 -$13,067


*Equity gain reflects price appreciation only.

Source: National Association of Realtors, courtesy of Prudential Ada Realtors

See Houston's full report by NAR Regional Real Estate Market 1Q 2015 (PDF). Scroll down for previously quarterly reports.

Also see more Housing data under Houston Market Research.

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

Woodlands Township buys 11.6 acres in Town Center 

(6/23/2015)

THE WOODLANDS - The Woodlands Township Board of Directors voted to purchase an 11.6-acre tract of land at 9669 Grogan's Mill Rd. in the Town Center for $15.2 million.

The board intends for the land to house a municipal complex, including a city hall, a police department, government services and courts, as well as possible public facilities for a visitors' center and a cultural arts center.

Read more at the Houston Chronicle.

Houston: Mattress Firm relocates HQ to new growth region 

(6/23/2015)

HOUSTON - Mattress Firm Inc. is moving its corporate headquarters into a 130,000-sf building, just south of the Astrodome and Loop 610.

The Mattress Firm building, 10201 S. Main St., is currently occupied by Stage Stores, which is relocating to the Galleria area.

The bedding company is moving into an area poised for growth because it is close to the Texas Medical Center and other major employment bases.

Houston-based Mattress Firm is the nation’s leading bedding retailer with more than $1.8 billion in sales for 2014.

Read more at Realty News Report.

IRR 2015 forecast: Houston multifamily in the U.S. mix 

(6/22/2015 7:00:00 AM)

TEXAS, U.S. - The U.S. multifamily market sector continues to lead the commercial real estate industry in many respects according to the latest IRR U.S. Cities Forecast/Conditions viewpoint.

In terms of underlying operating performance, Class B continued to outpace Class A performance with respect to occupancy in 2014.

While the multifamily sector continued to show many signs of strength, including continued expansionary market behavior, strong occupancy rates, and historically low capitalization rates, the early warning signs of a shift in market dynamics may have reared their heads in 2014.

Multifamily Market Conditions and Forecasts 2015
Market Area Class A
Inventory
(units)
Class A
Vacancy
Rate
Class B
Inventory
(units)
Class B
Vacancy
Rate
Forecast
Avg. Annual
Net Absorp.
2015-2018
(units)
Houston 286,830  5.72% 322,450 6.71% 7,596
Dallas 222,928 5.31% 211,637 4.30% 3,814
Atlanta, Ga. 196,150 4.34% 171,000 7.18% 3,600
Phoenix, Ariz. 127,427 4.50% 137,622 4.74% -
Austin 99,938 6.66% 73,681 3.32% 2,965
Fort Worth 82,704 5.30% 80,751 4.10% 1,217
San Antonio 79,710 8.09% 81,000 6.96% 4,500
Las Vegas, Nev. 66,253 5.68% 71,289 5.50% 4,770


*Ranked by Class A Inventory

Read the full Multifamily Forecast/Conditions U.S. Cities 2015 (PDF) report.

tag: Houston Market Research, Houston NewsTalk

Deer Park no vacancy at DCT's 200,000-SF industrial building 

(6/22/2015 6:10:00 AM)

DEER PARK - After closing on the purchase of a vacant 200,000-sf industrial building near the Port of Houston, Denver-based DCT Industrial Trust Inc. secured two leases for the entirety of the space at 2902 E. 13th St.

St. Louis-based Slay Industries took 100,000 sf of the building and GLT Fabricators Inc. took the other half.

Big-time expansions in the petrochemical industry have led to an increased demand for space in the southeast submarket, said Justin Bennett, senior vice president at DCT Industrial Trust Inc.

Big-time expansions in the petrochemical industry have led to an increased demand for space in the southeast submarket, said Justin Bennett, senior vice president at DCT.

And the oversupply that had kept rent rates low is getting absorbed faster than new space is being delivered, Bennett said.

Read more at the Houston Business Journal.

Sold: Medistar's Rehabilitation Hospital in Webster 

(6/22/2015)

WEBSTER - Carter Validus REIT has acquired the Post Acute Webster Rehabilitation Hospital from Medistar Corp.

The two-story Webster Rehabilitation Hospital located southeast of Houston is a newly built, 45-bed inpatient rehabilitation facility with 53,513 sf.

Providing physical, psychological, social and vocational rehabilitation services for patients, the hospital is 100 percent leased to Clear Lake Institute for Rehabilitation, LLC, a newly formed operating subsidiary of Post-Acute Medical, LLC .

Read more at Realty News Report.

Houston: 'Cargoes' in DB Schenker new 150,000-SF facility 

(6/19/2015 7:58:00 AM)

HOUSTON - DB Schenker is relocating to a new 150,000-sf standalone facility at 18851 Kenswick Dr. The new location will cater to the needs of the Energy Industry.

Features of the facility include a 123,500-sf, state of the art warehouse; 26,500 sf of new office space; and five acres of secured lay down yard. The IAH (George Bush Intercontinental Airport) facility is TAPA “A” and Dangerous Goods certified and offers in-house packing for all types of equipment.

It was specifically built to cater to the unique needs of the oil and gas/energy industry in the Gulf Coast area.

Read more at American Journal of Transportation.

Houston suburbs among best places to live in Texas 

(6/18/2015 6:20:00 AM)

HOUSTON - The Woodlands and four area Houston suburbs ranked in the top ten best places to live in Texas, according to a new study from NerdWallet.

They looked into a number of different metrics to determine a city's quality of life, including public schools, commute time, homeownership and unemployment rates.

The Woodlands took the top spot with top scores for education, low crime and unemployment rates.

Of the 50 cities on the list, Houston came in at No. 47, behind San Antonio at No. 43 and Dallas at No. 46.

Top 10 Best Places to Live in Texas
Location Population Homeownership
Rate
Unemp.
Rate
1. The Woodlands 101,423 73.7% 3.0%
2. Allen 87,213 78.0% 4.4%
3. Frisco 123,663 75.5% 3.9%
4. Sugar Land 80,755 81.3% 3.7%
5. McKinney 137,643 69.9% 3.0%
6. Pearland 94,098 79.7% 3.6%
7. Plano 266,740 64.0% 4.3%
8. League City 86,136 74.1% 4.1%
9. Missouri City 68,244 84.5% 5.0%
10. Carrollton 122,613 62.8% 5.1%


Read more at Houston Business Journal and see Nerdwallet for the full report.

tag: Houston Market Research, NewsTalk Texas Housing

Lakes at Creekside underway in The Woodlands 

(6/18/2015)

THE WOODLANDS - A new 286-acre master-planned community named Lakes at Creekside is under development near the southwest corner of Kuykendahl and Hufsmith roads between Tomball and The Woodlands.

The community will include more than 600 homes, eight lakes, a recreation center, a park, trails, a splash pad and a pool.

The community is being developed by J. Alan Kent Development and will be built in four phases.

Trendmaker Homes, Lennar Corp. and M/I Homes Inc. will develop the first phase of 148 lots, which are expected to be delivered in February.

Homes will be zoned to Tomball Independent School District and will be priced from $300,000 to more than $1 million.

The community is only three miles north of the Grand Parkway and six miles from Exxon Mobil Corp.'s new 385-acre campus.

Read more at Houston Business Journal.

Going Public: League City's 716-unit High Point Storage 

(6/18/2015)

LEAGUE CITY - Public Storage acquired the 716-unit storage facility at 1250 W. League City Pkwy. from High Point Storage.

The company's latest acquisition is its second one in the League City location, while the first, at 3155 W Walker St, League City, was opened on Apr 30.

In the Houston area, Public Storage presently owns 103 locations. The new self-storage location includes covered parking spaces, which help protect cars from damaging effect of the summer heat, and offers climate-controlled storage facility.

Public Storage presently owns 103 locations in the Houston area.

Read more at NASDAQ.

CVS to anchor 84,000-SF Lakeland Village Center in Cypress 

(6/18/2015)

CYPRESS - Construction has started on Lakeland Village Center — the first commercial development in the master-planned community of Bridgeland situated on 20 acres off Fry Rd.

The development will feature 84,000 sf of mixed-use retail, restaurant and professional and medical office space.

CVS Pharmacy will serve as the anchor retail tenant for Phase I, which is expected to be complete by spring 2016.

The 15,300-sf CVS will feature a drive-through pharmacy and a variety of health, beauty and personal care products. Construction on the store is expected to begin in mid-July and set to open in early 2016.

Lakeland Village Center will also feature views of two neighboring lakes, expansive sidewalks and abundant landscaping.

When built out, Bridgeland will contain 20,000 homes and additional mixed-use and commercial developments, including a larger town center that will bisect the Grand Parkway.

Read more at Community Impact Newspaper.

tag: Houston NewsTalk Texas, Houston Market Research

Buckeyes call on Houston's 385,000-SF Willowbrook Plaza  

(6/17/2015 7:45:00 AM)

HOUSTON - DDR Corp. has acquired Willowbrook Plaza across from Willowbrook Mall in northwest Houston.

The 384,820-sf center at 17355 Tomball Parkway reflects a shift in the firm's portfolio to centers with at least 350,000 sf occupied by national retailers.

Willowbrook Plaza is 89 percent leased, with other tenants being AMC Theatres, Bel Furniture, Five Below, Boot Barn, Buffalo Wild Wings, Saltgrass Steakhouse and Beauty Brands.

The property sits on 41 acres, and there is room to add a 10,000-sf building.

The purchase follows the acquisition of Greenway Commons, a center anchored by Costco near Greenway Plaza, in a joint venture with Blackstone Group.

Location of the plaza:

  • Latitude: 29.9539
  • Longitude: -95.5430
  • Zip: 77064
  • Address: 17355 Tomball Pkwy.


Read more at Houston Chronicle.

Primo picks new H-E-B Spring Creek Market on Rayford 

(6/17/2015 7:05:00 AM)

SPRING - H-E-B's new Rayford Road-area store Spring Creek Market is open. The 96,000-sf grocery store will be located at 3540 Rayford Rd.

The store will sell local favorites as well as fresh produce, dairy, flowers and herbs, H-E-B organics and other grocery items like wine, jams, Central Market products and H-E-B’s line of Primo Picks.

H-E-B Spring Creek Market will also feature a fuel station and car wash.

Spring Creek Market will be the sixth Woodlands-area H-E-B store.

Read more about this story at the Community Impact Newspaper.

Rockspring sells four-acre tract near Houston Heights 

(6/17/2015)

HOUSTON - Rockspring Capital has sold its four-acre site at the corner of Yale St. and North Loop 610 in the Garden Oaks and Greater Heights neighborhoods.

The location is situated among multiple single-family and commercial developments four miles northwest of downtown Houston.

The property itself is a redevelopment parcel. The area will be used for mid-rise apartments or mixed-use retail.

Read more at Realty News Report.

What's in your submarket? The Woodlands 1Q 2015 Office 

(6/16/2015 9:00:00 AM)

THE WOODLANDS - Class A office rents remained flat over the quarter while Class B rents increased in the Houston submarket, according to Colliers International Market Office Snapshot 1Q 2015.

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

Three Hughes Landing, a 12-story 321,000-sf Class A office building, is currently under construction and is projected to deliver in November 2015.

The Woodlands Office Snapshot 1Q 2015
  Inventory Direct
Vacancy
Vacancy
Rate
Net
Absorption
(SF)
Rental
Rate
Class Bldgs. Total (SF) SF Rate 1Q 2015 4Q 2014 1Q 2015 4Q 2014 Avg. (SF)
A 32 8,891,122 385,151 4.3% 4.9% 7.1% 1,671,730 1,621,957 $34.68
B 71 4,353,344 373,792 8.6% 9.0% 9.1% 2,860 -10,689 $24.60
C 5 338,038 1,000 0.3% 0.3% 0.3% 0 0 $19.80
Total 108 13,582,504 759,943 5.6% 6.1% 7.8% 1,674,590 1,611,268 $29.51


See The Woodlands Research Snapshot 1Q 2015 (PDF) for the full report.

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

Geico building in Katy trades hands 

(6/16/2015 7:45:00 AM)

KATY - Nicola Crosby Real Estate acquired Geico's 135,716-sf Mason Creek I, a two-story office building located at 21420 Merchants Way at I-10 on a 10.8-acre site.

Mason Creek I was developed within the 110-acre Mason Creek Corporate business park in 2013.

Mason Creek II, a three-story, 127,000-sf building, was recently completed, and a third office building fronting I-10 near the Grand Parkway is planned at the business park.

Read more at Houston Business Journal.

Woodlands: growth drives $850M health care building boom 

(6/16/2015)

THE WOODLANDS - Health care providers are collectively investing $850 million in facility construction and expansion to keep up with the rising demand for services.

Montgomery County's population jumped from 453,000 in 2010 to nearly 520,000 in 2014, according to U.S. Census Bureau data, and is expected to double to a million by 2035.

The growth has been highly concentrated in South Montgomery County, spilling over into north Harris County with the addition of the Exxon Mobil Corp. campus and other corporate office locations.

Already the second largest non-retail employment sector in The Woodlands, the health care industry is poised to give energy — the top employment sector — a run for its money in the coming years.

Health care accounted for 18 percent of non-retail jobs in 2014, trailing energy's 32 percent.

More health care providers indicates more options when it comes to where to go for care and treatment, also inducing a leap in the number and quality of services provided close to home.

By the numbers:

  • Memorial Hermann The Woodlands Hospital is undergoing $42.4 million in expansion and renovations.
  • Houston Methodist Hospital System is investing $328 million in a 470,000-sf, 193-bed hospital.
  • Texas Children's Hospital is building a $360 million, 548,000-sf facility.
  • CHI St. Luke's Health is constructing a $120 million medical campus in Springwoods Village.
  • Total investment in facility construction and expansion: $850.4 million.


Read more at Houston Chronicle.

West Houston on top of multifamily markets 

(6/15/2015 8:20:00 AM)

HOUSTON - West Houston has the highest number of units finished among several markets in the United States which recorded outsize multifamily completions during the past year.

In addition, Denver and Seattle both continue to see very strong rental increases of 9.7 percent and 7.2 percent respectively. Those markets, along with Urban Atlanta and North Dallas, are positioned very well to absorb additional supply.

 
Urban Atlanta had rental increases of 6.8 percent during the 12-month period while North Dallas had 6.0 percent rental increases.
 
Units Completed Prior 12 Months
Market Units
Completed
West Houston* 22,078
Denver 15,695
Austin 12,826
Washington DC 12,150
Seattle 11,202
North Dallas 10,435
Carolina Triangle 9,763
Northern Virginia 9,072
Urban Atlanta 8,516
Charlotte 8,473


*Principal municipalities include Houston, Spring, Katy, Stafford, Conroe, Cypress, Tomball, Rosenberg, The Woodlands, Richmond, Sugar Land and Missouri City.

Read more at Commercial Property Executive.

Source: Yardi Matrix

May's mixed-bag for Houston home sales 

(6/15/2015)

HOUSTON - The Houston housing market experienced a mixed bag of indicators in May. Year-over-year, single-family home sales and total property sales declined while total dollar volume remained flat. However, home prices reached record highs for the Houston area.

“We have had our ups and downs with home sales this year, but HAR predicted declines due to uncertainty about oil as well as tight inventory, so none of this comes as any surprise,” said HAR Chair Nancy Furst with Berkshire Hathaway HomeServices Anderson Properties.

“We are on our way to a more normalized housing market after a record-setting 2014, and just like an airplane coming in for a landing, passengers are told to expect the possibility of some dips and bumps on approach.”

Housing Market Summary: May 2015 vs. May 2014
  May 2015 May 2014 Chg.
Total sales 8,278 8,642 -4.2%
Total dollar volume $2,273,177,479 $2,282,469,582 -0.4%
Total active listings 30,550 28,712 6.4%
Single-family sales 6,807 7,110 -4.3%
Single-family home
avg. price
$292,040 $279,422 4.5%
Single-family home
median price
$223,000 $201,750 10.5%
Single-family inventory* 3.1 2.8 9.1%


*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 Greater Houston Partnership.

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

Humble ISD purchases 45 acres for schools in The Groves 

(6/15/2015)

HOUSTON - Humble Independent School District has purchased 45 acres as the site of two schools in The Groves master-planned community northeast of Houston.

An elementary school is slated to open in August 2017, followed by a middle school in August 2018.

The Groves is developed by Crescent Communities on nearly 1,000 acres west of West Lake Houston Parkway and south of Will Clayton Parkway.

Read more at Houston Chronicle.

$10M buckles up North Belt Building in Houston 

(6/15/2015)

HOUSTON - The 230,872-sf 400 North Belt Building has been sold for $10.15 million.  

The 12-story Belt Building is at the southeast corner of Sam Houston Parkway/Beltway 8 and Imperial Valley Dr. 

Built in 1982, 400 North Belt is located in the heart of Houston’s Greenspoint office submarket with close proximity to George Bush Intercontinental Airport (IAH) and has superior ingress/egress that is equidistant between the Houston CBD and the Woodlands. 

The North Belt Building was 64 percent occupied by 12 tenants as of May 2015.

National Oilwell Varco LP occupies approximately 22.5 percent of the property and Marine Well Containment Company occupies approximately 10.7 percent. 

The top five tenants occupy approximately 56 percent of the property and comprise approximately 94 percent of the current annual base rent.

An affiliate of Hartman Short Term Income Properties XX Inc. purchased the property.

See Securities and Exchange Commission and SEC filing.

HAR: Houston area home sales May 2015 

(6/12/2015 10:00:00 AM)

HOUSTON - Houston Association of Realtors (HAR) released home sales data for May 2015. Below is a sample of the entire report released June 10, 2015.

Some quick facts include:

  • The median price of existing single-family homes increased to $225,000, up 6.6 percent from April 2015.
  • Existing single-family home sales increased 2.9 percent from April 2015, with 6,467 units sold.
  • Condos increased in price to $165,000, up 3.1 percent from April 2015.
  • Existing condo sales decreased -4.3 percent in May 2015 over April 2015 for a total of 688 units sold.

HAR May 2015 Regional Sales and Price Activity
MLS Wide Units Sold
  May 2015
Median Price
May 2015
Price Chg.
  Apr. 2015
Sales Chg.
Apr. 2015
HAR
(single-family)
6,467 $225,000 6.60% 2.90%
HAR (condo) 688 $165,000 3.10% -4.30%
Region Cities*        
Houston 1,888 $210,000 13.50% 2.20%
Spring 462 $218,250 5.20% 4.50%
Katy 447 $250,000 2.50% -2.80%
Cypress 278 $254,950 5.80% 1.10%
Richmond 223 $250,000 3.10% 6.20%
Humble 218 $194,000 10.90% -1.40%
Pearland 201 $235,000 -2.10% 1.50%
The Woodlands 188 $425,000 17.20% 20.50%


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

See Housing under Houston-Sugar Land-Baytown Market Research or see the full report from Houston Association of Realtors.

tag: Houston NewsTalk housing

Streetlights shine on Houston's $100M tower 

(6/12/2015 9:00:00 AM)

HOUSTON - Ground has broken on Azalea Court — the 17-story, 301-unit apartment tower and second phase of a $100 million apartment project under construction in the Galleria area.

Azalea Court will feature one- and two-bedroom units averaging a little less than 900 sf.

Rents are expected to start at $2.50 per sf, according to Streetlights Residential.

Common-area amenities include an eighth-floor sky lounge, a fitness center with cycling and yoga rooms, as well as a resort-style pool on the ninth floor overlooking the Galleria area.

Construction is expected to take 20 months to complete.

Streetlights is nearly complete with the project’s first phase, The James. That eight-story, 344-unit apartment complex has started leasing and is expected to open to the public in August.

Read more at Houston Business Journal.

Live like a star at Broadway Square Apartments in Houston 

(6/11/2015 8:00:00 AM)

HOUSTON - A group of out-of-town real estate investors has purchased Broadway Square Apartments, a 2,470-unit apartment complex near Hobby Airport, with the long-term vision to turn part of the massive property into a mixed-use development featuring Houston’s first automated parking garage.

The unit mix features one- and two-bedroom floor plans, 80 of which are townhomes, ranging in size from 504 sf to 1,206 sf.

It features four separate management offices, 11 swimming pools, 28 laundry rooms and a community playground.

Jesse Levine, speaking on behalf of the new owners, told the Houston Business Journal that they have a short-term and a long-term vision for Broadway Square Apartments and the adjacent Savannah Apartments, which they purchased in 2013.

The two properties span about 80 acres on a street and neighborhood that the City of Houston and nonprofit Scenic Houston has targeted for redevelopment and beautification as Hobby Airport expands to include a new international terminal.

Located on the Houston metropolitan bus line at 8751 Broadway St., Broadway Square Apartments was constructed in phases from 1976 to 1979 on 69 acres. It is less than a mile from Hobby Airport.

The property is the largest single multifamily asset in Texas.

Read more at Marcus & Millichap Real Estate Investment Services and the Houston Business Journal.

tag: Houston NewsTalk apartments, Houston Market Research see the Multifamily category.

Pinehurst sale: 38,000-SF Ray Childress Storage 

(6/11/2015)

PINEHURST - Ray Childress Storage at 35615 FM 149 has a new owner.

The asset had a list price of $815,000 and had 21,600 net rentable sf and 16,400 feet of covered and uncovered parking.

Learn more at Marcus & Millichap Real Estate Investment Services.

Eight Greenspoint Plaza space available for a steal 

(6/11/2015)

HOUSTON - About 189,000 sf in Eight Greenspoint Plaza, a 198,257-sf Class A building located just north of the Sam Houston Parkway near Interstate 45 North, is listed for sublease through April 2018 at $4 per-sf net, with estimated operating expenses of about $13.

The average rental rates for Greenspoint/North Belt in total are $28.47 gross for Class A space and $15.69 gross for Class B space, according to Transwestern research.

The latest numbers show about 5.5 million sf of sublease space on the market.

Experts have said that more sublease space was expected to hit the market this year.

Read more at Houston Business Journal.

Houston 273,000-SF lease at First Northwest Commerce Center  

(6/11/2015)

HOUSTON - First Industrial Realty Trust, Inc. has signed two long-term leases totaling 273,018 sf at its 351,672-sf First Northwest Commerce Center development that will commence September 1, 2015.

These leases bring the facility to 78 percent leased.

A leading global supplier to the energy industry will use 194,364 sf of the facility for distribution and assemblage.

An international technology and manufacturing company will occupy a 78,654-sf space that will serve as a design, production and distribution center.

Located in the Northwest submarket of Houston at 4800 West Greens Rd., First Northwest Commerce Center features 32-foot clear heights, an ESFR Sprinkler System, 130' truck courts and excess trailer storage, as well as access to major transportation systems via Beltway 8.

Read more at PRNewswire.

Atlanta takes Springhill Suites in NW Houston 

(6/10/2015)

HOUSTON - Atlanta-based Noble Investment Group has acquired the SpringHill Suites Houston Northwest, located within the Chasewood Technology Park, just steps from the Hewlett Packard Campuses and Lone Star College.

The hotel features 139 guestrooms and suites and more than 5,000 sf of meeting space.

“Northwest Houston continues to experience significant economic, employment, and population growth," said Noble principal, Ben Brunt.

Read more at Realty News Report.

Check out Hotel Performace Reports at Source Strategies.

See Houston NewsTalk with no interruptions, no notifications, no ads.

Houston construction jobs keep growing despite oil slump 

(6/10/2015)

HOUSTON - The Associated General Contractors of America reported that the Houston metro area had 206,600 construction jobs in April, which represents a gain of 5,100 jobs, or 3 percent, year over year.

Construction jobs are still growing in Houston despite the downturn in oil prices.

Last year, Houston added 13,500 construction jobs.

Although construction is slowing down in the office and multifamily sectors, it is picking up in the education and health care sectors.

Houston has the largest construction market in Texas, representing nearly a third of the 669,200 construction jobs statewide.

Texas saw a 4 percent year-over-year increase in construction jobs in April, according to the Associated General Contractors of America.

Read more at Houston Business Journal.

MPF: Houston multifamily trends 1Q 2015 

(6/10/2015)

HOUSTON - Houston’s apartment market was surprisingly slow to generate momentum following the recession. But in mid-2011, Houston’s economy entered into a boom period and the apartment market quickly responded.

Massive numbers of new jobs generated very healthy housing demand, pumping up apartment occupancy rates and rent growth levels in areas with high employment concentrations.

The result for the metro overall has been stabilized occupancy above pre-recession highs and consistently strong rent change performances.

In fact, occupancy remained around 94 percent and annual rent growth came in at 5.0 percent in first quarter 2015, both very strong numbers for the metro.

However, recent concerns in Houston’s energy sector, which is already showing some effect on the economy, have raised questions about the metro’s apartment performance going forward.

At the same time, apartment construction levels are surging in Houston, with completion levels set to nearly double in the year ahead.

Properties Sampled: 1,754 Units Sampled: 454,594 Submarkets: 32


What changed this quarter? Apartment demand outpaced new supply in Houston during first quarter 2015.

As a result of strong demand, occupancy increased 0.3 points in the quarter, to 94.1 percent. Meanwhile, apartment operators pushed rents 0.7 percent quarter-over-quarter, taking year-over-year growth to 5.0 percent.

1Q 2015 Houston Apartment Trends
Effective Rent Occupancy Annual Job Change Annual Permits Annual Demand Annual Completions
$974 94.1% 96,700 jobs 25,687 units 15,872 units 14,161 units


A submarket map and additional information are available at MPF Research.

Urban Research 2015: Katy area job growth amid oil slump 

(6/9/2015)

KATY - Nearly 5,000 new jobs were added in the Katy area between 2013 and 2014, according to an economic survey statement from the Katy Area Economic Development Council.

The job growth — mainly in the engineering, accounting and research industries — helps offset the recent widespread layoffs in the oil and gas sector.

Company relocations and expansions provide opportunities for workers exiting the oil and gas industry, especially to industries where skills can be transferred.

Compare Katy area job growth to Houston or the U.S. at Rice University's Kinder Institute for Urban Research 2015 Survey (PDF).

Read more at Community Impact Newspaper.

Easy data here and it's free! Houston Market Research, Houston NewsTalk

Village by the Bay sold in La Porte  

(6/8/2015)

LA PORTE - Marcus & Millichap has arranged the sale of Village by the Bay, a 79-unit apartment property. Village by the Bay is located at 1026 S. 6th St.

Juan Cuevas of Marcus & Millichap’s Houston office marketed the property.

Learn more at the Marcus & Millichap Real Estate Investment Services.

Baby Boomers, millennials desire same type of housing 

(6/5/2015 9:00:00 AM)

HOUSTON - On the surface, Baby Boomers and Millennials couldn’t be any more different.

The former, born between 1946 and 1964, grew up during the the Cold War and space travel.

The latter, born between the early 1980s and late 1990s, grew up with the Internet, terrorist attacks and the Great Recession.

Houston home builders, apartment developers and architects have founds that what appeals to Millennials actually also appeal to Baby Boomers.

They both want to live in apartments, smaller homes and mixed-use communities where they can walk to live, work and play.

As a result, Baby Boomers and Millennials — the two largest demographics nationally — are now driving a transformation in Houston’s housing market.

Many empty-nesters are downsizing from large suburban homes and moving into luxury apartments that have the same high-quality finishes as their single-family homes but have the added amenities and conveniences of modern apartments.

Often, these apartments are located in dense, mixed-use communities where residents can walk to restaurants, shops and entertainment.

“What’s attractive to Millennials is also attractive to the active adult buyer,” said Scott Davis, regional director for Metrostudy Corp’s Houston office, a single-family housing research firm.

See: What Houston Millennials and Baby Boomers have in common when it comes to housing from the Houston Business Journal.

Need Class A office blocks in Houston? You're in luck 

(6/4/2015 10:00:00 AM)

HOUSTON - If you’re looking for 200,000 sf of Class A office and you need it now, you’re in luck.

Here are seven places you can slip right into.

Houston Available Class A Offices May 2015
Building Available Block Submarket
1. 811 Louisiana 395,000 SF CBD
2. Five Greenspoint Place 320,000 SF Greenspoint
3. 2 Houston Center 210,000 SF CBD
4. Energy Tower IV 280,000 SF Energy Corridor West
5. Beltway Lakes Phase 3 271,000 SF Highway 249
6. 3 Greenway Plaza 214,000 SF Greenway
7. University Park Bldgs.
9 and 10
210,000 SF Highway 249


Find more details at Bisnow (almost) never boring!

Houston Market Research see office; Houston NewsTalk Texas office

Transocean stays put in 255,413 SF at 4 Greenway Plaza 

(6/4/2015)

HOUSTON - Transocean Ltd. has renewed its lease for 255,413 sf at Greenway Plaza with Cousins Properties Incorporated.

Currently occupying 4 Greenway Plaza in its entirety, the transaction renews 100 percent of their space and extends their expiration from January 2017 to January 2023.

"I'm delighted to announce that Transocean will maintain its U.S. headquarters at Greenway Plaza, its home since 2001," said Larry Gellerstedt, President and Chief Executive Officer of Cousins.

Transocean also currently occupies an additional 13,552 sf of space in 3800 Buffalo Speedway at Greenway Plaza which expires January 2017.

Read more at Marketwatch.

Houston: Comerica Energy Sector in Consolidation 

(6/4/2015)

HOUSTON MSA - Houston’s energy sector is consolidating in response to the reset in the global oil market, according to the Comerica Regional Economic Update from May 21, 2015.

Drilling, engineering and service companies are reducing operating budgets and reducing staff by the thousands. Not only are drilling crews idled, but everything from automobile sales to shipping activity is being affected.

The impact of the radical changes to the energy sector on the Houston economy are still unfolding. So far, we have seen a one-way drag since rig counts started falling at mid-year 2014.

Recently we have seen oil prices firming to near $60, but that does not reverse the shock to the oil and gas industry and will not be enough to turn the tide of energy sector consolidation.

If oil prices stabilize at $60 per barrel, or increase, we expect to see global drilling activity firm up in 2016, as existing production from shale reservoirs follows a rapid decline curve.

Graphs showing trends for many sectors through first quarter 2016 are in the report.

Source: Comerica Economic Insights

See Houston Market Research for Comerica's May 2015 report under Market Overview.

The Women's Home underway in Houston 

(6/4/2015)

HOUSTON - The Women's Home broke ground on an 84-unit apartment complex that will include support services for women and children.

The $15 million project, located at the corner of Jacquelyn St. and Hammerly Blvd., received a $500,000 Affordable Housing Program (AHP) grant in 2014 from Amegy Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas).

In addition to the 80 two-bedroom and four three-bedroom apartments, there will be an outdoor barbecue, and a playground on the 2.3 acres, which will serve low-income, homeless, and chronically homeless families.

Within walking distance will be an elementary school, a bus line with shopping centers, medical care, job opportunities, and The Women's Home's new WholeLife Service Center, which will provide services in physical and behavioral health, after-school and summer programs, and more.

Read more at PRNewswire.

Houston Memorial Hermann underway on $650M TMC project  

(6/3/2015 7:10:00 AM)

HOUSTON - Memorial Hermann's $650 million expansion and renovation is underway at its Texas Medical Center (TMC) Campus.

The 'Breaking New Ground' expansion will expand its TMC Campus from 2.5 million to 3.84 million sf.

The expansion will provide: 160 additional beds (plus 71 replacement beds); 24 operating rooms (19 replacement and five new); 16 additional emergency room bays; 750 new parking spaces; and a 335-seat café.

The 15-story patient care tower will also house the Memorial Hermann Texas Trauma Institute and Memorial Hermann Life Flight, including the John S. Dunn Helistop and the dispatch center, as well as the John S. Dunn Burn Center — the only comprehensive burn center in Houston verified by the American Burn Association — which will expand to 20 beds.

The expansion and renovation project began in fall 2014 and is expected to be completed in 2019.

Read more at PRNewswire.

See 'Medical' under Houston Market Research. No ads, no 'wait 10 seconds' at Houston NewsTalk Texas

Houston's 106,000-SF Federal East Shopping Center sells 

(6/2/2015 10:00:00 AM)

HOUSTON - The 105,833-sf Federal East Shopping Center has been acquired. The center, located nine miles east of downtown, is just off I-10 just past Federal Rd.

Its tenants include the Fitness Connection, Pappas Meat Co. Ave. Stores, South Texas Dental Associates and H&R Block.

Increased real estate investment on the east side of Houston is a result of billions of dollars being spent on new petrochemical plants. Baker Katz made the eastside acquisition.

Population: three-mile radius: 80,130 people
Avg. Household Income: $48,558
Traffic Counts: I-10 at Federal Rd: 241,350
Property Size: 130,460 sf
Latitude/Longitude: 29.771838 N, -95.215499 W

Read more about this story at the Houston Chronicle.

See Retail under Houston Market Research. Take a look, no ads here! Houston NewsTalk.

Star Cinema Grill expands to Katy 

(6/1/2015)

KATY - Star Cinema Grill plans to open a 42,000-sf theater near the intersection of the Westpark Tollway and the Grand Parkway.

It will feature Sony 4K Digital Projection, RealD 3D technology, state of the art sound systems, home theater style seating and large format movie screens.

The location will serve communities such as Bella Terra, Cinco Ranch, Richmond and Fulshear when it opens fall 2016.

Read more at Houston Chronicle.

Chemical site 'mutates' to mixed-use in Energy Corridor 

(5/29/2015 9:45:00 AM)

HOUSTON - Republic Square, a mixed-use complex on 35 acres off I-10, formerly the site of Exxon Mobil Corp.'s chemical operations, will break ground early 2016.

The first phase of the development will include one office building fronting I-10, a parking garage, a hotel and the “central square” with retail and open-air event space.

The final development will include up to five office buildings with 2.6 million sf of space, two full-service hotels, and 800 apartment units.

There will also be 100,000 sf of retail, including a 35,000-sf high-end gym, a beer garden and restaurants.

Read more at Houston Business Journal.

Houston NewsTalk

Atlanta targets The Woodlands for 328 apartments 

(5/29/2015)

THE WOODLANDS - Worthing Cos. real estate development company announced plans to build a 328-unit apartment complex in The Woodlands.

The company purchased 15.4 acres of land for the project in the East Village section of Harper’s Preserve, a planned community east of The Woodlands.

The Atlanta-based developer is planning to open the complex in spring 2016.

See the map of the area with population and surrounding commercial real estate.

The area comprises a population of 107,769, with a median household income of $105,151.

Read more at Houston Chronicle.

Houston: ALN Apartment review 1Q 2015 

(5/28/2015 8:45:00 AM)

HOUSTON - The region added about 4,000 units to the market in the quarter and managed to absorb about the same, keeping overall occupancy at 91.5 percent.

The new product helped push average effective rents up 2 percent in the quarter to $974 per unit.

This may just be the market taking a while to absorb the drop in energy prices.

Select Texas City* Market Statistics
1st Quarter 2015
Occupancy Effective Rent /Unit
Market YE 2014 End 1Q Chg. YE 2014 End 1Q Chg.
Houston 91.5% 91.5% 0.0% $954 $974 2.0%

* Excludes Student / Senior / Income Restricted and Military

Source: ALN Apartment Data

See Texas Round Up 1Q 2015 for the full report.

Houston-The Woodlands-Sugar Land Market Research.

Houston's Morgan West Oaks Apartments sold 

(5/27/2015)

HOUSTON - The 671-unit Morgan West Oaks Apartments have been sold to Panther FW Investments.

The property is located at 2400 Briarwest Blvd.

Read more at Texas Real Estate Business.

Metro Houston: Paragon Outlets to develop outlet mall 

(5/27/2015)

ROSENBERG - Paragon Outlet Partners, a retail real estate development firm headquartered in Baltimore, has finalized plans to develop Paragon Outlets Houston.

Upon completion of Phase I, the ground-up project will include more than 283,000 sf of gross leasable area.

Paragon Outlets Houston is located in the City of Rosenberg along I-69 and Reading Rd. in Fort Bend County, and is slated to open in November 2016.

The outlet mall is expected to bring 400 construction jobs along with up to 1,000 permanent jobs to the marketplace.

Read more at Texas Real Estate Business.

Galveston: Texas port reels in $3B economic impact 

(5/27/2015)

GALVESTON - The Port of Galveston is the 4th busiest cruise port and ranks 40th in total tonnage in the U.S. Port Ranking, according to the latest data from 2014.

Associated by the public as port terminal for cruises, it has historically handled containerized cargo, dry and liquid bulk, break-bulk, roll-on/roll-off cargo, and refrigerated and project cargo.

Galveston Wharves is a 45 feet deep and 1,200 feet wide channel located at the mouth of Galveston Bay along the Upper Texas Coast in Galveston County.

Handling 13,700,000 tons Port of Galveston brings a $3.06B annual economic impact producing 3,326 direct jobs and 3,794 induced jobs.

Top commodities include wind power equipment, agricultural equipment, machinery, vehicles and fertilizer products.

Commodities arriving at the port are often destined for Galveston County, Harris County, Fort Bend County, Brazoria County, the state of Texas, as well as Texas’ neighboring states and the United States Midwest region.

See Texas Port Profiles (PDF) for the full report.

Look under Infrastructure in Houston Market Research for free data!

Houston: Amstar's 35-acre Beltway North Commerce Center sold 

(5/27/2015)

HOUSTON - Amstar's 352,680-sf Beltway North Commerce Center, a Class A industrial project in Houston, has been sold.

The property, with 1,200 feet of frontage, is located at 971 North Sam Houston Pkwy. E., immediately south of George Bush Intercontinental Airport in one of the healthiest industrial submarkets in the country.

Read more at PRNewswire.

Egypt Land Co. buys 11 acres in Magnolia 

(5/27/2015)

MAGNOLIA - Egypt Land Developments has purchased 11 acres at the northeast corner of Research Forest Dr. and Egypt Lane in Magnolia for mixed-use retail, medical and commercial development.

“This 11-acre site of prime land purchased contains approximately 1,600 feet of street frontage which will eventually be developed into a high quality, Class A development for users who desire use of prime locations near The Woodlands,” Brent Everson of Everson Developments said.

Read more at Houston Chronicle.

Colliers: Houston retail hits low vacancy in 1Q 2015 

(5/26/2015 6:45:00 AM)

HOUSTON - Colliers International has released its first quarter 2015 Houston Retail Market Research and Forecast Report. Houston’s retail market vacancy hit another record low — 6.0 percent — pushing rents higher

Houston’s retail market posted 707,653 sf of positive net absorption in 1Q 2015.

The average citywide vacancy rate fell 10 basis points from 6.1 percent to 6.0 percent between quarters and fell by 50 basis points over the year from 6.5 percent.

Currently, there is 1.6 million sf in Houston’s retail construction pipeline.

Due to the delivery of new product and dwindling supply, the average rental rate increased 1.8 percent from $14.87 per sf to $15.14 per sf between quarters and increased 2.2 percent from $14.82 in 1Q 2014.

Houston Retail Market Summary
Category Rentable
Area (SF)
Total
Vacancy
1Q 2015
Net
Absorption
Strip centers
(unanchored)
34,188,039 8.7% 69,077
Neighborhood center
(one anchor)
69,116,397 9.8% 179,316
Community centers
(two anchors)
44,582,846 5.8% 149,170
Power centers
(3 or more anchors)
25,472,234 3.5% -9,164
Lifestyle centers 4,802,813 6.4% 10,192
Outlet centers 1,899,333 14.5% 0
Theme/entertainment 533,474 4.5% -210
Single-tenant 70,392,664 2.0% 309,272
Malls 23,002,250 5.3% 0
Greater Houston total 273,990,050 6.0% 707,653


Source: Colliers International

See Colliers International Houston Retail 1Q 2015 report.

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

Houston: Generation Park to cultivate high-tech workforce 

(5/26/2015)

HOUSTON - San Jacinto College is the latest tenant for the sprawling mixed-use Generation Park.

McCord Development and San Jacinto College said the campus will cover 57 acres in Generation Park, the 4,000-acre planned development in the northeast Houston area, where a large petrochemical industry cluster calls home.

"We can offer them something nobody else can: direct relationships with world-leading companies who want to work together to develop Houston's next generation high-tech workforce — particularly subsea and downstream energy," Ryan McCord said.

It will be across Lockwood Rd. from the 173-acre FMC Technologies corporate headquarters currently under construction.

Read more at Houston Chronicle.

CBRE: Houston industrial 1Q 2015 review 

(5/26/2015)

HOUSTON - Houston metropolitan statistical area logged 265 new or expanded facilities, second to Chicago metro area with 385.

A considerable amount of capacity expansion among chemical manufacturers is underway along Gulf Coast, including $18 billion in just Houston metro area.

As of first quarter 2015, southeast Houston had 1.8 million sf of industrial space under construction with 46 percent preleased, along with an average vacancy rate of 4.8 percent, the lowest since second quarter 2003.

The Greater Houston Partnership predicts an estimated loss of 9,200 energy jobs in 2015 with a total employment gain of 62,900 jobs. This would equate to roughly 2 percent job growth versus 4 percent in 2014.

Houston Industrial Market Statistics 1Q 2015*
Market Rentable
Area SF
Vacancy
Rate
1Q 2015
Net
Absorption
(SF)
Under
Construction
(SF)
Avg. Asking
Rate
($/SF/
Year)
Northwest 135,237,230 4.1% 406,440 3,411,564 0.79
North 79,205,260 8.3% 824,526 2,344,931 0.72
Southeast 75,588,029 4.8% 484,962 1,823,707 0.71
Southwest 62,379,358 5.6% 149,172 1,130,926 0.79
CBD 52,898,068 4.4% 185,900 0 0.55
Totals** 479,778,552 4.9% 1,976,139 8,888,503 0.69


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

Here's CBRE's Houston Industrial 1Q 2015 report.

Also see Houston Market Research.

Source: CBRE

Pasadena's retail energy boost with Market at Crenshaw 

(5/22/2015)

PASADENA - The real estate market on the Houston region's far eastern side is poised for a renaissance as an unprecedented construction boom in the petrochemical industry fuels growth there. The activity has spurred a new retail shopping center.

Transwestern is developing the 168,924-sf Market at Crenshaw retail center on 24 acres along Beltway 8 between Crenshaw Rd. and Fairmont Pkwy.

Burlington has signed the largest lease in the project to date, agreeing to occupy 55,000 sf.

An additional 60,000 sf will be under construction in the next 90 days for Phase 2.

Read more at Houston Chronicle.

Houston Market Research, Houston NewsTalk

It's a go: Lake Pointe One reinvestment zone project 

(5/22/2015)

SUGAR LAND - The City Council approved the creation of a reinvestment zone for 3.59 acres of lakefront property.

Planned Community Developers acquired five acres of lakefront site located adjacent to Creek Bend Dr. in Lake Pointe, and adjacent to the US 59 and  SH 6 intersection.

The almost four acres of lakefront property will serve to build a six-story, 150,000-sf Class A office building, and an approximate 550-space parking garage.

A 134-room hotel will be built on 1.41 acres.

Read more at the Community Impact Newspaper.

See Sugar Land office, hotel to lakefront property.

'SuperBlock' mixed-use breaking in Midtown 

(5/21/2015)

HOUSTON - Midtown Redevelopment Authority plans to hold a groundbreaking ceremony for Midtown Park next week.

Midtown Park is a six-acre site that will be developed into a mixed-use facility including a public park, retail space, residential facilities and a public parking garage, according to the Midtown Redevelopment Authority.

The retail plaza will take up half an acre adjacent to McGowen St. and will include a restaurant and kiosk. The 2.5-acre greenspace south of the multifamily development will include a great lawn and a pavilion and stage structure.

The groundbreaking is scheduled for May 28, and Midtown Park is expected to be complete in late 2016.

Read more at Houston Business Journal.

Sold: League City's 84,550-SF Access Self Storage 

(5/20/2015)

LEAGUE CITY - Public Storage Inc. acquired the newly constructed Access Self Storage facility at 3155 W. Walker St.

The property encompasses 84,550 rentable sf of storage space in 762 climate-controlled units.

The property benefits from exposure to Farm to Market Rd. 646, the primary commercial thoroughfare in the city.

“Because of the facility’s high-quality construction, modern design and retail-oriented location, the opportunity generated significant interest from a diverse pool of institutional investors,” said Lauren Monroe, vice president of development for Access Self Storage.

Source: Inside Self Storage

Houston: Pathmark takes 76,000 SF for Bed Bath and Beyond 

(5/20/2015)

HOUSTON - Pathmark Transportation, a logistics operator that handles goods for Bed Bath & Beyond and other major firms, has signed four leases totaling 334,000 sf of warehouse/distribution space to accommodate its growing business.

The most recent lease transaction was 76,234 sf at 14810 North Fwy. in Houston. This follows three leases in fourth quarter 2014 in Atlanta, Memphis and Orlando.

Pathmark’s expansion has been driven in part by the addition of Bed, Bath & Beyond to its client roster in selected markets.

“As a leader in the transportation solutions industry, Pathmark required quality industrial space that could support highly sophisticated distribution processes,” logistics aggregator Cameron Maness said.

Read more at Realty News Report.

See Houston Market Research for more industrial data.

What's ahead for Houston office construction costs 

(5/20/2015)

HOUSTON - After significant increases in construction costs in Houston over the past few years, 'Construction Costs 2015 Report' noted an uptick in prices across all areas of office core and shell and interior construction.

Core and shell for a high-rise office building will cost $109 to $149 per sf in 2015. Last year, the cost was $105 to $142 per sf for the same type of building.

Core and shell work for office buildings and parking structures, prices will flatten this summer and possibly drop in the fall.

Read more at Houston Business Journal.

HAR Houston home sales improve across the board 

(5/19/2015)

HOUSTON - The Houston housing market saw across-the-board gains in April, with single-family home sales, total property sales, total dollar volume and pricing all up compared to April 2014.

Housing inventory stood at 2.9 months. According to the National Association of Realtors, the U.S. current supply of homes is 4.6 months.

“The Houston real estate market is doing quite well despite low inventory levels and concerns about the effects of declining oil prices,” said HAR Chair Nancy Furst with Berkshire Hathaway HomeServices Anderson Properties.

Demand for single-family homes and townhouse/condominiums for lease was flat in April. The average rent for a single-family home rose 5.9 percent to $1,764 and the average rent for a townhouse/condominium increased 8.0 percent to $1,595.

Housing Market Summary: Apr. 2015 vs. Apr. 2014
  April 2015 April 2014 Chg.
Total sales 7,907    7,788 1.5%
Total dollar volume $2,096,329,216 $1,977,514,048 6.0%
Total active listings 29,486 28,114 4.9%
Total pending sales 6,717 4,806 39.8%
Single-family sales 6,502 6,380 1.9%
Single-family home avg. price $281,724 $270,167 4.3%
Single-family home median price $209,790 $196,000 7.0%
Single-family inventory* 2.9 2.6 9.6%
 
*The numbers of month 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.
 

Read more at Greater Houston Partnership.

It's raining Houston Market Research, check it out.

Also, check out Houston NewsTalk.

Innovation, eds & meds are our future 

(5/18/2015)

HOUSTON - Towards the end of March 2015, the United States Census Bureau published the latest population estimates for metro areas and counties.

When the energy industry booms, we expect the population numbers to follow suit. The same goes for a bust. With oil prices so low, will migrants stop coming to Texas?

For 2010–2014, Houston, Dallas and Austin (in that order) were the top three for net domestic migration. Some have suggested, notably economist Paul Krugman, that the oil and gas industry is driving the trend.

Houston is not all oil and gas. Home to the University of Texas M.D. Anderson Cancer Center, the city is a world-class medical cluster.

Instead of technologies making production more efficient, knowledge makes labor more productive and able to work later in life.

For an era of demographic decline, such innovations are critical to maintaining economic growth. Such innovations will continue to draw migrants to the Lone Star State, despite the stiff headwinds of low oil prices.

Read more at the Texas CEO Magazine.

Store RedZone Podcast RSS logo Twitter Facebook YouTube Mays Business School
© 2015. REAL ESTATE CENTER AT TEXAS A&M UNIVERSITY. ALL RIGHTS RESERVED. TERMS OF USE.