Author: Sarah

Where are the Workers? Hotels Still Struggling with Staffing Shortages

Posted on by Sarah

The pandemic continues to hit the hospitality industry hard, with nearly all hotels across the country now struggling with staffing shortages.

According to a new survey by the American Hotel & Lodging Association, 87% of respondents said that they are suffering through a staffing shortage. A total of 36% of survey respondents said that their staffing shortages were severe ones.

The position hotels are struggling the most to fill? Housekeepers, with 43% of respondents saying they were having a difficult time finding enough cleaning staff for their facilities.

Those numbers are slightly better than in May, when the lodging association found that 97% of respondents faced a staffing shortage.

Hotels are taking steps to fill their staffing vacancies. The association says that 81% of survey respondents said that they have increased wages, while 64% said they are offering their workers more flexible hours and 35% have expanded their benefits.

Survey respondents said that they are trying to fill an average of 10.3 open positions per property, down from 12 vacancies in May’s survey.

The average hotel wage across the nation for 2022 through June are more than $22 per hour, higher than any other year on record. Since the pandemic, average hotel wages have increased faster than average wages throughout the general economy, according to the lodging association.

“Today’s tight labor market is creating unprecedented career opportunities for current and prospective hotel employees,” said Chip Rogers, president and chief executive officer with the American Hotel & Lodging Association.

Thanks to Office, DFW to Hit Third Consecutive Quarter of Positive Net Absorption

Posted on by Sarah

Dallas-Fort Worth is proving itself to be one of the hottest markets in all areas of CRE. And right now, the numbers are pointing toward a third consecutive quarter of positive net absorption for the first time since 2018.

That’s according to CBRE’s DFW Q2 Office Market Report. In fact, Dallas’ numbers are trending up in nearly every regard.

The Bureau of Labor Statistics, as of May 2022, reported the national unemployment rate as 3.6%, maintaining the same level in April 2022. DFW’s unemployment rate during the same period was 3.3%, and Dallas has increased its number of non-farm jobs by 7.7% — nearly 300,000 — year-over-year.

Vacancy continued to drop and stood at 24.4%, down by 70 basis points from Q1 2022, marking yet another decline in vacancy and the longest streak since 2019, Deliveries were up 76.1% from 327,400 square feet to 576,550 square feet in Q2 2022 due to the recent completion of The Epic — Phase II and the PGA of America HQ. Click to read more at www.rednews.com.

Tarantino Announces the Sale of 2100 West Loop South Office Building

Posted on by Sarah

[Houston, TX] – October 6, 2022 – Tarantino announces the sale of 2100 West Loop South, a Class A, 16-story, 162,878 square foot, office tower. A private investment firm from Houston and Chicago acquired the building. Tarantino was engaged to provide management, leasing, and the sale for 2100 West Loop South.

This asset is located at the “main & main” of the Houston Galleria market on Loop 610 South between San Felipe and Westheimer. Tenants and customers are offered easy and quick access to Loop 610, and to close by restaurants and shopping to Galleria Mall, Uptown Park and River Oaks District.

Anthony Tarantino, Patrick Frese, and Meghan Holliday of Tarantino Properties represented the seller.

About Tarantino Properties, Inc.

Tarantino Properties is a real estate investment and service company based in Houston, Texas, specializing in income-producing properties since 1980. The company manages more than $2 Billion in assets throughout the United States providing a full complement of quality services including management, brokerage, leasing and construction services for multifamily and commercial properties.
Contact:
Angela Sandoval
Director of Marketing and Leasing
Tarantino Properties, Inc.
7887 San Felipe, Suite 237
Houston, TX 77063
713-974-4292, ext. 155 Phone
asandoval@tarantino.com
www.tarantino.com

Fort Capital Secures Financing for Seven-property Industrial Portfolio in Houston

Posted on by Sarah

JLL Capital Markets announced today that it has arranged acquisition financing for the Houston Prime Industrial Portfolio, a seven-property light-industrial portfolio totaling 711,399 square feet across 23 buildings in Houston.

JLL worked on behalf of the borrower, Fort Capital, in securing the $72 million senior loan through PCCP for the acquisition and stabilization of the properties.

The portfolio is currently leased to a diverse group of 126 tenants operating in various industries including healthcare, automotive, construction, technology, energy, etc. The buildings, which were built between 1978-2000, offer 13- to 25-foot clear heights with varying office finishes.

The properties are positioned across Houston’s North, Northwest, Southwest and South industrial submarkets. The Houston Industrial market is currently 94% occupied and has incurred over 32 million square feet of net positive absorption over the past 12 months.

The JLL Capital Markets team representing the borrower was led by Managing Director Cullen Aderhold.

Friedman Real Estate Secures Lease with Clay Road Retail Center in Katy

Posted on by Sarah

Friedman Real Estate, one of the nation’s leading providers of commercial real estate services, recently leased the 3,420-square-foot retail space in Katy, Texas. Clay Road Retail Center has easy access to the Grand Parkway, Highway 6, and Interstate 10.

Friedman’s Nick Jasien and Larson Riff advised the landlord in the transaction.

Class A Industrial Portfolio in Dallas Suburb Finds New Owner

Posted on by Sarah

JLL Capital Markets has closed the sale of Star Commerce Center II and IIIA, two Class A industrial warehouses totaling 244,364 square feet in the North Dallas suburb of Frisco.

JLL represented the seller, Blue Star Land, in the sale to Lincoln Property Company.

Star Commerce Center II and IIIA are 100% leased to a strong roster of brand name distribution tenants, including GEA Food Solutions and Vivint. Delivered between 2020 and 2022, the rear-load buildings offer a 32-foot clear height, 34-38 dock high doors, three drive-in doors, 135- to 210-foot truck courts and approximately 15% office finish.

Located at 16005 Gateway Dr. and 16440 Gateway Path within the Northeast Dallas submarket, Star Commerce Center II and IIIA provides north-south and east-west accessibility, connecting the property to Dallas-Fort Worth’s fastest growing population centers as well as regional access to the Texas Triangle, the area between Dallas-Fort Worth, Houston, San Antonio and Austin. This area makes up the seventh largest mega-region in North America and ranks among the world’s 15 largest economies. Furthermore, over the next 40 years, the region’s population is expected to grow by more than 65%.

The JLL Capital Markets Industrial team representing the seller was led by Senior Managing Directors Dustin Volz and Stephen Bailey, Directors Dom Espinosa and Zach Riebe and Analyst Matthew Barge.