Office in San Antonio “Ok” and not sliding too much; 15% vacancy citywide, with average rents $21.85 down from $22.50 this time last year; robust development market; tenants beginning to return to offices
Some landlords working with tenants on short-term renewals to build tenant goodwill, and to retain them.
The hybrid work from home and office model is here to stay, although the productivity metric for this formula is not fully known yet.
Company culture is “at the office” and it is especially important to for new hires to interact with peers and senior employees as they learn and absorb the company culture.
When pandemic recedes, we will be quick to return to old habits and dense environments, office and social; in 18-24 months we will be back to normal here
8% unemployment in S.A.
STREAM Capital Partners has arranged the sale and leaseback of two cold storage, food-production facilities in Dallas and San Antonio. The properties total 187,000 square feet. Chelsea Mandel of STREAM Capital Partners represented the seller in the transaction. The facilities are occupied by Surlean Foods, a leading custom food manufacturer of both raw proteins and cooked kettle items. Founded in 1979, the company is a third-generation, family-owned business. “Chelsea and her team did a great job,” said Daryl Scott, president of Surlean Foods. “This transaction provides additional capital allowing us to continue reinvestment into our business that has seen tremendous growth over the last 12 months.” Mandel has been very active in the cold storage sector and sees tremendous investor appetite for freezer/cooler, food-related facilities. She expects this trend to continue throughout 2021. “This was a terrific transaction to lead,” Mandel said. “My client now has a real estate partner to help facilitate the business’s growth, and the buyer added to its portfolio two high-quality, cold storage assets in growing industrial markets leased on a long-term basis to a premier tenant in the food manufacturing space.”
NAI Partners recently arranged a 29.87-acre land sale on Green Valley Road in Cibolo, Texas. NAI Partners’ Brett Lum represented the seller in the transaction. The buyer was the Board of Trustees of the Schertz-Cibolo-Universal City ISD. “The purchase is part of Schertz Cibolo Universal City ISD’s 10-year comprehensive board plan to handle the ongoing and projected increase in students,” said Lum. “There has been an explosion of growth in Northeast San Antonio and particularly between the IH 35 and I10 corridors with much of it within the SCUCISD borders.”
NAI Partners recently arranged a 7,765-square-foot sale on 3.86 acres for Alterra Property Group at 6916 NE Loop 410 in San Antonio, Texas. NAI Partners’ Carlos Marquez represented the seller in the transaction. Alterra Property Group is an established real estate investment, development and management company based in Philadelphia with a focus on acquiring industrial outside storage properties.
Texas Attorney General Ken Paxton said Wednesday that he has sued the City of Austin and Travis County, a declaration that came a day after local leaders declared new restrictions for when restaurants and bars can serve customers during New Year’s weekend. Paxton filed a petition for temporary injunction and a temporary restraining order in Travis County District Court targeting orders made by Austin Mayor Steve Adler and Travis County Judge Andy Brown. Citing an increase in COVID-19 cases, they announced that dine-in food and beverage service must be restricted indoors and outdoors from 10:30 p.m. to 6 a.m., starting Thursday and ending at 6 a.m. Sunday. The measure did allow drive-thru, curbside pick-up, take out, or delivery services. “Mayor Adler and Judge Brown do not have the authority to flout Gov. [Greg] Abbott’s executive orders by shutting down businesses in Travis County and our state’s capital city,” said Paxton in a statement. “The fact that these two local leaders released their orders at night and on the eve of a major holiday shows how much contempt they have for Texans and local businesses.” Click to read more at www.texastribune.org.
By Iain Oldman | 8:40 AM Dec 28, 2020 CST
While sections of the local economy closed down due to the coronavirus pandemic, residential and commercial development plowed along in Northwest Austin. Looking ahead, 2021 looks to be a transformative year for Northwest Austin with massive development projects, including the Austin FC soccer stadium and the upcoming Apple 2 campus, ready to open their doors. Here are the five most read development stories from 2020.
1. Abbott executive order deems residential construction as an “essential service” across the state
Gov. Greg Abbott on March 31 issued an executive order that implements essential services protocols across the state of Texas. Read the full story here.
2. Revised Apple campus site plan in Northwest Austin includes new 6-story hotel
A revised site plan submitted earlier this year by Apple Inc. includes a new six-story hotel at the technology giant’s upcoming Northwest Austin campus. Read the full story here.
3. Northwest Austin family building first brewery in Anderson Mill
When Derek and Haley Law began initial designs on their upcoming brewery, they went in knowing they wanted the space to be as welcoming to the community as possible. Read the full story here.
4. Why did Dell Children’s Medical Center choose Northwest Austin for its newest pediatric hospital?
Click to read more at www.communityimpact.com.