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As of early January, office and retail vacancies in The Woodlands area were higher than they were the previous year at the same time. However, industrial vacancies decreased. At the same time, the amount of retail and office space under development was higher through the first quarter of 2021 than it was a year earlier. Retail rental rates ended the year higher than they began in 2020. Click to see data and read more at www.communityimpact.com.
After winning over Greater Katy’s locals, Social Pub & Grill is adding a second location in west Houston, selecting NewQuest Properties’ Cross Creek Commons in Fulshear, Texas to expand its neighborhood-friendly brand. Social Pub & Grill has leased a 3,599-square-foot end cap in NewQuest’s project, which is located in Fort Bend County’s FM 1463 corridor. Slated to open in late spring or early summer, the neighborhood pub will be the first full-service dining establishment in Cross Creek Commons, a class A, grocery-anchored center at the FM 1463-South Fry Road intersection. “High-end bars and grills do very well on the outskirts,” said Andrew Alvis, senior associate of Houston-based NewQuest Properties. He and colleague J.J. McDermott, vice president, represented the landlord in the direct deal. Social Pub & Grill’s expansion in the midst of the pandemic is a testament to its brand and commitment to customers’ safety by requiring masks unless seated, eating or drinking and recommending groups of six or less for dine-in service. In late November, the establishment celebrated its third anniversary as a tenant in NewQuest’s Shops at Katy Reserve at 1721 Spring Green Boulevard in Katy, Texas about four miles north of Cross Creek Commons. “Social Pub & Grill was thriving before the pandemic and has continued to do very well,” Alvis said. Social Pub & Grill’s second location will be similar in size and ambience as its first. Fulshear also offers mirror-image demographics to that of Katy—young families with high disposable incomes averaging $183,000 within a one-mile radius. The trade area includes Cinco Ranch, Westheimer Lakes and Cross Creek Ranch, some of the most highly sought-after master-planned communities in Greater Houston. The now 90-percent-leased Cross Creek Commons, set on 8.5 acres, will total 52,791 square feet at build-out. Anchored by Aldi’s, the neighborhood center has 1,330 square feet of available space, one remaining pad site, which is under negotiation, and raw land for 13,584 square feet of future retail. “It’s possible Social Pub & Grill could be the only full-service restaurant in Cross Creek Commons,” Alvis said. “And that’s a sweet spot to be in from a business standpoint.”
SpaceX has purchased two deep-water oil rigs off the Texas Gulf Coast to someday use as sea-going spaceports for their Starship spacecraft. The commercial space firm, through an entity called Lonestar Mineral Development, bought the platforms from offshore drilling company Valaris in July, according to public filings. Several media reports say Lonestar Mineral Development bought the rigs that were headed to the scrapyard for $3.5 million each, a steal compared to the original production costs between $330 and 515 million in 2008. London-based Valaris has corporate offices in Houston and filed for Chapter 11 bankruptcy in August. The new owner has renamed the rigs Deimos and Phobos, presumably after the Martian moons, according to space media outlet NasaSpaceFlight.com. Bret Johnsen, SpaceX’s chief financial officer, is listed in public records as Lonestar Mineral Developments’ principal. Click to read more at www.chron.com.
The Houston healthcare sector, like the overall market itself, witnessed incredible growth over the past decade. That activity came to a skid, however, leaving owners and occupiers attempting to navigate the choppy waters brought about by the pandemic. All market metrics—from absorption to vacancy to investment activity—either remained relatively stable or trended in discouraging directions, according to Q3 research compiled by Transwestern. For example, absorption during the quarter was less than that of a typical dialysis center, totaling just 456 square feet.
Granted, just barely positive absorption is better than negative, but that figure is tempered even further by the 70 bps quarter-over-quarter vacancy rate increase to 13.1 percent. One contributing factor to this rise in vacancy is the approximately 252,000 square feet of new healthcare space that came online, less than half of which was pre-leased. The largest delivery during the third quarter was Bissonnet Medical Plaza, a 53,000-square-foot MOB in the Bellaire submarket. All across Houston, multiple projects are in the pipeline that will add additional healthcare supply. In or near the TMC alone there are three hospital facilities now under construction, totaling more than 733,000 square feet. The largest of these is the 427,000-square-foot O’Quinn Medical Tower going up on the Baylor St. Luke’s McNair campus, scheduled for completion in early 2024. The two-building UTHealth Public Education Mental Health Hospital will comprise 220,000 square feet when it wraps construction this December. Slated to deliver in the fourth quarter of 2023, the MD Anderson Cancer Center Proton Therapy Center will occupy 86,500 square feet. Click to read more at www.rednews.com.
Jo D. Miller, the chapter’s executive director, introduced Hancock to some of the others in the room, warmly welcoming the then-assistant property manager into the IREM family. “That was a key moment in my IREM life.
If it hadn’t been for Jo D. taking the initiative or noticing that there was a new person in the room who was looking a little lost, I probably wouldn’t have come back,” Hancock said. “Because of that moment, I am now the 2020 president!” IREM Houston is made up of hundreds of CRE professionals with similar stories. Many joined the organization for its educational opportunities only to find, like Hancock, a kind of family within their field. “We tend to support each other and treat each other like we are family—and I love that,” said Hancock, now operations director for REIS Associates, LLC. “I love that we don’t just network with each other. We support each other inside and outside of IREM.” “In my career with IREM, it has been just a true pleasure to see how uniquely special this organization is and how it affects people’s lives because the relationships are so sincere,” said IREM associate director Lindsay Konlande. “It is obviously very professional, but it’s also a network of people caring about people and supporting each other.” That network is focused on one goal: educating and lifting up people in the CRE industry. IREM offers real estate and property management certification that is recognized on an international level. Programs include Certified Property Manager (CPM), Accredited Residential Manager (ARM) and Accredited Commercial Manager (ACoM) for individuals. “A lot of employers now are seeking out credentialed real estate managers, especially those with a CPM,” Hancock said. “I think IREM provides a phenomenal opportunity—not only to further your career path, but also to increase your knowledge through all of the educational offerings the organization provides.” The opportunities offered by IREM aren’t reserved for newcomers. Konlande said even someone with 25 years of experience can benefit from continuing education. “We have options that could potentially get you a raise or the ability to open up your own organization,” she said. IREM also offers companies the option to pursue Accredited Management Organization (AMO) certification or the Certified Sustainable Property (CSP) program. “Those are all credentials through IREM that are very recognizable within the commercial real estate industry,” said Hancock. “They give you an overall advantage.” And they connect you with the heart of IREM: the people. “Initially, you just sign up for classes and network with your peers. But you start to cultivate these relationships. Then next thing you know, someone in one of your classes who’s on a committee wants you to join or get involved,” Hancock said. “You come for the education, but you thrive off of the relationships and camaraderie.” The group that belongs to IREM is as diverse as they come with members in all different sectors of different ages with different experience levels. “It’s a welcoming place for anyone of any background and at any level of their career,” said Konlande. Echoed Hancock, “It really is like no other organization because of its welcoming environment and the connections that will last you a lifetime. It pays off professionally and personally.” For more information about IREM, visit IREMHouston.org.
NAI Partners recently arranged a 38,765-square-foot office lease for First Investors Financial Services, Inc. at 5757 Woodway in Houston. The building is occupied by a variety of tenants including medical, traditional office, service and co-working tenants. NAI Partners’ Dan Boyles, partner and member of the company’s office tenant rep group, represented First Investors Financial Services in the transaction. The landlord, 5757 Woodway Realty, LTD, was represented by Braun Enterprises. 5757 Woodway Realty, Ltd. (a Braun Enterprises-related partnership) purchased the building in 2018 and immediately rebranded the building, transforming the project inside and out. Braun initially built out their office suite concept—Urban Office by Braun Enterprises—which consists of modernized small office suites with shared work space, conference rooms, kitchen, lounge area and other amenities and later leased it to Local Office a local co-working concept. Additionally, Braun developed space beneath the parking garage which is now occupied by Sola Salon Suites. First Investors Financial Services is an automobile finance company founded in 1988 to serve the special finance needs of automobile dealers and consumers.