Category: News

Navigating DFW’s Tight Construction Labor Market

Posted on by Sarah

Nationally, the construction industry has recovered more quickly than other industries, with employment nearing pre-pandemic levels and increasing new construction starts. But the continuing labor shortage is hamstringing the construction industry’s growth, requiring general contractors to be shrewd and proactive to successfully navigate today’s tight job market.

Construction-related businesses need to hire 740,000 new workers annually for the next three years to keep up with demand, according to several industry organizations. The number of open construction sector jobs currently averages between 300,000 and 400,000 each month.

The construction labor shortage will undoubtedly impact every organization that wants to build a new facility or improve an existing one. With that in mind, executives planning construction projects over the next three years should carefully vet their general contractor to make sure it has the necessary partners and relationships to staff their jobs.

Nearly five million people have quit their jobs over the past 18 months. This phenomenon, dubbed “The Great Resignation,” has left millions of jobs vacant across the nation. Click to read more at www.prnewswire.com.

Navigating DFW’s Tight Construction Labor Market

Posted on by Sarah

Nationally, the construction industry has recovered more quickly than other industries, with employment nearing pre-pandemic levels and increasing new construction starts. But the continuing labor shortage is hamstringing the construction industry’s growth, requiring general contractors to be shrewd and proactive to successfully navigate today’s tight job market.

Construction-related businesses need to hire 740,000 new workers annually for the next three years to keep up with demand, according to several industry organizations. The number of open construction sector jobs currently averages between 300,000 and 400,000 each month.

The construction labor shortage will undoubtedly impact every organization that wants to build a new facility or improve an existing one. With that in mind, executives planning construction projects over the next three years should carefully vet their general contractor to make sure it has the necessary partners and relationships to staff their jobs.

Nearly five million people have quit their jobs over the past 18 months. This phenomenon, dubbed “The Great Resignation,” has left millions of jobs vacant across the nation. Click to read more at www.dmagazine.com.

Samsung’s Property Tax Break in Taylor, TX Chip Plant

Posted on by Sarah

Why would Samsung choose Taylor, Texas as its location? There are two important factors to consider: Not only will the business receive a significant property tax break, but the deal is sure to create an abundance of lucrative jobs in Travis and Williamson County. Given the massive shortage of computer chips recently, it is good news that a new plant is being built. Hopefully, the $17 billion facility will help alleviate some of the community’s concerns.

The Details of the Property Tax Decision & Performance-Based Agreements in Williamson County

Recently, commissioners in Williamson County held a meeting with Samsung to reach an agreement surrounding tax breaks and incentives. Ad valorem taxes will be decided using a performance-based agreement in accordance with a newly approved Chapter 381 regulation. Samsung will pay 90 percent of ad valorem taxes during the initial decade of the agreement. Then, the county will grant 85 percent of ad valorem taxes paid by Samsung the following decade.

So, what exactly are the performance incentives that Samsung has to meet? The tax breaks are contingent upon Samsung constructing at least six million square feet in facilities by the end of January 2026. This must be followed by the creation of 1,800 full-time jobs. In exchange, Williamson County agreed to improve targeted roads around the facility to make life easier for the technology giant.

Other Tax Breaks Coming from Taylor ISD

Although Samsung will receive a large number of tax breaks from Williamson County, there is also an incentive deal with Taylor ISD. While the specifics of the agreement are still pending it appears that Samsung will receive more than $300 million in tax breaks during the next ten years. In exchange for the massive tax breaks, the community is getting a lot of lucrative jobs that are sorely needed. Click to read more at www.keatax.com.

2021 Year in Review – Reflecting and Projecting What’s Ahead For Retailers in 2022

Posted on by Sarah

In reflecting on my 2021 retail musings, I discovered a full two-thirds of the nearly three-dozen articles touched on five main topics – Sustainability and Conscious Consumerism, Big Box Specialty Stores, Big Discounters’ Dominance, Direct-to-Consumer Brands (DTC), and Mall Fall and Overhaul. A brief recap may provide a guide for what will be on our radar in 2022.

Sustainability and Conscious Consumerism

It is undeniable that the stigma once associated with buying secondhand has more than evaporated, it is becoming a net positive driven by millennials and Gen Z consumers. Even the much-discussed supply chain woes played to the reseller’s advantage this past year with its inherent “closed-loop” sourcing.

In October I suggested that companies like Poshmark and ThredUp were going to reap big holiday benefits. I noted that GlobalData predicted that retail resale would grow eleven times faster than the broader fashion retail sector through 2025, to an estimated value of $77 billion. It is expected to eclipse fast fashion by 2028. Click to read more at www.forbes.com.

“It’s Everywhere:” Demand for Houston Industrial Space on the Rise

Posted on by Sarah

To say that 2021 was a busy year for the team at CenterPoint Properties is an understatement. “The market is stronger on the demand side than I’ve seen in my 20-year career,” says Rives Nolen, CenterPoint’s Senior Vice President of Investments. After several years of lagging new supply, Nolen shares that the demand for industrial space in Houston is outpacing new construction this year. “Our vacancy rates are still not quite on par with the rest of the country, but I think with the demand that we’re seeing right now, things are moving in the right direction,” he says.

Heading into 2022, he anticipates the market will continue in that direction, lowering vacancy rates and inflating rents. “In terms of supply and demand, we are seeing more balance and the vacancy rate is trending back toward historical levels,” says Nolen. “We need another year like 2021, and we’re likely going to get that in 2022.” He also expects continued demand for larger industrial footprints, a trend Nolen says began nearly a decade ago. The average deal size in Houston this year is roughly double what it’s been historically. Click to read more at www.rednews.com.

Newmark Announces Sale of Newly Constructed, Federally-Occupied Medical Asset in San Antonio

Posted on by Sarah

San Antonio, TX (Dec. 27, 2021) — Newmark announces the sale of the San Antonio Community Based Outpatient Clinic, a Class A, built-to-suit, federally occupied building located at 9939 State Highway 151 in San Antonio, Texas. The newly completed, 226,148-square-foot property is 100% leased to the Department of Veterans Affairs (“VA”) on a long-term basis.

Newmark Vice Chairmen Gary Carr, Robert Hill and Chris Murphy represented the seller, US Federal Properties Co. (USFP).

Designed to achieve Green Globe certification, the three-story, best-in-class medical asset features modern design, efficient floor plans and abundant on-site parking. The outpatient center is ideally situated between Loop 1604 and Interstate 410 in Northwest San Antonio.

“The new San Antonio VA clinic will serve the community at a centralized location, consolidating existing services from multiple clinics. The location in an expanding and developing area with access to major employment centers made this an ideal location for the VA’s new center,” said Carr. “We look forward to seeing this asset and the community it serves flourish.”

The property is proximate to three licensed hospitals and two planned hospital development sites. With one of the largest concentrations of military bases in the U.S. —Fort Sam Houston, Lackland Air Force Base and Randolph Air Force Base are all within 30 minutes—San Antonio is known as “Military City USA.”

The San Antonio Community Based Outpatient Center is part of a 10-building portfolio comprising nine community-based outpatient centers and one mental health clinic, located across the U.S.