JLL Capital Markets announced today that it has arranged the financing for Clock Tower Residences, a boutique multifamily addition to its Heights Clocktower mixed-use project in Houston, Texas.

JLL represented the borrower, a joint venture between Radom Capital and Asana Partners, in arranging the four-year construction loan through Veritex Community Bank.

Clock Tower Residences, a boutique multifamily addition to its Heights Clocktower mixed-use project. Located in the heart of the Houston Heights, Clock Tower Residences consists of 214 newly built residential units, four live-work units and a new neighborhood-focused food and beverage concept, all adjacent to its award-winning Heights Clocktower historic landmark project. Clock Tower Residences is being developed in partnership with retail real estate investment firm Asana Partners, which owns the adjacent historic Heights Clocktower building with Radom. The project marks Radom Capital’s 15th development in the Heights.

Set at the intersections of 23rd St., North Shepherd and Lawrence St., within Houston’s fast-growing urban core, Clock Tower Residences will rise seven stories and blend apartment living with the nuance of a curated, boutique experience. The project is directly across the street from the new Heights HEB supermarket and in the heart of the dynamic Shepherd corridor with acclaimed restaurants, parks, and shops all in short walking distance. 

Clock Tower Residences was designed by a collaboration of nationally recognized design teams. Cobalt Office designed the building to ensure that its scale, materiality and proportion feel grounded in the neighborhood. Farouki Farouki created the interiors with a layered sensibility consisting of warm, tactile and attuned to daily rituals. Landscape architect CultivateLAND extended a sustainable ethos to the exterior, blending elevated planted amenity decks with a lush, walkable ground floor that invites connection and softens the urban edge. 

The project features multiple community areas, including several resident lounges, coworking spaces and media rooms, a resort-quality fitness and wellness center, entertainment areas with a shared 611 West 22nd St. kitchen and contemporary gathering spaces, a yoga deck and a pool designed with a calm, understated elegance. The ground floor’s food and beverage concept will be open to both residents and the surrounding community.  

JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director Colby Mueck and Managing Director Michael Johnson, as well as Associate Davis Burnett and Analyst James Lovell.

Economic uncertainty caused by shifting tariff policies and persistently high interest rates have taken their toll on industrial real estate activity, according to the latest report from the NAIOP Research Foundation.

NAIOP reported that only 27 million square feet of industrial space were absorbed in the first half of 2025 and demand shrinking by 11.3 million square feet in the second quarter – the first quarterly decline since 2010. 

According to the NAIOP Research Foundation’s latest Industrial Space Demand Forecast, net absorption is expected to be nearly flat over the second half of 2025, but demand will begin to grow again in 2026.

Demand for industrial space is expected to recover somewhat after occupiers have time to adjust to a new tariff regime, according to the report. But higher tariffs and slowing employment growth will likely result in slower demand growth than that experienced from 2020 to 2022 or in the six years that preceded the pandemic.

Absorption is expected to rebound beginning in the second quarter of 2026, with full-year absorption totaling 119.3 million square feet. Another 109.7 million square feet of absorption is expected in the first half of 2027.

Demand for industrial real estate has been influenced by several factors, according to the report:

• Changes in U.S. trade policy, which could alter the strategies of occupiers that import raw, intermediate and finished goods, as well as those that export products abroad.
  
• Slow employment growth from May through July that suggests a broader slowdown in the economy is underway.
  
• Higher interest rates in recent years. Many expect the Federal Reserve to cut the federal funds rate by the end of 2025 if the employment market remains soft. The report notes that “falling rates and greater clarity on tariffs could reduce uncertainty and spur greater demand for industrial space, leading to a return to positive absorption in early 2026.”

“While the latest forecast reflects the impact of tariffs and a cooling economy, history has shown that industrial real estate remains a resilient sector,” said Marc Selvitelli, president and chief executive officer of NAIOP. “We anticipate a measured recovery in demand beginning in 2026 as markets adjust and fundamentals stabilize, positioning the sector for a return to stable growth.”

The semi-annual report is authored by Hany Guirguis, Ph.D., dean, O’Malley School of Business and professor, economics and finance, Manhattan College; and Joshua Harris, Ph.D., executive director, Fordham Real Estate Institute, Fordham University.

The Mix Frisco and StreetLights Residential have broken ground on the first phase of its highly anticipated luxury multifamily development within The Mix, a transformative 112-acre mixed-use community in Frisco, Texas.

The multifamily development is scheduled to open in the fall of 2027, and leasing will begin the second quarter of 2027. This reimagined development will break down block sizes to a pedestrian scale that will blend walkable streets, rich amenities, and distinctive architecture to create a neighborhood that feels like it has grown over time.

Residents will enjoy access to an extensive collection of thoughtfully curated amenities, including coworking lounges, pet wash stations, game rooms, gathering spaces, resort-style pools, and a sprawling central park that serves as the heart of the neighborhood. A mews street, a charming pedestrian-only alleyway inspired by historic urban alleys, will lead residents from intimate restaurants to the surrounding green space of the master-planned community. A diverse mix of nearby dining options and retail, including Whole Foods Market, further enhances the walkable, connected lifestyle this development offers.

Inspired by the community’s 9-acre central park and pedestrian-friendly masterplan designed to promote exploration, the new multifamily development strikes a thoughtful balance between vibrant urban energy and a serene natural retreat, redefining the expectations of suburban living. Residents will discover an urbanized experience that is immersive and thoughtfully woven into its surroundings. Upon completion, the community will feature over 635 urban living units and town homes, offering one-, two- and three-bedroom floorplans.

At The Mix, residents will find two distinct living experiences. To the west, the community draws energy from the adjacent retail district, offering direct access to shops, restaurants, and on-site conveniences, including a bar and coffee shop within the building. The architecture embraces a refined industrial aesthetic with a lively town center atmosphere defined by retail-lined streets and outdoor patios. The neighboring building to the east purposefully shifts in character to a quieter residential enclave. It offers a more serene experience, with larger urban living units and town homes that provide space for those seeking a calmer retreat with all the benefits of connected, urban living. The architecture is complemented by bright, airy interiors with lighter wood, sleek stone finishes, and soft jewel tones complete with a modern touch.

Sophisticated, in-unit features include built-in Sonos speakers, screened balconies, intuitive smart home controls with locks, thermostats and dimmable lights, chef-inspired Fabita cooktops, gas stoves, wet baths, wine coolers, and rooftop terraces for a private outdoor retreat.

Torti Gallas + Partners is the architect of record, while StreetLights Creative Studios is leading interior design efforts for the multifamily development. StreetLights Construction is serving as the general contractor.

Lee & Associates Dallas-Fort Worth completed a new sale transaction for a 33,758-square-foot industrial space located at 1506 I-35W in Denton, Texas.

John Anderson of Lee & Associates Dallas-Fort Worth represented the Buyer, CanTex Capital, LLC. CanTex Capital is a premier commercial real estate investment firm based in Dallas-Fort Worth.

Luxury retailers were riding high a year ago, having enjoyed several years of growth following the COVID-19 pandemic. Today? New headwinds have hit this slice of the retail sector, most notably economic uncertainty and concerns over tariffs.

What do these challenges mean? That’s not yet determined. JLL in its U.S. luxury retail report, released earlier this week, said that while some luxury brands have reported falling revenues, economic concerns have not yet led to a significant decline in luxury store openings.

According to JLL’s report, luxury retailers are opening new locations at a faster pace than they did in the first half of 2024. In the first six months of this year, newly opened luxury square footage jumped by 65.1% when compared to the same period a year ago.

However, the last quarter of 2024 was even more active. JLL said that luxury openings in the fourth quarter of last year totaled 195,563 square feet, the highest quarterly total that JLL has ever recorded in the luxury retail market.

And so far this year? In the first quarter of 2025, retailers opened 146,888 square feet of new luxury retail space across the United States, JLL said. In the second quarter of this year, they opened 79,625 square feet of new luxury space. That’s a total of 226,513 square feet of new luxury openings in the first half of this year.

Challenges do loom, though. JLL reported that Capri Holdings anticipates an $85 million increase in cost of goods sold for fiscal year 2026 because of tariffs, while Tapestry’s Kate Space brand is impacted by the 20% Southeast Asian import tariffs, something that is prompting the retailer to reduce its handbag styles by 30%. The company is projecting a total $160 million tariff-related cost for fiscal year 2026.

At the same time, LVMH says that it is increasing local production in the United States by opening a second Louis Vuitton facility in Texas to reduce import costs.

Much of the strength of the luxury retail market today is fueled by the shopping habits of Gen Z and Millennials, according to JLL.

JLL reported that Tapestry’s Coach brand notched a 14% increase in sales during the fiscal fourth quarter of 2025 and a jump of 10% for the full year. Gen Z and Millennials make up 60% to 70% of the brand’s new North American customers, JLL says.

Prada Group’s Miu Miu saw its retail sales surge by 49% in the first half of 2025, with a sizable portion of these sales coming from younger consumers.

Partners Real Estate arranged a 20,555-square-foot industrial lease for HydroGraph at 2101 East St. Elmo Road in Austin, Texas.

Partners’ Eric Sheaffer represented the tenant, HydroGraph in the transaction. The new lease will provide HydroGraph with a strategic location to support its operations and growth throughout greater Central Texas.