Dallas-based Topgolf will place a new venue in Waco that features a one-story complex filled with climate-controlled hitting bays, its signature ball-tracing games, food service, and yard games to create a “backyard” feel, Topgolf officials announced Wednesday. Waco’s Topgolf should open by fall this year near New Road and Interstate 35, between the Harley Davidson dealership and Central Texas Marketplace. Plano-based Cinemark has announced it will place there a 14-screen theater as part of NewQuest Properties’ Cottonwood Creek Market development. Topgolf has become a popular attraction in larger metropolitan areas, offering high-tech driving ranges, seat-side food and drink service, big-screen TVs and electronic scoring spread over the towering, three-story venues. It has almost 60 locations across the United States and abroad, attracting 20 million guests annually, according to Wednesday’s press release announcing the company’s plans in Waco. Click to read more at www.wacotrib.com.
The falloff in WeWork’s leasing activity in the fourth quarter dragged down the average flexible space transaction size from 48,620 s.f. in Q3 2019 vs. 30,117 s.f. in Q4, a decline of 38%. WeWork’s average deal size (69,625 s.f.) is significantly larger than most other flexible space operators (21,153 s.f.), and the more conservative, moderate growth of most operators is likely to result in typical flexible space transactions spanning a single floor or less, rather than the multiple floors WeWork typically leased at a time. Additionally, investor concerns regarding the share of flexible space within an asset is likely to restrict the size of transactions – at least until there is a better understanding of the business model and investors are able to underwrite coworking leases with greater certainty. Click to read more at www.us.jll.com.
Raise your hand if you’re an entrepreneur who gets excited when they get a new idea for their business. Most entrepreneurs are like this. They’re constantly thinking of big ideas, and most real estate investors have the risk tolerance to be go-getters and try out their ideas. Except sometimes, those brilliant ideas can just be major distractions. Distractions are all around us, every day. Social media, emails, phone calls, and impromptu meetings are just a few things that may easily distract us. They divert our focus, and many times, it’s a distraction that isn’t making you money or improving your business. With information at our fingertips, it’s incredibly easy to switch over and check your feed on social media. While a lot of real estate investors build relationships, post deals and talk with other investors on social media, it’s easy to get sucked in for longer than needed. Add in the time it takes for you to return your focus to your original task, and a good chunk of time can be wasted. Click to read more at www.forbes.com.
Over the past several years, there’s been a continuous conversation about the iconic Astrodome and what should be done with it. Dubbed the “Eighth Wonder of the World,” Houstonians certainly don’t want to see the Astrodome go, as it is a landmark deeply embedded into the hearts and minds of our beloved city. Ideas have been thrown around, yet none of them seem to stick. The $105 million county-approved plan to renovate and build a multi-story parking garage that was approved under Judge Ed Emmett’s court in 2018 has been placed on hold until further notice. Why not put the Astrodome to good use as a catalyst for making Houston the petrochemical capital of the world? Houston is famously known as the world capital of the international energy industry, petroleum exploration, space exploration, medical communities and vast port systems across the Gulf. Our city hosts the annual Offshore Technology Conference (OTC), one of the largest oil and gas tradeshows in the world, which features the industry’s latest technology, products, networking opportunities and more. On average, more than 59,000 people attend OTC annually, with more than 15,000 attendees visiting from outside the U.S. In addition, Houston is also headquarters to more than 500 oil and gas exploration and production companies and has 10 refineries producing over 2.6 million barrels of crude oil daily. Click to read more at www.leeassociates.com.
Houston’s 2020 commercial real estate market outlook is positive with a few challenges in the office sector. The metro’s economy continues to recover from a lackluster energy market amid a general slowdown of global trading; nonetheless, job growth should remain positive through 2020.
Despite global trade stagnation, Port Houston, a major economic driver,
reports increasing volume and value, which should carry over into 2020 to remain among the top ports in foreign and domestic tonnage. Click to read more at www.rednews.com.
What a 4th Generation Oil & Gas Entrepreneur has learned about the
Industry and the Cycles of Investing in Oil and Gas for our Future
Jay R. Young
Founder & CEO, King Operating Corporation
In the new shale-dominated world, we all know that the industry is changing. With threats ranging from geopolitical issues to the rise in electric vehicles and alternative fuel sources, we need repeat investors now more than ever if we’re going to stay in business. If we turn people off by doing deals in which they lose money over and over, why would they ever want to invest again? Given all of this, I knew I had to start doing something different about the way we did business at King Operating Corporation. The way the vast majority of oil and gas investment deals have traditionally been structured has left limited running room and little diversification. If something goes wrong—and in a complex system like drilling for oil, things can certainly go wrong—there are few ways to fix it without pouring more money into a literal hole in the ground. In these types of cases, it becomes nearly impossible for the investors to recoup their investment. Click to read more at www.rednews.com.