Your Marketing Source For Texas Commercial Real Estate Reaching 100,000+ QUALIFIED Commercial Real Estate Brokers, Investors, Developers & Commercial Service Providers
Construction on The Shops at Ventana Lakes, a new retail development in Katy, is expected to break ground at the end of the first quarter of 2022. The development will be located near the northeast corner of Stockdick School Road and Peek Road, near Patricia E. Paetow High School and Stockdick Junior High School.
After breaking ground in 2022, the stores are expected to open early in the third quarter of 2023, according to Jason Gaines, senior vice president at NAI Partners, a commercial real estate agency. Phase 1 consists of 15,000 square feet available for lease, while Phase 2 will have 14,625 square feet of rentable space.
Currently, 6,000 square feet have been leased to medical tenants in the development, according to Gaines. NAI Partners, the company developing the center, hopes to lease spaces to various eateries and make the center convenient for the people living in Katy, Gaines said.
The Shops at Ventana Lakes’ design relies heavily on drive-thru lanes being present in most of the spaces to appeal to commuters, according to Gaines. Click to read more at www.communityimpact.com.
Developers have invested $16 Billion in the Dallas-Fort Worth apartment market so far this year, the most of any major metro in the country.
To meet the tremendous demand for new housing across much of Texas, developers have been adding tens of thousands of new apartments throughout the state’s major metros at a feverish pace. There has been so much construction activity, that just in the last 12 months, developers have completed over 52,500 apartments in the Houston, Dallas-Fort Worth, Austin, and San Antonio markets, a new report from CBRE indicates. And by and large, these units are getting scooped up renters rather quickly.
The latest stats on the Texas multifamily market are substantial. To help illustrate how much new construction there has been in Texas, the report indicates that the top five markets for recent deliveries — which includes New York, Houston, Dallas, Washington, DC and Los Angeles — account for 27% of all the nation’s new apartments in the last 12 months. And while over 50,000 new apartments were built across the state’s largest metros in the last year, nearly 85,000 units were absorbed during this time.
Breaking it down by each market, the completion numbers are staggering. In the last 12 months, Houston has seen 15,600 new units added to its market, Dallas has had 13,600 new apartments delivered, Fort Worth saw 8,100 residences completed, Austin witnessed the completion of nearly 10,000 units and San Antonio had another 5,400 added to its total inventory.
But all of this new construction is coming at a cost. While the biggest cities in Texas have seen a steep increase in total supply of apartments in the last year, rental prices are also moving in a vertical direction.
According to the report, four of the highlighted cities have seen double-digit rent growth in the last 12 months. Austin rents have increased by an eye-watering 18% year-over-year according to CBRE, Dallas rent costs are up by 11.7%, San Antonio apartments are up 10.8% while Fort Worth rent prices have increased by 10%. El Paso rent growth is just under 10% while Houston’s stands at 8.5%.
The high absorption rates and quickly increasing rent prices have lured a lot of investment to Texas cities. The Dallas/Fort Worth Metroplex has actually led the nation year-to-date for the amount of dollars invested in new rentals: $16 billion. Developers have invested $7.38 billion in the Houston apartment market so far this year, while Austin has seen $5.16 billion invested in new development.
If you’re a recent transplant to Texas shell-shocked by the prices and competition for new rentals, you’re not alone. So long as Texas’s population growth and economy continue on an upward trajectory, there will likely be similar increases in new apartment deliveries, absorption and rent growth in the coming years.
Sealy & Company announces the acquisition of 353,559 square feet of Class A industrial real estate in Houston, Texas. The seven-building portfolio, known as Beltway 8 Business Center, was acquired for an undisclosed amount.
HOUSTON–(BUSINESS WIRE)–Sealy & Company, a fully-integrated commercial real estate investment and operating company and recognized leader in the industrial real estate market, announces the acquisition of 353,559 square feet of Class A industrial real estate in Houston, Texas. The seven-building portfolio, known as Beltway 8 Business Center, was acquired for an undisclosed amount.
The closing of the Beltway 8 Business Park comes just days after the company added a 1.27 million square foot industrial portfolio located in Wichita, Kansas.
Located in Houston’s highly desirable and rapidly growing Southwest industrial submarket, Beltway 8 Business Center is a highly visible and easily accessible industrial park. The seven buildings offer versatile industrial products that cater to both larger users and light industrial tenants. Positioned near the intersection of Beltway 8 and Highway 59, the property is directly close to the continually growing population base of West and Southwest Houston. Click to read more at www.businesswire.com.
Parks and streetscapes benefit landlords and tenants
It was 2004 when a group of bold leaders from Westchase District met in a board retreat to go through a visioning exercise to imagine what Westchase District might look like 20 years down the road. As a result of that exercise, the Westchase District Board of Directors established the following Vision Statement: “The Westchase community is a vibrant living and working community, with a high-quality downtown. The Westchase community is perceived by residents as the safest in the region and has the highest (measured) mobility level in the region. The community is known for having entertainment/recreation amenities, and there are inter-connecting hiking, biking, and pedestrian ways, linking a set of community gathering areas.”
Since that vision statement was adopted by the board in 2004, it appears on the District’s website and at the bottom of every board meeting agenda, serving as a constant reminder of the Board’s vision.
Parks and greenspaces
This fall, Woodchase Park — the area’s first, fully programmed park — will open at 3951 Woodchase Drive. Woodchase Park features a fenced dog park, children’s play area with a misting feature and climbing wall, a community garden, walking paths and exercise stations, plus a pavilion with restrooms and a covered patio available for events. The park will have a soft opening in early October, with weekly activities that include adult exercise classes, a children’s mobile library, and art and music activities for kids. Ten days of grand opening festivities will begin on Thursday, October 28, including a ribbon-cutting ceremony with Mayor Sylvester Turner. Click to read more at www.rednews.com.
Texas Medical Center breaks ground on $1.8 billion TMC3 life sciences campus. Texas medical center
VACANCY AT 18% Overall vacancy for medical office space in the Houston market is at 18.0%, up 20 basis points from 17.8% this time last year. Office medical space has recorded more than 1 million sq. ft. of leasing activity year-to-date—which is comprised of both new leases and renewals—while net absorption (move-ins minus move-outs) is at negative 344,000 sq. ft. So far this year, developments under construction stand at 880,000 sq. ft. One 48,000-sq.-ft. property has delivered in 2021. The average asking full-service rent is at $26.68 per sq. ft., up 3.8% from last year at this time, while Class A medical office space is averaging $32.36 per sq. ft., up 7.7% from the prior period at $30.04 per sq. ft.
$1.8 BILLION LIFE SCIENCES CAMPUS BREAKS GROUND The Texas Medical Center has broken ground on phase one of the 37-acre TMC3 that includes 950,000 sq. ft. of research space anchored by a 700,000-sq.-ft. facility focused on life sciences. Also included is the 150,000-sq.-ft. TMC3 Collaborative Building, a 521-room hotel with 65,000 sq. ft. of conference space, a 350-unit residential tower, and 18.7 acres of double-helix-shaped public park space. Phase one is expected to open in fall 2023, while the launch dates of additional phases of TMC3 are still being decided. It is reported that when fully built out, the TMC3 campus will total 6 million sq. ft. of development. The campus is expected to generate up to $5.4 billion in annual economic growth for Texas, as well as 42,000 new jobs. Click to read more at www.naipartners.com.
Belvoir Real Estate Group, LLC in late August completed the sale of a multi-tenant industrial facility at 430 E. Helms Road. The unique property features a 36,000-square-foot building with a mix of warehouse and office space. With an en suite bathroom for each tenant space, 30 overhead doors and two acres of laydown yard, the versatile space offers opportunities for any industrial occupier. Meanwhile, its strong cash flow makes it an ideal investment property. Belvoir’s Kyle Fischer represented the seller in the transaction, while Fairbanks Industrial, LLC purchased the property.
