Category: News & Market Reports

Council Starts Process to Charge Park Fees for Office Buildings

Posted on by Sarah

City Council unanimously approved a resolution Thursday directing city staff to bring back amendments to the city’s parkland dedication ordinance that would require new office, commercial and industrial developments to provide parkland or pay into the city’s parkland dedication fund. Currently, only new residential developments are required to pay such fees.

Mayor Pro Tem Alison Alter sponsored the resolution, which gathered six co-sponsors. Mayor Steve Adler, one of the original co-sponsors, added language stressing the need for staff to “establish the legally required nexus” between the need for parkland and establishment of fees for individual properties.

Randy Scott, park development coordinator for the Parks and Recreation Department, told the Austin Monitor that staff members would provide information to show that there was an appropriate connection between the proposed fees for commercial property development and the need for new parkland.

Alter pointed out that workers taking their lunch breaks often use parks and trails close to their offices and other workplaces. She said growth in the commercial and industrial segments of the community has fueled the need for additional parkland. Click to read more at www.austinmonitor.com.

The Sizzle Still There in Industrial Market

Posted on by Sarah

How hot can the industrial market get? No one knows the answer. But a recent report from CommercialEdge shows that the sizzle continues in this commercial sector, with the national average for in-place industrial rents rising 4.4% this February when compared to the same month one year earlier.

According to CommercialEdge’s most recent industrial report, the average in-place industrial rent across the top 30 markets in the United States hit $6.45 a square foot in February.

And the average price of industrial leases signed in February hit $7.35 a square foot. That is 90 cents higher than the national average for in-place leases.

And those aren’t the only strong stats for industrial. CommercialEdge reported that the national industrial vacancy rate averaged 5.2% in February, a drop of 30 basis points when compared to January.

At the same time, the average sale price for industrial space was $125 a square foot as of February. The average sales price for this sector has been on a steady upward trend for six consecutive quarters, increasing a jump of 50% from the third quarter of 2020 until the first of 2022.

Nationally, industrial transactions amounted to nearly $9.1 billion in the first two months of the year. According to CommercialEdge, this strong start is yet more evidence that investor interest in industrial properties is not slowing, considering that the first quarter of a year is typically the slowest for commercial real estate transactions.

Five U.S. markets exceeded the $500 million mark by the close of February in terms of transaction volume. Chicago industrial transactions ranked second in the country in this category, behind only Philadelphia, with $689 million in transactions.

Across the country, 592.5 million square feet of industrial space was under construction by the end of February, accounting for 3.5% of existing stock. The industrial pipeline has increased by more than 90 million square feet in the last six months, according to CommercialEdge.

SRS Real Estate Partners Launches New Industrial Division

Posted on by Sarah

No market was hotter than North Texas last year for industrial deals, and Dallas-based SRS Real Estate Partners is the newest player to enter the warehouse and distribution vertical. SRS has served the North Texas region since 1986 specializing in retail space and now, SRS Industrial—which launches with six industrial professionals—will aim to serve the retailers in need of industrial space.

“In the last few years, there has been a sharp rise in industrial real estate needs for retailers,” said Chris Maguire, CEO and chairman of the board for SRS. “Where retailers once had a few distribution centers spread across the country, they now are looking for a myriad of industrial facilities to serve their rising e-commerce distribution needs. In addition, our owner services clients are finding it increasingly important to embrace non-traditional retail tenants to remain relevant. Our net lease investment clients have also shown strong interest in industrial, and we continue to bring more of that product on the market.”

Brant Landry, the founder and former president of Landry Commercial Real Estate Services, was recruited to lead SRS Industrial. Joining him are vice presidents Joseph Cooper, Shannon Johnston, Dennis Sims, and Lance Woodward, and senior marketing coordinator, Stephanie Martin. Click to read more at www.dmagazine.com.

Allen, TX has it All

Posted on by Sarah

A first-class location for professionals and families, Allen is now also in high demand for corporations and employers too.

Allen, population 107,000, is an affluent suburb located just 25 miles northeast of downtown Dallas in Collin County, one of the nation’s fastest growing counties.

Lured by desirable neighborhoods, nationally rated public schools, safety and modern comforts – people live well here. That’s why Allen was ranked #2 Best Place to Live in the Nation by MONEY Magazine and Best Suburb for Millennials in Texas by CNBC.

Great places to live also make for great places to work, allowing companies to leverage Allen’s abundant dining, entertainment and sports teams, and award-winning parks and trails as a valuable employee recruitment tool. Allen has a rich collection of leading-edge companies in technology, real estate, healthcare, finance and more. Allen attracts some of the most highly skilled senior talent in the world and has a strong pipeline of future workers.

Over 1.7 million workers live within 30 minutes of Allen. Our business parks and developments are second to none, with walkable outdoor green spaces near restaurants and entertainment venues. Our business travel and accessibility are international-class, and only a short drive to the airport. And our competitive market for the best talent is unrivaled. Click to read more at www.rednews.com.

Diversified & In-Demand: South Texas EDCs Advocate for Community, Region

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South Texas is a region as diverse in industry as the people who make up its population. Stretching from San Antonio to Brownsville and Corpus Christi to Del Rio, South Texas encompasses nearly 30 counties, covers roughly 37,800 square miles and is home to millions.

“The movement to South Texas is happening faster than the developers can keep up,” says Gene Lindgren, President and CEO of the Laredo Economic Development Corporation.

He notes that Laredo is catching up by developing thousands of acres in first class industrial parks. But commercial development overall is booming. In 2021, Lindgren says Laredo issued $543 million in new construction permits, $55 million of that in the commercial space.

“What is happening now is a significant jump due to the impact of global supply chain issues and companies deciding they need to be in North America as opposed to Asia,” says Lindgren. “The near-shoring dynamic already has our daily truck numbers up with some days hitting projections for 2030.” Click to read more at www.rednews.com.

Major Shopping Center in Seguin Purchased by Commercial Real Estate Investment Team

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SEGUIN – Houston-based commercial real estate investment group PBC Interests, led by Joan Collum and Stephen Pheigaru have purchased the Seguin Crossroads Shopping Center located at 1500 E. Court Street in Seguin, Texas, their second retail acquisition during the COVID-19 pandemic.

Built in 1985, plans are being finalized to redevelop the 126,000 square foot regional shopping center to include painting the exterior, new lighting, reconfiguration of the parking layout, and tenant sign bands. At the time of purchase, the Center’s occupancy was 32%. Currently, PBC Interests are in discussions with both national, regional, and local tenants and anticipate completion of the redevelopment and tenant’s opening in the Spring of 2023. Charles Blaschke and Logan Havel with the Houston office of Edge Realty Partners are actively marketing on behalf of PBC Interests.

“We are thrilled to have acquired the Seguin Crossroads Shopping Center,” said Joan Collum of PBC Interests. “I have been interested in the Seguin market for years and always had my eye on Seguin Crossroads, when it became available it was a major focus for us to acquire this property. The Center is located within close proximity to retail anchors such as H-E-B and Walmart, as well as major employers such as Guadalupe Regional Medical Center, Alamo Group, and Seguin ISD. Seguin has always been a stand-alone market, but with this redevelopment, and the proposed national soft goods users backfilling the former Bealls on the west side of State Highway 123, Seguin has become a target for more retailers. Our initial conversations with the City of Seguin and the Seguin EDC on this Project have been very positive and we look forward to working with the folks in Seguin for many years to come.” Click to read more at www.smcorridornews.com.