Category: News & Market Reports

Commercial Real Estate Affiliate Network Is Pleased To Announce A New Affiliate In Texas

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LOS ANGELES, Nov. 9, 2021 /PRNewswire/ — Commercial Real Estate Affiliate Network announced today that Henry S. Miller Co. Inc signed as the new affiliate in Texas.

Henry S. Miller is a full-service Commercial Real Estate firm based in Dallas, TX since 1914. They also have regional offices in Houston and San Antonio. The firm provides commercial real estate services to investors, property managers, and developers throughout the state of Texas and parts of Oklahoma.

Executive VP of Henry S. Miller, Darrell Hurmis said “We are excited to be a part of the Commercial Real Estate Affiliate Network. It is wonderful that now we will be able to help our clients with their needs in other states and countries.”

With years of real estate experience, CEO George Pino said “Having a company like Henry S. Miller as a part of the Affiliate Network will allow our members to work more efficiently and give them access to one of the hottest markets in the United States, with the advantage of market expertise and operational excellence from a company that has over 100 years of experience in this market. We look forward to a long and prosperous relationship.” Click to read more at www.prnewswire.com.

New Katy Retail Development The Shops at Ventana Lakes Expected to Break Ground in 2022

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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.

Invested in Industrial

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The industrial sector powered through the worst of the pandemic without missing a step — and the outperformance of the sector has only served to stoke investor demand with robust transaction volume and rising property prices.

“Spreads over U.S. benchmark rates continue to be at high levels by historic standards, which will continue to drive capital into the sector,” says Dennis Mitchell, CCIM, senior managing director JLL Capital Markets in Atlanta. “Additionally, property fundamentals remain strong as demand continues to outpace supply by a wide margin. Due to these tailwinds, we expect investor interest for industrial assets to continue to remain strong.”

Industrial sales during the first half of 2021 reached $51.9 billion — 10 percent higher than the same period in 2020 and 26 percent above the $38.4 billion in sales recorded during the first half of 2019, according to Real Capital Analytics. Anecdotally, the story is much the same. In Chicago, year-to-date sales through July are tracking about the same or higher than pre-pandemic periods in 2017, 2018, and 2019. “That further proves that industrial continues to perform well despite the challenges of the pandemic, and we think the second half of the year will continue on that same trajectory and finish very strong,” says Adam Marshall, CCIM, SIOR, a senior managing director in the Chicago office of Newmark. Click to read more at www.ccim.com.

52,000 Apartments Were Completed in Major Texas Cities Over the Last 12 Months

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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.

Limestone Commercial Merges with SVN | J.Beard Real Estate Greater Houston

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November 9, 2021, Houston, Texas The Limestone Commercial Real Estate brokerage group has recently joined with SVN | J. Beard Real Estate – Greater Houston, which is a part of the globally-recognized commercial real estate entity SVN International Corp.®.

Limestone founder Brandi McDonald Sikes will serve as Senior Advisor and Principal in the Houston office, working with Jeff Beard, CCIM, Managing Director of SVN | J. Beard Real Estate – Greater Houston.

In the last four years, McDonald Sikes and her team closed $414M in transaction volume, totaling 1.5M+ square feet, including the corporate relocation of Marathon Oil under her leadership.

Limestone was recently awarded the office leasing for Midway’s East River development. The premier 150-acre waterfront property provides innovative office space, curated retail and programmed spaces in a pedestrian environment with outdoor connections to more than a mile of bayou trails and natural areas in Houston’s historic Fifth Ward.

Prior to founding Limestone in 2017, McDonald Sikes served in several executive roles with some of the industry’s largest commercial real estate firms. She is an award-winning and respected industry expert to her clients and allies, as well as an in-demand speaker within the professional community.

McDonald Sikes and Beard are long-time colleagues in the commercial real estate industry. They share a passion for building collaborative, diverse and inclusive environments with shared core values in order to deliver across comprehensive real estate service lines.

“We are so excited for Brandi and her team to join forces with us,” said Beard. “Brandi is a proven leader and fixture in our commercial real estate industry. I could not think of a better person to help jumpstart SVN J Beard Real Estate – Greater Houston.”

SVN is a Boston-based, globally-recognized commercial real estate brand that is hyper-focused on creating value with their clients, colleagues and communities across their 200+ offices worldwide.

McDonald Sikes added, “I am proud to be a part of this solid, service alliance. It showcases the best of both worlds, as I’ve experienced serving clients from both larger and smaller organizations. Through it, we will be able to continue to provide the boutique-style service that Limestone and J. Beard are known for. However, we will now access SVN’s resources to empower our people to create amazing value for our clients and serve beyond the transaction. This is the perfect time to leverage up as we expand Houston’s corporate core to the east side and celebrate the completion of Marathon Oil Tower on the west.”

ABOUT SVN | J. BEARD REAL ESTATE – GREATER HOUSTON

Based in The Woodlands, Texas, SVN | J. Beard Real Estate – Greater Houston is among the largest commercial real estate firms in greater Houston, coming in at No. 14 on the 2021 Houston Business Journal’s list of largest firms by total number of local professionals. In 2020, the company had 27 licensed professionals in Houston. For more information, visit www.jbeardcompany.com.

ABOUT SVN

The SVN® organization is a globally recognized commercial real estate entity united by a shared vision of creating value with clients, colleagues, and our communities. The SVN® brand is comprised of over 1,620 Advisors and staff in more than 200 offices across the globe in six countries. SVN’s unique Shared Value Network® is just one of the many ways that SVN Advisors create amazing value with our clients, colleagues, and communities. For more information, visit www.svn.com.

ACE Mentor Houston A/E/C Industry After School Program

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ACE Mentor Houston is the local affiliate of the national ACE organization and is a collaborative effort to bring the multifaceted construction industry, educational institutions, and local community together to expose high school students to the world of architecture, construction, engineering, and building trades. In this afterschool mentoring program, student teams work directly with professionals from the A/E/C industry to design hypothetical projects, tour local construction sites, and visit architectural, engineering, and construction offices. The program runs from October to April and is operating with a hybrid program this year with virtual weekly mentor sessions and in-person activities to include site visits, building activities, and architectural walking tours.

For students, it is a unique chance to discover and develop new skills, solidify goals, and get on track towards exciting and rewarding careers. In addition, many students form positive relationships with industry professionals who can provide important references for obtaining college admissions, scholarships, internships, and full‐time employment.

For professionals, ACE provides an opportunity to give back to the community while developing the next generation in the building industry and networking with other professionals who share the same passions. If you would like to get involved in ACE as a mentor, student, industry partner, or committee member, please contact us (//www.acementorhouston.org/). If you have the passion, there is a role for you, no matter your time commitment, availability, or skill set.