Category: News & Market Reports

Savills Expands Junior Broker Development Program to Three Additional Markets in the US

Posted on by Sarah

NEW YORK, Oct. 28, 2021 /PRNewswire/ — Savills announced that it expanded its Junior Broker Development Program (JBDP) to three additional markets in the US, doubling down on its commitment to recruit, train, and invest in the next generation of Savills associate brokers. Also, for the first time, the global real estate advisory firm opened the program to existing, non-brokerage employees in North America interested in sales, consulting, or complementary roles.

During its inaugural 2020 class, Savills selected eight young professionals in New York City and two in Washington, DC, to participate in the 15-month salaried rotational program, which provided recent college graduates the opportunity to advance their commercial real estate careers. Of the 10 participants, 90% were women or from racially diverse backgrounds. Today, 100% of the candidates who completed the program are now working in full-time positions for the company.

“Having colleagues with different perspectives and lived experiences at the decision-making table is crucial to the vitality of our firm and the future of our industry,” said Mitchell E. Rudin, chairman and CEO, Savills North America. “By expanding the Junior Broker Development Program, we are working to create substantive changes that will open up opportunities for young women and minority groups to enter the industry with equal and equitable chances for success.”

This year’s JBDP class has 11 participants across Chicago, Houston, Los Angeles, New York, and Washington. Each will have the opportunity to rotate across several of the firm’s service lines, including brokerage, research, cross-border tenant advisory, industrial services, capital markets, portfolio solutions, consulting, workplace strategy, business development, and client technology solutions. Click to read more at www.inforney.com.

The 11 Biggest Dallas-Area Industrial Developments Currently Under Construction

Posted on by Sarah

Industrial real estate in the Dallas-Fort Worth Metroplex is having a very good year. In fact, it’s safe to go as far as saying that industrial real estate throughout the region has been having a great decade. After posting Q3 results, the area has witnessed 44 consecutive quarters, or eleven straight years, of net positive industrial absorption.

And there’s still a lot of industrial space still on the way.

But where are the biggest projects being built? And exactly how big are we talking?

CBRE has provided REjournals with a list of the 11 largest industrial developments currently under construction in the Dallas-Fort Worth metro area, and the numbers are substantial. Between these 11 projects, the total combined area of new industrial space comes out to roughly 10.75 million square feet.

Nearly 11 million square feet is a lot of space to fill, but Dallas-area businesses are soaking up the industrial space as quickly as it is completed. According to the list, there are six projects currently under construction that will be 1 million or greater square feet in scope. The remaining five projects range between 800,000 square feet to 994,000 square feet.

The single largest industrial project under construction is the 1.163 Dalport Trade Center, Building G on Millers Ferry Road in Dallas. With an expected completion target of April 2022, the Class A building will join a cluster of other industrial properties at the DalPort Trade Center. At 1.095 million square feet, the Logistix Hub, Building 1 development in Hutchins is the second-largest industrial project under construction. It is targeting a May 2022 completion date.

Dallas and Hutchins are seeing the most action when it comes to big-box industrial construction. Three of the projects are in Dallas, three are in Hutchins, and two are in Lancaster. And not surprisingly, the bulk of the projects on the list will be for logistics and distribution uses.

New Residential Communities Spur Increased Commercial Land

Posted on by Sarah

It doesn’t take much of a drive to escape out of the fourth-largest city in the U.S. and head into nature.

“Heading just north of The Woodlands, there is absolutely beautiful, rolling topography,” says Peter Barnhart, Executive Vice President and Partner at Caldwell Companies.

That’s the setting for Chambers Creek, Caldwell’s newest 1,200-acre active adult community in Willis, TX offering 4,000 homes to those age 55 and better. The premier 55+ community, which will be the largest of its kind in the Houston area, features amenities such as a golf course designed by Tom Lehman, a marina connected to Lake Conroe, miles of hiking and biking trails, and so much more.

“It’s the prettiest piece of property we’ve developed in Houston,” says Barnhart. “It has a 20-mile view from a hill that looks out over Lake Conroe. It’s loaded with lakes. We’re creating a lifestyle like I’ve never seen in Houston, and we’re anticipating more of a national draw.” Being the largest active adult community developer in this region for over 15 years now, Caldwell has a passion for providing housing designed specifically for those 55 and up.

Looking at the tract, he says it checked all the boxes of a great site, but the biggest selling point was the spectacular location. Not only does the site have great access to Interstate 45 it is also located right in the path of growth. The Conroe/Willis area is one of the fastest-growing cities in the country. Conroe’s population has more than doubled since 2000 according to the Conroe Economic Development Council. Click to read more at www.rednews.com.

Sealy & Company Punches Acquisition of Seven-Building Class A Industrial Park Located in Houston’s Southwest Submarket

Posted on by Sarah

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.

Williamson County Officials Make Final Moves Toward Landing $17B Samsung Facility

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One of the largest economic development projects in the history of Texas is close to being built in Williamson County.

Larger than any single corporate enterprise in Central Texas before it, Samsung is expected to build a 6 million-square-foot facility that will bring 1,800 higher-paying jobs to the area.

The project includes $6 billion in infrastructure, land and building costs and $11 billion worth of personal property, machinery and equipment. The approximately 1,288 acres of property for the project is south of Hwy. 79 and west of FM 973, southwest of downtown Taylor.

Williamson County Judge Bill Gravell Jr. on Sept. 7 told Community Impact Newspaper negotiations and work on the project have been accomplished daily since January, when county officials hosted Samsung executives at Dell Diamond in Round Rock.

“What we have to offer is the perfect combination of outstanding schools, safe communities and quality of life,” Gravell said. “We have an existing world-class workforce and an ecosystem around it.”

Gravell said along with the Samsung jobs, thousands of contractors will also work at the facility. According to Williamson County, the project will also provide 6,500-10,000 direct construction jobs while the plant is being built, and Gravell said the existing Samsung plant in North Austin off Parmer Lane served as motivation to work to attract that kind of largescale economic mobility. Click to read more at www.communityimpact.com.

As Austin’s Rezoning of UT Lands Continues, Time Could be Running Out for Muny Course Preservation

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A city-led rezoning process that could determine whether Lions Municipal Golf Course will remain in operation on Austin’s west side is continuing, while landowner The University of Texas is potentially eyeing the historic site’s redevelopment.

The city has been working for months to rezone four separate UT-owned tracts after Austin City Council initiated a process to set “appropriate uses” for the properties last December. The lands, including the Lions course, or Muny, are longtime UT assets, but new zoning recommendations for the properties are being developed by city staff.

The largest of the four areas in question are the Brackenridge tracts, including the 141-acre Muny, the West Austin Youth Association’s facilities, and dozens of acres along the Colorado River now home to a university apartment complex and field laboratory. The nearby Gateway Apartments property off West Sixth Street, the West Pickle Research Campus off MoPac to the north and the Montopolis Research Center on Montopolis Drive are also set to be rezoned. Click to read more at www.communityimpact.com.