Category: News & Market Reports

Staff from Don Quick & Associates Remember Founder’s Legacy

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Don Quick (center) is seen with his team in 2019 after winning a lifetime achievement award from the Round Rock Chamber. (Photos courtesy Don Quick & Associates)

Don Quick & Associates has served the Round Rock area and beyond since 1970, offering real estate and brokerage services to the community.

Founded by Don Quick, whose family has a long history in the city of Round Rock, the firm offers client-focused commercial real estate services such as landlord representation and leasing, tenant representation, real estate consulting and property management.

In 2018, Quick celebrated his 50th year as a Realtor followed in 2020 by the 50th anniversary of Don Quick & Associates. However, in late June and early July 2021, he and his wife, Eugenia “Jeanie” Quick, died after long battles with non-Hodgkins Lymphoma and cancer, respectively.

The company is now headed by their son, Darren Quick, who has worked with the firm since 1996.

“Don left a legacy of operating with integrity while servicing the commercial real estate needs of the Central Texas community,” Darren said. “We are thankful for the business relationships that Don created that we have continued to grow and flourish.” Click to read more at www.communityimpact.com.

The Richest Real Estate Billionaires On The 2021 Forbes 400 List

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Donald Trump may have fallen off The Forbes 400 list of richest Americans this year, but his fellow real estate tycoons have boosted their wealth—both in hot markets (Palm Beach) and those still recovering (New York).

The group of real estate tycoons on this year’s Forbes 400 list of richest Americans is as notable for those who didn’t make the cut as for those who did: Donald Trump, with an estimated net worth of $2.5 billion, fell short of the $2.9 billion cut off to make it into the 400 richest Americans. The former president isn’t the only one to have fallen from the ranks in 2021. Five fellow New York real estate billionaires as well as Silicon Valley developers Richard Peery and John Arrillaga also dropped off The Forbes 400 list. Collectively, the 24 real estate tycoons on this year’s list are worth $122 billion, nearly $4 billion less than the 32 in real estate were worth in 2020.

Despite the ongoing Covid-19 pandemic and the delay in workers returning to offices in many cities across the country, America’s real estate barons have gotten wealthier as their prized assets and diversified portfolios recovered from 2020 lows. Outside of Washington, D.C.—where the sole real estate billionaire residing in the capital, Washington Nationals owner Ted Lerner, is $100 million poorer this year—real estate magnates based in cities ranging from New York and Chicago to Los Angeles and Palm Beach have seen their fortunes grow since the 2020 Forbes 400 list.

At the top, Orange County, California-based Donald Bren remains the wealthiest real estate billionaire in the country with an estimated $16.2 billion net worth, nearly $1 billion higher than last year. The biggest gainer is Chicago-based gambling and real estate mogul Neil Bluhm, whose net worth grew by $2.4 billion to $6.4 billion—but that was largely thanks to his shares in publicly traded online gaming outfit Rush Street Interactive. (His luxury retail real assets in Chicago have also done well despite the pandemic.) Click to read more at www.forbes.com.

“No Place You’d Rather Be”: Economic Development Organizations Capitalize on Lure of Texas

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New numbers from the 2020 U.S. Census reveal what so many of us in Texas knew already: More people are moving here than any other state in the country. The appeal is clear. Texas offers a business-friendly environment, along with an affordable cost of living, making it ideal for corporations and their employees. Bringing businesses to the Lone Star State is the easy part. Choosing which community to call home base can be a challenge. That’s where economic development organizations, like the Dallas Regional Chamber, come in.

DALLAS

“The DRC works closely with regional cities and the business community to attract significant corporate locations and expansions to the region,” says Mike Rosa, DRC’s senior vice president of economic development. “Six Fortune 500 headquarters have relocated here in the past six years, along with many other headquarters, office, and industrial projects.” Two of the most recent relocations are financial services giant Charles Schwab and infrastructure firm AECOM. “The Dallas region continues to lead the nation in population and job growth, providing fuel for the commercial real estate market,” Rosa says. “There’s no place you’d rather be in business today or in the future than Dallas.” To continue that success, the DRC also works on education, workforce, transportation, quality of life and other fundamental issues important to all the people who live in the region, as well as to existing and future companies. “We are targeting corporate headquarters and technology companies,” says Rosa. “DFW is attractive to lots of sector and project types, so we’re not limited in our range of possibilities.”

SOUTH TEXAS

At the other tip of Texas, the Rio Grande Valley Partnership drives collaboration and investment across its four-county region, which include Starr, Hidalgo, Willacy and Cameron counties. “We engage with economic development corporations by bringing investors, developers and bankers into each one of our communities to highlight the opportunities there,” says RGV Partnership president Sergio Contreras. “That way, investors can have a clear picture of the local incentives and targeted industries by the local communities.” The opportunities in the Valley are many, according to Conteras. Click to read more at www.rednews.com.

NAR Identifies America’s Top 10 Commercial Office Markets of 2021

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Association’s latest commercial real estate report released during inaugural C5 Commercial Real Estate Summit in New York City

Key Highlights

Half of the top 10 commercial office markets are in Florida (Daytona Beach, Miami, Palm Beach) and Texas (Austin, San Antonio). Boise, Chattanooga, Myrtle Beach, Omaha and Provo round out the list. Since the second quarter of 2020, vacancy rates have declined for apartments/multifamily, industrial and retail properties. Compared to one year ago, asking rents climbed for apartments/multifamily (11%), industrial (7%) and retail (2%) properties, but declined for office properties (-0.4%).

The National Association of Realtors® identified the top 10 commercial office markets as of the third quarter of 2021 in its monthly Commercial Market Insights report released Monday. In alphabetical order, the markets are as follows:

Austin, Texas
Boise, Idaho
Chattanooga, Tennessee
Daytona Beach, Florida
Miami, Florida
Myrtle Beach, South Carolina
Omaha, Nebraska
Palm Beach, Florida
Provo, Utah
San Antonio, Texas

NAR analyzed 390 commercial real estate markets and found a robust recovery with positive net absorption and strengthening rents across the multifamily, industrial and retail property markets as economic production rebounds to pre-pandemic levels. The apartment and industrial sectors, specifically, are reporting historically low vacancy rates, while retail has undergone a more gradual recovery as consumers continue their return to brick-and-mortar shopping. Click to read more at www.globenewswire.com.

Regent Properties Celebrates Second Headquarters Opening in Dallas

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Founded in 1989, Regent Properties, LLC is a real estate investment management and development firm based in Dallas, Texas, and Los Angeles, California. The company is a vertically integrated operator and fund manager with investments managed throughout the Sun Belt markets. They have registered investment advisors who manage a variety of investment portfolios.

Regent Properties continues to grow as they open a second headquarters in Dallas. New and existing members of Regent Properties’ corporate team will relocate to the Dallas Fort-Worth area. This expanded corporate presence will function in parallel with the company’s longtime headquarters in Los Angeles.

Eric Fleiss, CEO of Regent Properties, explained, “As Regent looks to acquire a significant amount of high-quality office product across the Sun Belt over the next 24 months, it makes perfect sense to be rooted full-time in one of our core historical markets, where we can remain in constant touch with our entire portfolio. DFW is one of the fastest-growing metros in the nation and offers unparalleled infrastructure, talent, and dynamism to help build on Regent’s 30-plus year track record of success.” Click to read more at www.dallasexpress.com.

Houston Medical Office Monthly Market Snapshot September 2021

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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.