Category: News & Market Reports

CCIM Office Sector Luncheon—Demand, Density and Flex Space: Systemic Change or Return to Yesterday?

Posted on by Sarah

Keynote Speaker: Dr. James Gaines, Chief Economist, Texas A&M University, Real Estate Center

February 2020, was the peak of the 128-month-long prior recovery; then we fell sharply into recession
• Down 31% in Q2 and down 25-30% in Q3 (est.)
• Since March nationwide, 63 million have filed for unemployment—about 38% of the workforce; in Texas, 6 million; Texas lost 1.4 million jobs in March-April alone; lost jobs have now recovered by about one-half; Houston has retained 92% of pre-COVID jobs
• Texas has had a ‘double whammy’: oil and COVID…energy demand is down and will stay there for a while, although price at $40 bbl seems to have stabilized
• Our federal deficit will hit $4 trillion this year, and the Fed has had to borrow $3 trillion of it; in 2-5 years there will be a huge debt overhang
• 3.4 million mortgages—7% of total-are in forbearance arrangements, but those arrangements may expire in early 2021
• For recovery, we must: a) get virus under control b) increase consumer demand and spending c) re-employ people d) stabilize/improve global trade
• We have no inflation and stable (low) interest rates at or lower than 3%
• Texas is a little better off than rest of the U.S., and it should be early 2022 before we approach under 5% unemployment
• Home sales are up 3.5%, and prices up 5-6%; there is an inventory shortage of single-family homes; new home construction is up and could be one of major drivers pulling us out of current slump

South Central Texas Post-COVID-19 Forecast

Posted on by Sarah

Office

Office in San Antonio “Ok” and not sliding too much; 15% vacancy citywide, with average rents $21.85 down from $22.50 this time last year; robust development market; tenants beginning to return to offices

Some landlords working with tenants on short-term renewals to build tenant goodwill, and to retain them.

The hybrid work from home and office model is here to stay, although the productivity metric for this formula is not fully known yet.

Company culture is “at the office” and it is especially important to for new hires to interact with peers and senior employees as they learn and absorb the company culture.

When pandemic recedes, we will be quick to return to old habits and dense environments, office and social; in 18-24 months we will be back to normal here

8% unemployment in S.A.

First Investors Financial Services Renews 39,000-SF Office Lease in Houston

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NAI Partners recently arranged a 38,765-square-foot office lease for First Investors Financial Services, Inc. at 5757 Woodway in Houston. The building is occupied by a variety of tenants including medical, traditional office, service and co-working tenants. NAI Partners’ Dan Boyles, partner and member of the company’s office tenant rep group, represented First Investors Financial Services in the transaction. The landlord, 5757 Woodway Realty, LTD, was represented by Braun Enterprises. 5757 Woodway Realty, Ltd. (a Braun Enterprises-related partnership) purchased the building in 2018 and immediately rebranded the building, transforming the project inside and out. Braun initially built out their office suite concept—Urban Office by Braun Enterprises—which consists of modernized small office suites with shared work space, conference rooms, kitchen, lounge area and other amenities and later leased it to Local Office a local co-working concept. Additionally, Braun developed space beneath the parking garage which is now occupied by Sola Salon Suites. First Investors Financial Services is an automobile finance company founded in 1988 to serve the special finance needs of automobile dealers and consumers.

Resolut RE Closes Dozens of Transactions Around Texas

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RESOLUT RE recently completed 26 leases in Texas. The deals included retail and industrial transactions in the Austin, Houston Dallas-Fort Worth and San Antonio markets. Aloha has renewed at AMLI South Shore (1620 E. Riverside Drive, Austin). Phil Morris of RESOLUT RE represented the landlord. Brent Campbell of Don Quick & Associates represented the tenant. Austin Title has leased 4,298 square feet at Heritage Court (200 E 8th St, Georgetown, Texas). Andrew Perkel and Michael Noteboom of RESOLUT RE represented the landlord. Brad Buckman of Aquila Commercial and Ryan Tiernan of Orion Real Estate Group represented the tenant. J Heart CBD has leased 1,200 square feet at 6719 North Lamar Shopping Center (6719 N Lamar Blvd, Austin). Phil Morris of RESOLUT RE represented the tenant. Hutch Hutchings and Cole Brodhead of Edge Realty Partners represented the landlord. Marco’s Pizza has leased 1,410 square feet at Cannon West (6800 Westgate Blvd, Austin). Phil Morris of RESOLUT RE represented the landlord. Brett Gissler of Edge Realty Partners represented the tenant. One of the Kids has leased 3,360 square feet at Park Street Commons (2111 E Park St, Austin). Joey Mendez and Michael Noteboom of RESOLUT RE represented the landlord. Tim Edwards of Flintrock Commercial represented the tenant. Relaxing House has leased 1,750 square feet at Williamson Square (10700 Anderson Mill Rd, Austin). Joey Mendez of RESOLUT RE represented the landlord. The Treasure Nouk has leased 1,212 square feet at The Marketplace (500 Lake Air Dr, Waco, Texas). Jacob Nagy and Michael Noteboom of RESOLUT RE represented the landlord. The UPS Store has leased 1,552 square feet at 8708 South Congress Avenue in Austin. Joey Mendez and Michael Noteboom of RESOLUT RE represented the landlord. Tim Grondin of ISO Commercial represented the tenant. NobiliTea has leased 1,875 square feet at Grand Central at Milam (206 N Milam St, Fredericksburg, Texas). Gavin Fite of RESOLUT RE represented the tenant. Alec Spencer and Jeremy Peterson of St. Croix Capital Companies represented the landlord. An undisclosed buyer has purchased the 38,372 square feet shopping center at 7113 Burnet Road in Austin. David Simmonds of RESOLUT RE represented the buyer. Carl Daywood of Carl Daywood Realtors represented the seller. An undisclosed buyer has purchased the 3,250 square feet building at 923 Texas 332 Loop in Liberty Hill, Texas. Phil Morris and Emilie Niekdam of RESOLUT RE represented the seller. Kim Sanders of Keller Williams Realty, Inc represented the buyer. Crave has leased 2,827 square feet at Waters Edge at Viridian (3990 N Collins St, Arlington, Texas). Sherry Naquin Sanchez of RESOLUT RE represented the tenant. Cameron Haddad and Zach Boatwright of Vision Commercial Real Estate represented the landlord. An undisclosed buyer has purchased the 30,000 square feet Central Mall in Texarkana located at 3501 Mall Drive in Texarkana, Texas. Brian Sladek of RESOLUT RE represented the buyer. Steve Schrenk of JLL represented the seller. An undisclosed buyer has purchased 0.647 acres at 6520 West Adams Avenue in Temple, Texas. Brian Sladek and Tucker Francis of RESOLUT RE represented the seller. Dave Burggraaf of Evergreen Commercial Realty represented the buyer. Aaron’s has leased 4,500 square feet at Little York Plaza (1409 Little York Rd, Houston). Joaquin Orozco and Taki Dallis of RESOLUT RE represented the landlord. Clay Albers of Clay Alberts Properties represented the tenant. Find A Pet has leased 4,650 square feet at 3433 Gulf Freeway in Houston. Myra Vorrice of RESOLUT RE represented the tenant. Fred Ghabriel of Bejjain & Associates represented the landlord. Hartz Chicken has renewed at Wharton Retail Shopping Center (10314 Highway 59 South, Wharton, Texas). Taki Dallis of RESOLUT RE represented the landlord. Houston’s Fuzzy Tails has leased 1,125 square feet at Kingsland Plaza (23222 Kingsland Blvd, Katy, Texas). Jim Thompson and Benny Nguyen of RESOLUT RE represented the landlord. Howdy Hot Chicken has leased 2,320 square feet at Mason Square (1443 S Mason Rd, Houston). Jim Thompson and Lyle Cowand of RESOLUT RE represented the landlord. Emily Durham of Waterman Steele represented the tenant. Octapharma Plasma has leased 8,320 square feet at Little York Plaza (1409 Little York Rd, Houston). Joaquin Orozco and Taki Dallis of RESOLUT RE represented the landlord. David Stefancic of Cushman & Wakefield represented the tenant. Polar Clean has renewed at 12450 Hwy 3 in Webster, Texas. Dani Allison of RESOLUT RE represented the tenant. Rococo Salon Suites has leased 1,918 square feet at Eagle Springs Shopping Center (5444 Atascocita Rd, Humble, Texas). Jim Thompson and Benny Nguyen of RESOLUT RE represented the landlord. An undisclosed buyer has purchased the 7,000 square feet office building at 2305 Hwy 6 South near Westheimer in Houston. Mohamed Gamal of RESOLUT RE represented the seller Kareem Gamal, President of Gamal Enterprises Inc. An undisclosed buyer has purchased the 23,500 square feet Corrigan Plaza located at 5402 Broadway Street in Pearland, Texas. Jim Thompson and Benny Nguyen of RESOLUT RE represented the seller. Nolan Rencher of Rencher Properties represented the buyer. An undisclosed buyer has purchased 0.74 acres at Colony Park Shopping Center located at SH 6 and Boonville Road in Bryan, Texas. Dave Burggraaf of RESOLUT RE and Jeremy Richmond of Oldham Goodwin represented the buyer. Kyle Knight and Brett Vinzant of Weitzman Group represented the seller. NobiliTea has leased 1,875 square feet at Grand Central at Milam (206 N Milam St, Fredericksburg). Gavin Fite of RESOLUT RE represented the tenant. Alec Spencer and Jeremy Peterson of St. Croix Capital Companies represented the landlord.

NAI Partners Arranges Industrial Sale for Alterra Property Group in San Antonio

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NAI Partners recently arranged a 7,765-square-foot sale on 3.86 acres for Alterra Property Group at 6916 NE Loop 410 in San Antonio, Texas. NAI Partners’ Carlos Marquez represented the seller in the transaction. Alterra Property Group is an established real estate investment, development and management company based in Philadelphia with a focus on acquiring industrial outside storage properties.

M Kidd Properties Facilitates Sale of 5902 and 5904 Dolores Street Houston Property

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Houston, TX (January 4, 2021) George W Evans Properties, Ltd. has sold 5902 and 5904 Dolores Street containing 23,177 SF of land and 2,844 sf of improvements. The buyer was represented by Kal Drooby Realtors. The seller was represented by Mark Kidd, Sr. and Mark Kidd, Jr. of M Kidd Properties, Inc.

For information contact:
Mark Kidd, Sr.
M Kidd Properties, Inc.
Email: mark@mkiddproperties.com
Office: 713-968-4601