| Texas Unemployment Drops to 5.2 Percent |
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| COLLEGE STATION (Real Estate Center) – Texas’ seasonally adjusted unemployment rate fell to 5.2 percent last month from 6.3 percent in September 2013. The nation’s rate decreased from 7.2 to 5.9 percent.
According to the Real Estate Center’s latest Monthly Review of the Texas Economy, the Texas economy gained 410,900 nonagricultural jobs from September 2013 to September 2014, an annual growth rate of 3.7 percent compared with 2 percent for the United States.
The state’s nongovernment sector added 372,500 jobs, an annual growth rate of 3.9 percent compared with 2.3 percent for the nation’s private sector.
All Texas industries had more jobs last month than a year ago. The state’s mining and logging industry (which includes oil and gas) ranked first in job creation followed by the transportation, warehousing and utilities industry, construction, professional and business services, and leisure and hospitality industry.
Every Texas metro had more jobs than a year ago as well. Midland ranked first in job creation, followed by Odessa, Houston-Sugar Land-Baytown, Longview, Victoria, and Austin-Round Rock-San Marcos.
The state’s actual unemployment rate last month was 5 percent. Midland had the lowest unemployment rate, followed by Odessa, Amarillo, Lubbock, San Angelo and College Station-Bryan. |
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| Houston, Dallas Top Nationally in New Office Buildings |
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| DALLAS (Dallas Morning News) – For the first time since the 1980s boom, two Texas metros are dominating the new office building market.
About 1.9 million sf of office space has been finished in the Dallas area through the first nine months of 2014 — trailing only the Houston area, which completed nearly three million sf.
At the end of the third quarter, 5.4 million sf of office space was still under construction in the DFW area, up from about 1.1 million sf in third quarter 2013.
Downtown Dallas’ office vacancy in September was about twice the national average of 12.6 percent, the nation’s lowest level since early 2009.
Nationwide suburban office vacancies were at 16.6 percent, compared with 18.6 percent in the DFW area.
Area office net leasing has totaled about 2.3 million sf so far this year, second only to Los Angeles for total suburban office leasing. |
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| Austin Home Sales Up After Two-Month Decline |
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| AUSTIN (Austin American-Statesman) – Area existing home sales bounced back in September after a two-month decline.
Sales increased 10.3 percent from September 2013, according to the Austin Board of Realtors.
The median and average sales prices rose to their highest levels ever for a September. The median price was $240,000 (up 7.6 percent), while the average price rose 7 percent to $308,514.
Month’s supply of homes for sale slipped to 2.8, below the 6.5-month level that is considered a balanced market.
Homes spent 44 days on the market on average, unchanged from last September — the first time the days-on-market figure remained statistically unchanged year-over-year since September 2011.
Listings were up 8 percent from a year ago, with 6,469 homes for sale. Pending sales increased 11 percent year over year.
For housing expert Dr. Jim Gaines’ insights on the Texas housing market, tune in to this week’s episode of the Real Estate Red Zone podcast. |
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| Cypress Equities Looks to Change The Corner |
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| DALLAS (Dallas Morning News) – Cypress Equities has purchased a shopping center with plans to redevelop the site.
The developer bought the Corner Shopping Center at the northeast corner of North Central Expy. and Walnut Hill Ln. after several months of negotiating. Plans for redevelopment of the 236,050-sf retail and office center will be announced in coming months. |
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| Addison Buyers’ Hulen Pointes Shopping Spree |
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| HOUSTON (GlobeSt.com) – Cypress Business Center, the 103,979-sf flex distribution facility at 301-305 Wells Fargo Dr., was purchased by an affiliated fund free and clear of existing debt.
Currently 74 percent leased, the building is occupied by AutoZone, DKNXT, DynaQual, Charis Bible College, Premiere Safeguard and Speedy Printing & Office Supplies.
HFF marketed the property for the seller, Cypressbrook Co. Industry Capital. |
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| Turtle Creek Centre Getting New Owner |
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| DALLAS (Dallas Morning News) – One of the Dallas area’s major office owners is close to closing on a Turtle Creek tower.
KBS Realty Advisors is acquiring the 21-story 3811 Turtle Creek high-rise known as Turtle Creek Centre.
The almost 300,000-sf building is more than 80 percent leased with major tenants that include Eagle Materials, Prosperity Bank, Gables Residential and Wilson & Associates.
HFF marketed the nearly 30-year-old building for an affiliate of Metropolitan Life Insurance.
The building is expected to sell for close to $75 million. |
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| Grove Growing in Waterside |
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| FORT WORTH (RealtyNewsReport.com) – Transwestern Development Co. is partnering with Crow Family Holdings on a 385-unit multifamily complex covering five acres in Trademark Property’s Waterside mixed-used development.
Units in the two-building, Class-A Grove at Waterside will average 890 sf. The property will include private garages and a structured parking garage.
JP Morgan Chase provided a construction loan for the project.
Construction begins this month on Waterside. Phase I is slated to open in spring 2016 with Fort Worth’s first Whole Foods Market. Field Paoli is the lead architect, and Stantec Vibe is in charge of placemaking, environmental graphics and landscaping. Kimley Horn & Associates is the civil engineer. EMJ Construction is the builder.
This Newsletter was originally published by RECON. It is reprinted here through a news partnership between Texas A&M Real Estate Center and San Marcos Corridor News. |
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