Texas CRE Brief: 06/18/2021
The following brief is also available at https://www.texascrebrief.com
A weekly newsletter with info and links to deals, news, events, people, books and podcasts.
This week’s newsletter includes:
1) TX specific deals, announcements and news.
2) Other news of interest
3) Economic data & policy
4) Book, courses, podcasts – Recommendations
5) Building Spotlight
6) Upcoming Events
7) New Contacts – Thank you and Hello
1) DEALS / ANNOUNCEMENTS / NEWS
Austin
Business Wire reports that Kilroy Realty Corp. is expanding into Austin with a $580-million purchase of the Indeed Tower, a 36-story 730k sf office project in Austin’s CDB.
Connect CRE reports that multi-family developer Oden Hughes has been renamed OHT Partners to reflect Eric Taylor’s leadership in the company’s construction division.
Austin Business Journal reports that Mark IV Capital is scheduled to break ground on a $200 million-plus mixed-use development on 65.5 acres in Round Rock. The District will be a “third node” of density after downtown Austin and the Domain.
ABJ reports that CA developer Jay Paul Co. cleared for massive office Project in Each Austin.
DFW/Metroplex
Bisnow reports that Billingsly Co. purchased 238 acres of prime development land in Allen.
Dallas Business Journal Reports that Fortress Investment Group will grow its presence in North Texas after leasing 47,859sf at Weir-Plaza in Knox-Henderson.
Dallas Business Journal reporting on Carpenter & Company’s $750-million Turtle Creek mixed use project: Four Seasons Turtle Creek developer: 'Dallas is like the most important U.S. city today'
Houston
Bisnow reports that Houston has moved into 3rd place for the most Fortune 500 HQ’s in the U.S.
ConnectCRE reports that Custom Goods will Occupy the Entire 353k sf Bay Area Business Park.
Houston Business Journal reports that McNair Interests will break ground on a 330-unit multifamily project called Remy on the Trails.
San Antonio
ConnectCRE reports that CBRE Global Investors has acquired the 596-unit Preston Peak multifamily community from Knightvest Capital.
Connect CRE reports that QTC Management, a provider of health examination services for veterans and federal employees, will create 252 new jobs in its new San Antonio operational center.
2) OTHER NEWS OF INTEREST
Kastle Systems’ “Back to Work Barometer” shows Dallas, Houston and Austin are the top-3 in nationally for occupancy based on access control system data. #JasonOrtega
Wall Street Journal reports that Americans leaving employers for new opportunities is at a two-decade high.
ConnectCRE reports that an Industry Coalition Urges White House to Sunset Eviction Moratorium on June 30.
LoopNet highlights 8 Perspectives on the Office in an Evolving Age.
3) ECONOMIC DATA & POLICY
U.S. Bureau of Labor Statistics May 2021 Producer Price Indexes release shows record increases in final demand prices.
Connect CRE reports that Fed Holds Line on Interest Rates but Increases Could Come in 2023.
Department of Labor released weekly unemployment claims data showing that initial claims have increased, and that the 4-week moving average is still well above early 2020 numbers.
JLL’s Chief Economist, Ryan Severino, shared his thoughts on CRE as an inflation-hedge in Inflation Validation: How Damaging could inflation be to the economy and could commercial real estate be the antidote?
The Texas Economic Development Act or “Chapter 313” (Value Limitation and Tax Credits) is set to expire on Dec. 21, 2022 after the 87th #TXLege ended the program. Many opinions of the efficacy and propriety of the act are circulating. Perryman Group: A Missing Chapter. San Antonio-News Express: How Skeptical Lawmakers Put an End to a Controversial Tax Incentive Program. Texas Observer: The Unlikely Demise of Texas’ Biggest Corporate Tax Break. Dallas Morning News: Texas lawmakers decide $10 billion in tax breaks is enough, at least for now. Texas Public Policy Foundation: Economic Development and the 87th Legislature: Goodbye Closed-Door Dealmaking and Hello Transparency
4) BOOKS, COURSES, PODCASTS - RECOMMENDATIONS
Did a bit of a deep dive into the PropTech space this week by attending events put on by Norm Miller at University of San Diego’s Burham-Moore Center for Real Estate and also multiple sessions at IIoT World’s Smart Cities Day. Interesting and insightful take-aways from both events which lead me to pull an old favorite down from the book shelf.
Geoffrey Moore’s “Crossing the Chasm” is essential for anyone selling disruptive products to mainstream customers, no matter the industry. As CRE continues towards “smart” everything, as operational technology becomes an integral piece of the entire lifecycle of a development, and as yesterday’s competitive differentiation becomes tomorrow’s table stakes, Crossing the Chasm is as relevant as ever.
If you are interested in PropTech, USD has a very good Resource Directory and Forum overseen by Norm Miller.
5) BUILDING SPOTLIGHT
A great example of adaptive re-use is the Austin Community College Highland Campus which is part of the 81-acre mixed use Highland Community development. Located inside what was once a major shopping mall, ACC Highland is a national model for sustainable, adaptive, community-minded reuse.
I have a personal connection to the facility as I channel my inner-band geek by playing in ACC’s music program and big bands. The bands were one of the earliest student cohorts allowed on campus as things opened up after Covid. I’ve been on dozens of different college campuses, recording and television studios over the years and ACC Highland is on par with the best of them. #RedLeaf, #ACC, #ACCHighland, #BassTrombone
6) UPCOMING EVENTS & IMPORTANT DATES
June 22: Dallas Business Journal Most Inspiring Leader Awards. #MostInspiringDFW.
June 23: Bisnow Digital Summit: Why Texas Real Estate?
July 1: Austin Business Journal’s Commercial Real Estate Awards nomination deadline. #ASJCREA.
7) THANK YOU AND HELLO - NEW CONTACTS
#StathKarras, #SammieBaker, #RyanSeverino, #MichaelHanak, #EvanSlavik, #JoshuaRyanJacob, #KevinDonnelly, #AlysonElias-Calles, #JenniferCastenson, #RayPerryman, #FerminTribaldos, #SteveOden, #ThomasKraubitz, #ElizabethJaramino, #BrianHopper, #ConnorGreissing, #PhilMarchese
Mentions: #Kilroy, #OHTPartners, #MarkIVCapital, #BillingslyCo., #Fortress, #McNairInterests, Carpenter&Company, #KastleSystems, #Chapter313, #CrossingtheChasm, #USDPropTech, ACC#Highland