Welcome to the Tenavox Weekly News Roundup!
We're sending out a weekly collection of great articles and newsworthy content in the commercial real estate industry with a special-tilt towards businesses and tenants.
Trending this Week...
Dallas Remains a Top 10 Real Estate Market, While Houston Falls Even Further in the Rankings
PWC and the Urban Land Institute released a report recently that ranked Dallas as the No. 6 real estate market in the country, down from No.1 just last year. The DFW area lost the top spot due to shrinking yields, fears of oversaturation, and the metro area’s legacy of boom-bust cycles. Houston also fell in the rankings, from 37th last year to 42nd in 2019. Houston’s lower ranking is largely due to its perceived overreliance on the energy sector. But many experts disagree with this notion, pointing to Houston’s high quality of life and diversifying economy with large growth in healthcare and other industries like tech.
Latest Development News
The Plano Market Square Mall, a nearly abandoned mall that sits on 26 acres of prime real estate in Plano, is currently under contract to a local development group looking to transform the property. In Houston, the fifth tallest building in the city, a Class-A tower at 1111 Bagby St. in Downtown, is set to undergo major renovations, as the property and the neighborhood as a whole are still struggling with high office vacancy rates. Out in Cypress, in suburban Houston, the Trammell Crow company and Clarion Partners has bought Weiser Air Park and neighboring land that totals about 132 acres. Current plans call for the airport to be converted into a Class A industrial/business park with about 1.7 Million SF of new industrial space.
Latest Leases Signed
In Austin, Facebook adds 104K SF at the Domain, while a number of companies, such as Cognizant Technology Solutions, Vac2Go, Grow Texas Plastics, and numerous other companies recently signed leases in the greater Houston area. In other news, Air 59, a new building in a huge 685K SF logistics center in Humble, is now complete and ready for tenants to move in.
Everything a Tenant Needs
If you enjoy reading, our comprehensive book is written for business owners looking to occupy space. Get the whole book, 100 percent free.
Why Hiring a Tenant Rep Matters
In an article from our blog, we speak with Ted Rohan, a Senior Associate with Avison Young. Learn about how hiring a tenant rep can help you during lease negotiations, especially in the high-demand Austin office market.