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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.
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Houston and Dallas Among the Nation’s Top Emerging Life Sciences Markets, CBRE Reports
A recent report from CBRE named Houston and Dallas two of the nation's top emerging life sciences markets. The report ranked Houston second and Dallas seventh among emerging markets, with both receiving points for their top local talent, recent life sciences workforce growth, large amounts of National Institutes of Health funding, and highly ranked medical schools and research facilities.
Boston, New York, San Francisco, and Los Angeles are still the top established life sciences markets in the nation, but CRE experts see signs that markets in Texas are catching up. As CBRE Vice Chairman Jeff Ellerman pointed out, “Historically, the life sciences business has been dominated by the coasts. It’s been in the Boston area and the San Francisco area." But Ellerman and other industry leaders note that Texas is making major inroads in the life sciences space, with potentially large CRE implications. Read the full story here.
Latest Development News
The future of the massive Monarch City mixed-use development in Allen is uncertain, as the developer who is responsible for the project, Howard Hughes Corp., recently unveiled a major corporate overhaul. This could expose Monarch City to a potential liquidation. As it stands now, Monarch City is planned to include 10M SF of mixed-use space for office, retail, residential, and hospitality. At the moment, Howard Hughes has said it plans to sell the Monarch City site as part of their $2B disposition strategy.
In other news, a new entrepreneur accelerator hub, a 17K SF space called The Launch Pad, will open in downtown Houston, according to an Oct. 24 press release.
Latest Leases Signed
Oil and Gas Firm Pony Oil is moving to a new 12K SF office space on the eastern edge of Highland Park in Dallas County. About 30 miles away, the Shops at Broad in Mansfield have preleased 95 percent of the 430K SF shopping center, with new arrivals like Belk Department Store, TJ Maxx, and Starbucks taking up large chunks of space. Meanwhile, Continental Poly continues to expand their footprint in Sugarland by leasing an additional 18K SF of warehouse space in the Houston suburb.
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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.