Where Houston apartment vacancies are the highest and lowest

Apartment vacancy rates are climbing across Houston as developers are set to deliver a whopping 23,500 units this year, according to a new report.

Marcus & Millichap Inc. issued its second-quarter multifamily market report, which found that Houston’s apartment vacancy rate has jumped 140 basis points year over year to 8.2 percent. Last year, the vacancy rate climbed 60 basis points. One basis point is equal to one hundredth of one percent.

Click to read more at Houston Business Journal.

New San Antonio office construction at an all-time high

First quarter 2017 saw a record amount of new office construction in the Alamo City, further proof that the city’s economic outlook is strong.

Of the 1.2 million square feet of new office space under construction in San Antonio, 738,000 square feet was started during first quarter 2017 alone, according to the latest office market report from Transwestern.

Click to read more at San Antonio Business Journal.

Austin’s retail landscape tight as a drum

Brokers of retail space certainly have their work cut out for them these days.

Demand for retail sites remains strong as the population continues to grow quickly throughout the Central Texas region — especially in the suburbs. That leads to a lot of new options coming online, higher rental rates and somewhat difficult times for shopkeepers eager to expand.

Click to read more at Austin Business Journal. 

CBRE to leave downtown Houston, consolidate in Williams Tower

Los Angeles-based CBRE Group Inc. (NYSE: CBG), a global real estate firm and the largest commercial real estate brokerage in Houston, is consolidating its three Bayou City offices into Williams Tower.

CBRE will vacate its offices in Bank of America Center and at 2700 Post Oak Blvd. and move into Williams Tower, per a company release. At Williams Tower, the brokerage renewed and expanded its lease to 77,000 square feet. CBRE’s space at Bank of America Center is available for sublease, the spokesperson said, and company is marketing the space. It’s unclear how much space the company’s is vacating.

Click to read more at Houston Business Journal.

Demolition of aging mall makes way for $500M initial phase of Dallas Midtown corporate magnet

It’s been five years since Scott Beck and the Dallas-based family-owned company Beck Ventures acquired the majority of Valley View Center with the idea of transforming the aging shopping mall into a corporate destination.

The dream is on its way to becoming a closer reality with Beck and his business partners beginning the demolition of the North Dallas shopping center to make way for the initial $500 million phase — which is part of a much larger, $4 billion mixed-use development proposed by Beck Ventures.

Click to read more at Dallas Business Journal.

Prime downtown Austin site to be transformed into 5-story office building

Some rezoning cases take forever to be resolved. Others happen in a couple of months. Take the case of a small stand-alone office building at 1108 Nueces St. in downtown Austin.

The 2,725-square-foot building, circa 1957, on about one-fourth of an acre will be torn down to make way for a 22,000-square-foot, five-story office building.

The entitlements were secured June 8 in an ordinance signed by Mayor Steve Adler. It doesn’t appear there are any Capitol view corridor issues that would hinder the 60-foot maximum height.

Click to read more at Austin Business Journal.