Economic Call To Action Issued At Fort Worth BOMA Meeting

Fort Worth’s economic development situation could be boiled down to one phrase: “good news, but . . .” On the positive side, the west side of the Dallas-Fort Worth area is experiencing robust development and growth. The American Airlines headquarters expansion, the Facebook’s data center and various retail, office and residential projects taking place throughout the metro have all made headlines.

However, misperceptions persist about Fort Worth as being little more than a shadow of Dallas, something that Robert Sturns is trying to combat. Sturns, who is the city of Fort Worth’s Economic Development director, discussed some of the issues facing the metro, as well as the recently released “Economic Development Strategic Plan” at the April 3 Fort Worth BOMA meeting.

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DFW office market cooling down

​​DALLAS (CBRE) – According to a CBRE report, the North Texas office market is cooling down.

The market saw negative absorption for the first time in 31 consecutive quarters for a rare loss of 470,212 sf. This kicked up the local vacancy rate to 20.5 percent.

Around 1.2 million sf of office space was delivered in first quarter 2018, and 4.9 million sf is still in the pipeline. The average asking rent fell to $24.25 per sf, a 1 percent drop since first quarter 2017.

Employment growth across the Metroplex remained at a steady 2.7 percent, stronger than the nation’s 1.6 percent growth. According to the Bureau of Labor Statistics, over 96,000 new jobs were created in DFW in the past 12 months. 

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Walmart plans $277 million Texas investment in 2018

Walmart says it will invest $277 million in Texas this year, with plans to remodel more than 40 stores, build four new stores and add a number of in-store and online tools.

The retail giant’s plans include remodeling four Central Texas Walmart stores — one each in Austin, Marble Falls, Boerne and Kerrville. In Austin, the remodel is planned for the Walmart store at 710 E Ben White Blvd., the company said in a news release.

Walmart will also expand its online grocery pickup and Scan & Go tools into more Texas markets, along with its big orange Pickup Towers.

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Samsung moving 1,000 jobs to Legacy Central, Plano’s newest hot corner

International electronics giant Samsung is bringing 1,000 jobs to Plano in a consolidation of its North Texas operations.

Samsung will relocate workers now in Richardson’s Telecom Corridor and other locations to the Legacy Central project on U.S. Highway 75 and Legacy Drive. 

Samsung is moving to the former Texas Instruments campus, which is getting a $100 million makeover by Regent Properties, a Los Angeles-based developer and investor.

“We’ve signed a 216,000-square-foot lease with Samsung,” said Regent CEO Eric Fleiss. “They are taking an entire building on the north side of the campus.

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Houston Area Multifamily Property Among First to Open After Devastation of Hurricane Harvey, $6 Million Property Renovation of Kings Cove Now Complete

KINGWOOD, Texas, April 11, 2018 /PRNewswire/ — The completion of an extensive, $6 Million renovation of Kings Cove Apartments, after the devastating impact of Hurricane Harvey, places the greatly improved, Kingwood, TX property among the first multifamily complexes in the area to open.

The once-flooded, first-floor apartment homes in the 192-unit apartment community underwent dramatic upgrades that include; new stainless-steel appliances, white cabinetry, stained concrete flooring, new designer light fixtures, ten-foot ceilings with exposed ducts, and private patios or balconies.  Other improvements include the swimming pool area, complete with new furniture and tropical landscaping, clubhouse and other community amenities.

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Texas Landlords Can Seize Property From Commercial Tenants Who Don’t Pay Rent

If you’re a renter in Texas and you fail to pay your rent, your landlord may have the legal right to enter your home and take your belongings. The clause, called a landlord’s lien, is standard language in many residential leases, but it can also apply to stores and restaurants that fall behind on rent.

“My job and the way I see it is, I’m making decisions like a landlord and how it’s going to affect the bottom line,” says Ricks, AMLI’s vice president of retail asset management.
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