Austin’s economy outshines almost every other U.S. city across 25 key factors

Provo, Utah, has a decidedly low profile, though it deserves to be better known.

Provo is just the 92nd-biggest metropolitan area in America and only the third-largest in its own state (trailing Salt Lake City and Ogden). Yet it boasts the strongest economy in the nation, as determined by this year’s ACBJ Economic Index.

Provo jumped to first place in ACBJ’s updated standings for 2017, up from fourth in 2015 and second last year, based on a formula that measures the nation’s 100 biggest metros against 25 statistical benchmarks.

Click to read more at Austin Business Journal. 

South Korean manufacturer to invest $100M into DFW expansion bringing 1,600 jobs

A South Korean manufacturer is expanding its U.S. operations in North Texas, with Garland-based Nutribiotech USA Inc. bankrolling $100 million into the former Raytheon campus. The facility is being converted into a new $50 million business park.

Over the next five years, Nutribiotech USA, a subsidiary of Nutribiotech Co. Ltd. (222040:KOSDAQ), will increase its footprint from an existing 60,000-square-foot facility to more than 685,000 square feet of space. The expansion includes the renovation of 375,000 square feet of former Raytheon facilities and the construction of a new 250,000-square-foot facility adjacent to Nutribiotech’s current site.

“We have been growing very rapidly and Garland has been a critical part of the success,” Nutribiotech USA President BJ Lee said in a prepared statement. “As we look to the future, we are excited to be a valued and dynamic part of this region’s economic engine.”

Click to read more at Dallas Business Journal. 

See which projects were named finalists for ULI-Houston’s 2018 Development of Distinction Awards

The Houston District Council of the Urban Land Institute has selected eight finalists across four categories for its 2018 Development of Distinction Awards.

ULI-Houston also named two projects as honorable mentions in the Not-For-Profit category and the Urban Open Space category. Click through the slideshow to see photos of all eight finalists and the two honorable mentions. 

This is the 11th year for the awards, which are modeled after the national ULIGlobal Awards for Excellence and ULI’s Urban Open Space Awards. In 2015, ULI-Houston added the Urban Open Space category so such projects could be judged separately from traditional built structures. 

Click to read more at Houston Business Journal. 

 

These two sectors are fueling retail activity in Houston

Despite a sector-wide slowdown in leasing activity, the retailers that are resistant to e-commerce are still generating deals throughout Houston.

Boutique fitness tenants and restaurants are fueling the retail sector’s leasing activity, per a report from JLL, as other retail tenants recalibrate their leasing strategies amid increased competition from e-commerce businesses. In the third quarter, the Houston retail market’s availability rose 0.5 percent to 7.7 percent, according to the report, but this is still well-below the sector’s long-term availability average.

Several boutique fitness concepts have either opened or are expanding in Houston. In September, Title Boxing Club announced its plans to open 20 Houston locations over the next six years. The company currently has threeHouston-area locations in Houston, Missouri City and The Woodlands.

Click to read more at Houston Business Journal. 

See the 10 largest blocks of sublease office space available in Houston

The 10 largest office blocks available for sublease in Houston are all on the market from energy companies. Of the top 10, Cushman & Wakefield is marketing the most with four, according to Commercial Gateway.

The 10 largest spaces available for sublease range from 189,285 square feet to 504,327 square feet, the latter being Four Westlake Park, which was put on the sublease market by BP last year.

Click to read more at Houston Business Journal. 

Why CBRE’s Jeff Ellerman believes DFW will benefit from growing U.S. corporate consolidation

As corporate America continues to consolidate operations in the United States, CBRE’s Jeff Ellerman says he believes Dallas-Fort Worth is well positioned to benefit from the restructuring trend.

“Consolidation from corporate America will most certainly continue,” Ellerman, vice chairman in CBRE’s Dallas office, told the Dallas Business Journal. “In my opinion, we’re going to continue to see relocations and large-scale needs coming out of other states into North Texas.

“Things don’t just happen with Toyota bringing their North American campus here; it happens over a longer period of time,” said the longtime Dallas real estate broker, who represents some of the companies rethinking their operations.

Click to read more at Dallas Business Journal.