Houston has been making headway following the economic slowdown, and—while the metro’s office market is far from healthy—signs point toward a strengthening economy. As an economy deeply rooted in energy, Houston is taking steps toward diversifying. As the fourth-largest metro in the U.S., Houston has a business-friendly climate and affordable cost of living that continue to be significant draws for companies and residents alike. The metro had 716,000 office-using jobs as of October, with professional and business services leading growth, having added 30,600 jobs in the 12 months ending in October. Click to read more at www.cpexecutive.com.
Thousands of people flocked to Fort Worth in early January to make connections and assess the future of retail development at ICSC’s inaugural Red River States Conference & Deal Making. The three-day meetup signaled a change from years past when multiple similar events were held across the region. This year, ICSC brought together industry professionals from throughout Texas, Louisiana, Arkansas, and Oklahoma. Click to read more at www.rednews.com.
Hartman vREIT XXI Inc., a publicly registered non-traded real estate investment trust, has purchased the Spectrum Building, a 10-story, 175,300-square foot office property located in San Antonio, Texas, for $16.5 million, or approximately $94 per square foot.
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One of the biggest challenges commercial owners and operators face is managing risk. You can secure financing, attract investors make improvements and screen tenants but you cannot
know when disaster will strike. In Texas, we know all too well the damage a rogue thunderstorm can cause when it hurls golf ball-size hail or fills up a local creek too quickly. That’s, of course, why the insurance industry exists: to protect your investments in case of a loss. However, insurance companies may not be completely altruistic in their mission.
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Takeaway: With some mildly qualifying caveats in selected commercial real estate segments, the
overall light is green in Houston’s economy for 2019.
• Economic growth in Houston was very weak 2014-17 but the economy was sustained by fracking momentum, a Ship Channel chemical boom, and post-Harvey retail and construction
• Job losses matched the ‘80s here during recent oil downturn, but
have stabilized without a big upward bounce
• Nine service sectors carried our economy post-slump: retail, health
care, finance, bars & restaurants, local gov’t, private education, state
gov’t, arts and entertainment, lodging
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The switch to 2019 is an opportunity to celebrate the year that was and look ahead to the year to come. As it pertains to commercial real estate, a big part of the future, as well as the past, is lending. To determine what the new year has in store, REDNews reached out to Greg Young, senior vice president of Grandbridge Real Estate Capital, which offers comprehensive capital solutions for commercial and multifamily real estate assets, and William Dampier, vice president of commercial lending at City Bank, which provides a number of commercial loans aimed at
helping the Houston community grow and prosper.
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