Dallas-Fort Worth still ranks as a top U.S. market for real estate investors

Even though Dallas-Fort Worth has fallen in the rankings from the top spot two years ago to the No. 5 ranked city in the Emerging Trends in Real Estate 2018 report, PwC Partner Mitchell Roschelle said there’s no indication investor interest has swayed from Big D.

Dallas-Fort Worth, the most populous city in the Lone Star state, ranked behind smaller U.S. cities, including Seattle (No. 1), Austin (No. 2), Salt Lake City (No. 3) and Raleigh-Durham, North Carolina (No. 4), on the investor sentiment published by PwC and the Urban Land Institute.

Real estate investors have had a growing interest in smaller cities because of their relative affordability, coupled with a concentration of young, skilled workers, said Roschelle, who authored the report based on interviews and survey responses from more than 1,600 real estate professionals.

Click to read more at Dallas Business Journal. 

On the college campus of the future, parking may be a relic

With just one parking space for every five people, on a campus of roughly 65,000, the University of Wisconsin-Madison has one of the lowest parking ratios of any major university in the country.

To reduce the number of cars on campus, parking permits are off-limits to students, who are instead encouraged to walk, bike or take the bus.

Because visitors to the 936-acre campus often have a hard time finding parking, the university’s latest master plan, nearing completion, recommends an additional 2,200 spaces over the next 20 to 40 years. But Gary A. Brown, the director of campus planning, is reluctant to add any spaces right away. When Brown looks into the future, he sees a campus even more reliant on ride-hailing services like Uber and car-sharing services like Zipcar, as well as the likely emergence of autonomous vehicles, trends that could substantially decrease parking demand.

Click to read more at Houston Business Journal.

Getting “loopy” in Texas: How likely is a hyperloop in the Lone Star State?

BY BRANDI SMITH

Imagine being able to make the trip between Houston and Dallas in 30 minutes. We’re not talking about a super-speed flight or even a high-speed train. It would take a hyperloop, a pod traveling at supersonic speeds through a series of pneumatic tubes, to make it happen.

Before you write the idea off as science fiction, Elon Musk – the man behind Tesla and Space X – is promising to make it a reality. The billionaire entrepreneur who’s already changed how we approach auto and rocket travel now seems to have his sights set on this new mode of transportation.

In late July, Musk wrote a series of tweets, starting with, “Just received verbal gov’t. approval for The Boring Company to build an underground NY-Phil-Balt-DC Hyperloop. NY-DC in 29 mins.” He went on to explain that this was a very preliminary step, but encouraged supporters to reach out to their local leaders.

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Texas Central Partners inks deal with city of Houston for bullet train

The city of Houston and Texas Central Partners have confirmed the general site for the Bayou City’s passenger station for the proposed high-speed train between Houston and Dallas.

The city and company signed an agreement Aug. 17 to plan the economic development of the bullet train together, according to a press release.

Click to read more at Houston Business Journal.

Amazon Reinforces Importance of Brick-and-Mortar Presence, leaps Into Grocery Business With Acquisition of Whole Foods

Amazon enters grocery business with $13.7 billion purchase of Whole Foods. After testing a variety of concepts to enter the grocery store segment, Amazon recently announced an agreement to acquire Whole Foods Market for $13.7 billion. The purchase gives the e-commerce giant instant access to the grocery store business, which accounts for consumer spending of more than $636  billion per annum. More importantly the purchase highlights the importance of omnichannel platforms, which incorporate a blend of brick-and-mortor establishments with an online footprint to drive traffice and sales.

 

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Marcus & Millichap

Recent Legislative Updates: E.V. “Rusty” Adams, Research Attorney Real Estate Center Texas A&M University

A number of bills passed creating and/or empowering MUDs and giving them road district powers.

  • HB 777: Effective immediately. Prevents the loss of open space ag appraisal while owner is on military deployment or stationed outside the state.
  • HB 1288: Effective immediately. County commissioner’s courts may contract with a broker to lease property owned by the county.
  • SB 345: Effective immediately. Certain municipalities may use certain tax revenue from hotel projects to pay certain hotel-related bonds or other obligations.
  • SB 550: Effective immediately. Deals with sale or assignment of tax credits for certified rehabilitation of certified historic structures.
  • SB 1086: Effective immediately. Prohibits a state agency from public internet posting of information that identifies taxable receipts of an individual business if they are contained in or derived from information required to be provided in a HOT tax report.
  • SB 1229: Effective immediately. County commissioner’s courts may contract for solid waste services in certain municipal ETJs.
  • SB 1365: Effective immediately. Use of HOT taxes for sporting event tourism expanded.
  • HB 807: Effective 9/1/17. Clarifies provisions relating to choice of law and venue for construction contracts.
  • HB 1774: Effective 9/1/17. Clarifies procedures and damages in deceptive, unfair, and prohibited insurance practices. Provides for an increase in damages.
  • SB 347: Effective 9/1/17. Regional water planning groups and their committees are subject to the Open Meetings Act.

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