AUSTIN, Texas- International homebuyer activity added $7.8 billion to the Texas economy from April 2018 to March 2019, according to the Texas International Homebuyers Report released this week by Texas Realtors. Texas ranked third in the nation for homes sold to international buyers, behind Florida and California. Texas accounted for 10% of all homes purchased by international homebuyers in the United States, with 18,310 home sales out of 183,100 nationwide. The U.S. saw a 31% decrease in the number of foreign buyer purchases compared to the last reporting period. Texas was particularly popular with buyers from Mexico and India. Of all homebuyers from Mexico, 28% purchased a home in Texas. The next closest state, California, had 10% of the total homebuyers from Mexico. Among buyers from India, 13% chose Texas—just behind first-place Florida, with 14%. Click to read more at www.smcorridornews.com.
The Cane Island Parkway exit along Interstate 10 in Katy is tough to miss. A new Buc-ee’s, which boasts the world’s longest car wash, draws a seemingly endless flow of traffic off the freeway. Less eye-catching to the casual traveler, but much more interesting to commercial real estate professionals, is what’s next door: West Ten Business Park, Parkside Capital’s 460-acre master-planned development. Parkside recently sold the final 17.26 acres of West Ten to Insite Realty, a Houston-based commercial real estate company, and joint-venture partner Principal Real Estate Investors. “We were very excited to have the opportunity to buy this site,” says Rives Nolen, Vice President at InSite Realty Partners. Nolen went on to say, “It’s a well-established business park, and we think Parkside did an excellent job of creating an attractive corporate environment for businesses, clients, and visitors. The park has direct access to and from Interstate 10 via the Cane Island Parkway interchange and offers an abundance of amenities, including new roads, utilities in place and attractive landscape features. It also offers convenient access to nearby restaurants, hotels, shopping and, of course, Buc-ee’s.” Click to read more at www.rednews.com.
Houston has long been recognized among the most competitive U.S. cities for corporate relocation and expansion activity. Houston is the top-ranked metro for Economic Growth Potential in Business Facilities’ 14th Annual Rankings Report, released July 2018. In addition, Chief Executive Magazine (for the twelfth straight year) named Texas the “2017 Best State for Business.” In addition to its diverse industries and educated/skilled workforce, a key factor underscoring Houston’s business appeal is the fact that it is one of the least expensive major U.S. cities in which to conduct business. Significant benefits include the absence of state or city income taxes, no state property tax, as well as a moderate cost of living index. As a major transportation hub with two major airports, a world-renowned port, and superior rail and road infrastructure, Houston facilitates the interconnection of global business locations. Business alliances with major U.S. and international markets are further enhanced by the presence of 90 foreign consulate offices in Houston. As of 2018, Houston still ranks third in the U.S. – following New York and Los Angeles – in foreign consulate representation. Click to read more at www2.colliers.com.
The biggest mall owner in the U.S., Simon Property Group, is teaming with online shopping site Rue La La’s parent company to launch a new kind of website for people looking for deals. The real estate company announced Wednesday it’s partnering with Rue Gilt Groupe, which is backed by Michael Rubin, CEO of Fanatics’ parent company Kynetic, to create a new e-commerce business for discount shopping. Simon has been testing the website “ShopPremiumOutlets.com” since March, building on its premium outlet centers business. The mall owner operates dozens of premium outlet centers nationwide and a handful overseas. It’s been working with certain retailers at those centers — which include Woodbury Common Premium Outlets in New York — to test selling merchandise together on this site. It says it has signed on more than 2,000 designers, and has about 300,000 products. Click to read more at www.cnbc.com.
It’s clear that flexible space is playing an increasing role in the evolution of real estate and won’t be going away anytime soon. Our research predicts that while flexible space currently accounts for less than 5% of U.S. office stock, by 2030, 30% of office space will include some type of flexible space. Coworking, the fastest-growing sector of the broader flexible space movement, is on pace to become the top source of office leasing in the U.S. In the first half of 2019, coworking accounted for more than 10.1 million square feet of leased space, according to JLL research. That’s more space than was leased by finance and insurance companies, which historically have been significant consumers of space, just behind technology companies. While the growth in coworking will affect players in all parts of the real estate process, there are opportunities and implications for property managers that are significant and need to be considered proactively. Property managers will need to understand if and how flexible space makes sense for their asset, whether that’s leasing space to a coworking operator, creating their own coworking space or managing tenant amenity space within their asset. Click here to read more at www.crej.com.
Lawrence, Kansas, USA (September 30, 2019) – Commercial Real Estate Women (CREW) Network has been advancing women in commercial real estate for 30 years and has introduced a new brand establishing CREW as the premier global business organization leading women and the industry into the future. The new brand was introduced on September 27 to 1,200 commercial real estate leaders attending the 2019 CREW Network Convention and Marketplace in Orlando, Florida. “This new visual identity represents the bold and modern organization that is CREW Network,” said CREW Network President Holly Neber, CEO of AEI Consultants. “For more than 30 years, our members have found success with CREW Network. We are focused first on the success of our members, as the place for commercial real estate women to become more successful business professionals, deal makers, and leaders. Our new brand is also a statement of our intentional commitment to transform the commercial real estate industry to be diverse, inclusive and equitable for all.” Click to read more at www.realmassive.com.