DALLAS – Texas employment will grow 2.1 percent this year, according to the Texas Employment Forecast by the Federal Reserve Bank of Dallas. Based on the forecast, the state will add 263,700 jobs this year. Employment in December 2019 will reach 12.9 million. This prediction comes after incorporating September 2019’s annualized employment growth of 0.7 percent and a decrease in the leading index. “After strong growth in June and July, Texas jobs decelerated in August and September,” said Keith R. Phillips, Dallas Fed assistant vice president, and senior economist. “The weakness in oil and gas extraction is spilling over to other sectors such as transportation and warehousing, which experienced job losses in both August and September. “Manufacturing employment continues to grow at a good pace, however, in part driven by continued strength in petrochemical and refining activity. Construction activity also remains robust.” Click to read more at www.recenter.tamu.edu.
San Antonio-based H-E-B last week unveiled plans to open its first store in Lubbock, Texas, next year, continuing the supermarket brand’s expansion into West Texas. Slated to open in late 2020, the more than 120,000-square-foot store will offer all the signature features and conveniences familiar to H-E-B shoppers, as well as many new and expanded product selections. “The wait for Lubbock residents is finally over. We’re extremely excited to announce that H-E-B is coming to the Hub City,” said Scott McClelland, President of H-E-B Food & Drug. “Our locations across West Texas continue to thrive, and the Lubbock store will allow us to answer the long-standing call for an H-E-B in this community.” Click to read more at www.supermarketnews.com.
Commercial real estate services and investment management firm Colliers International (NASDAQ, TSX: CIGI) Aug. 26 announced a significant expansion in Fort Worth by hiring a team of investment sales professionals. “Investors need a real estate partner with the resources to obtain the best market information and get their clients the best prices in any economic environment,” said Steve Everbach, President | Central Region at Colliers International. “Colliers already has one of the largest and most experienced teams of Investment Sales advisers in the industry, and we are excited to have expanded this service in Fort Worth.” The five-person Investment Sales Team will be led by newly hired Senior Vice President Cody Payne, a veteran in the real estate business. Other team members are Michael Tran, Ross Meisner, Justin Beck and Austin Edelmon. Before joining Colliers, Payne was vice president of investments at Marcus & Millichap, where he specialized in facilitating investment sales transactions. Click to read more at www.fortworthbusiness.com.
DALLAS-FORT WORTH – Office developers remain active as corporations continue to capitalize on North Texas, according to a Marcus & Millichap report. An estimated 8.1 million SF of space is expected to come online in 2019, up more than 25 percent over the year. This total is still 2.3 million SF below the cyclical high posted in 2017. Office vacancy is predicted to remain steady at 18.9 percent this year. The rate inched up 20 and 70 basis points in the previous two years. The average asking rent will remain relatively affordable compared with the nation’s other major metros. The figure will rise 2.2 percent to $25.89 per SF.
Construction in the Dallas-Fort Worth area surged in April. A huge year-over-year increase in nonresidential building starts added to the annual building totals, according to a new report from Dodge Data and Analytics. Nonresidential building starts in the region totaled more than $1.2 billion in April — more than twice the activity of April 2018. But residential starts fell from a year ago and totaled about $1.1 billion. Through the first four months of the year, nonresidential building starts in North Texas are up 13% from the same period last year. And residential starts are down 11%, according to Dodge Data. The jump in commercial building activity in the area erased losses in the sector in the early months of 2019. Click to read more at www.dallasnews.com.
With the recent announcement that the Dallas Cowboys are entering the co-working arena, we are now witnessing the emergence of a fascinating new real estate trend. The Cowboys are transcending traditional real estate investments in office space, retail, multifamily and, now, co-working, by leveraging the strength of its brand to become a commercial real estate juggernaut. It’s a fascinating study in brand loyalty, and it may hint at the future of our industry: buildings as brands. As an organization, the cowboys franchise is no stranger to wise real estate strategy. Establishing the franchise headquarters and the team’s official practice facility in a far north suburb may not seem like a play that would go on to become one of the nation’s most popular real estate developments. Click to read more at www.dmagazine.com.