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Houston, Austin and Dallas Ranked Top Three Markets for Single-Family Investors

DALLAS – The nation’s best markets for single-family investment are Texas cities: Houston (1), Austin (2) and Dallas (3), with Denver (4) and Orlando (5) rounding out the top 5, all which have seen substantial job and population growth. That’s according to the latest data from Dallas-based HomeVestors (operator of the “We Buy Ugly Houses” organization) and Local Market Monitor, ... Read More »

CBRE: Oil Skid to Hurt Office Occupancy in Houston

HOUSTON – A slowdown in Houston’s energy industry could cause direct office vacancy to hit 15 percent by 2017, up from 11.6 at the end of 2014, according to a new report by CBRE Research. Almost 17 million square feet of office space is under construction in Houston. A total of 1.3 million sq. ft. of sublease space has been ... Read More »

ULI Unveils $242 Million Astrodome Redevelopment Plan

HOUSTON – A report by the Urban Land Institute has detailed a plan, with an estimated $242 million price tag, that would transform Houston’s Astrodome into as a multi-use park and tourist destination. The Astrodome, which opened in 1965 as the world’s first domed stadium “can and should live on,” the ULI report said. The redevelopment will enhance the quality ... Read More »

Dallas Top Texas City in Self-Directed Home Listings, Owners.com Reports

DALLAS – Owners.com has identified the top 20 U.S. real estate markets where consumers sold their homes using its leading self-directed flat fee multiple listing service model in 2014. New York topped the list, followed by Chicago, Tampa-St. Petersburg-Sarasota, Dallas-Ft. Worth and Philadelphia. The ranking is based on total unique listings on Owners.com in 2014 in each market area. Dallas ... Read More »

Cresa’s Lower Kirby District Breaking New Ground

HOUSTON – The Houston office of Cresa, North America’s largest tenant representation firm, has announced plans for a new 500,000 square-foot industrial class A development in Houston a few miles south of the Texas Medical Center. Called the Lower Kirby District, the business park is situated on 32.12 acres, is located on the southeast corner of Kirby Drive and Airport Boulevard. ... Read More »

New Study: The Economic Impact of the 36 Million Americans Who Live in Apartments

WASHINGTON – Some 36 million people live in apartments in the United States, according to a new study created by two multifamily organizations to measure the economic impact of apartments. Nationally, the apartment industry and 36 million apartment residents contributed $1.3 trillion to the U.S. economy, supporting 12.3 million jobs across the U.S. in 2013. For Houston, the study says, ... Read More »

Former Bombay Co. HQ Building Purchased by Transwestern Investment Group

FORT WORTH – The former Bombay Co. headquarters building in Fort Worth has been purchased by Transwestern Investment Group, on behalf of Diversified International Partners. CBRE Capital Markets announced the sale of 550 Bailey, a recently renovated, Class A office in Fort Worth’s Cultural District. The seven-story, 122,828-square-foot asset was completely renovated in 2008 and once served as headquarters for ... Read More »

Hines, Pearlmark Announce New Office Project in Calif.

SAN MATEO, Calif. – Hines, the Houston-based real estate firm, has announced plans for a new office building in California. Hines and Pearlmark, a Chicago-based private-equity real estate investment firm, have partnered with Goldman Sachs for the capitalization of 400|450 Concar in San Mateo.  JPMorgan will serve as the construction lender. 400|450 Concar will be a new office complex totaling ... Read More »

Texas Has Second-Highest Property Taxes in Nation

AUSTIN – Texas has the second highest property taxes in the nation, according to a new study by RealtyTrac, a real estate data firm. New York has the highest. Property tax reform is a controversial issue in the current session of the Texas Legislature. The Building Owners and Managers Association (BOMA) is leading a campaign protesting tax appraisals on Texas ... Read More »

CBRE: Houston Apartment Rents at All-Time High, While National Assn. of Realtors Says Rising Rents Unsustainable

HOUSTON – Multifamily rental rates hit an all-time high in Houston in 2014 according to CBRE. Rents were up 8.1 percent in 2014 over the previous year. Apartment rents have risen because Houston has been a national leader in population and job growth demand since the recession of 2009. For Houston apartment units, the average rental rate of $923 at ... Read More »

110-Story Willis Tower Selling for $1.3 Billion

CHICAGO –  Blackstone Real Estate Partners VII has agreed to acquire Chicago’s Willis Tower for $1.3 billion. Formerly known as Sears Tower, the 110-story Willis Tower is a 3.8 million square-foot office building and ranks as the second-tallest office building in the United States and the fifth-tallest in the world. Jacob Werner, a Managing Director in Blackstone’s real estate group, ... Read More »

The Woodlands Reports $168 Million of Land Sales in 2014

HOUSTON – The Woodlands, a master planned community 27 miles north of downtown Houston, recorded $168 million in land sales revenue during 2014, according to the project’s owner, The Howard Hughes Corp. Commercial land sales totaled over $90 million, including a $71 million, 59-acre sale to a major hospital organization. Residential lot sales totaled $78 million, with 466 lots sold ... Read More »

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