| Edited by Holly Kelch | Volume 26 Number 8 August 2011 |
Houston Real Estate Trends is widely read by brokers, developers and other industry professionals. The newsletter is $199 per year and covers significant transactions and economic and financial news for Multifamily, Retail, Office, Industrial, Single-family and Vacant land. Click on the following for more information:
 |
Apartment market occupancy in the Greater Houston area stood at 88.3% in July 2011, unchanged from the previous month, according to www.oconnordata.com, O’Connor & Associates data. Overall rents stand at $0.889 per square foot, which represents a no change over the average in June. Average rental rates per unit stood at $769.08, an increase of close to half-a-dollar over the previous month. Pre-leasing is currently underway in 12 communities (2,185 units) out of the 33 total properties (6,234 units) in the construction pipeline city-wide.
____________________Note: The multifamily projects listed herein are followed by their representative identification number as they appear in the new O’Connor & Associates ApartmentLink Online Data platform and are provided for subscriber cross-referencing. The property information contained within this database is updated on a monthly basis and accessible over the web. (Please contact us for more details.)
Apartment Developments
- The CONTI Organization (Mike Davis:
770-474-4345) has completed the renovation of Villa Sierra
(2860), a 336-unit apartment community located at 550 Normandy Street
in the Northshore/Woodforest submarket (496D). Common area amenities include
a children's play area, clubhouse, and shimmering swimming pool. Unit amenities
include gourmet kitchens with all electric appliances, spacious walk-in closets,
and washer and dryer connections in some units. The community, formerly known as
Wood Forest Glen, features one- and two-bedroom units with an average size of 739
square feet and average rents at $0.87 per square foot. CONTI purchased the 31 year-old
property, which is currently 64% occupied, during the 4th quarter of 2010.
- Allied Realty
(Tim Myers: 713-622-4949, tmyers@alliedrealty.com)
has broken ground on The Retreat at the Woodlands
(18727), a 240-unit luxury apartment community to be located on 10.3 acres at
4400 College Drive in the Woodlands submarket (217P). The community will feature
one-, two-, and three-bedroom units with rental rates from $700 to $1,500 per unit.
Common area amenities will include a state-of-the-art fitness center, cyber café with
Wi-Fi access, picnic arbor with outdoor grilling and resort-style pool. Steinberg Design
Collaborative will serve as architect, while Orion Real Estate Services Inc
will manage the property. Financing and capital will be provided by JP Morgan Chase
and a partnership between Allied Realty and De Anda Sandoval Group LLC.
- Silvestri Investments (Dan Silvestri: 713-785-6272) has started pre-leasing at City View Lofts (18728), a 57-unit mid-rise apartment building, located at 15 North Chenevert Street in the Downtown submarket (493M). The former Nabisco southwest regional office and baking facility, near Minute Maid Park, was originally built in 1910 and was recently awarded the Good Brick Award by the Greater Houston Preservation Alliance. Asking rents at the property, managed by Orion Real Estates Services Inc (Pam McGlashen: 713-622-5844), average $1.95 per square-foot. The property, which Silvestri has owned since 2004, will feature 14- to 30-foot barrel-vaulted ceilings, large factory windows, original maple floors, a two-story on-site parking garage, balconies and roof top terraces. Construction should be complete during the fourth quarter of this year.
 |
Villa Sierra |
For comprehensive and latest property information, subscribe to OconnorData.com.
The following chart illustrates historical apartment occupancy.
Source: O'ConnorData
Apartment Sales
 |
Estancia at Shadowlake |
- MRP Estancia LP, an entity of McCann Realty Partners LLC (Brand Inlow: 804-852-6657, binlow@mrpapts.com), has purchased Estancia at Shadowlake(17090), a 324-unit, Class A apartment community located at 2840 Shadowbriar Drive in the Far West submarket (488V), from Flournoy Properties (Lance J. Broach: 706-324-4000). The 6-year-old property is 99% occupied with average rents at $0.94 per square foot. Following the purchase, the property will be managed by Pegasus Residential LLC (Lindy Ware: 678-916-3909, ldw@pegasusresidential.com). The acquisition was partly funded by a Freddie Mac loan derived from Wells Fargo Multifamily Capital.
- With Falcon Southwest (Justin Leahy: 512-377-4400,
jleahy@falconsouthwest.com),
as its joint venture partner, URDANG (E. Scott Urdang: 610-818-4614,
surdang@urdang.com),
the real estate investment division
of BNY Mellon Asset Management, has purchased Villas at Hermann Park(3438), a 320-unit, Class A apartment community located at 6301 Almeda Road in the Medical Center submarket (533A), from Austin-based Cypress Real Estate Advisors Inc (Timothy Clark: 512-494-8510). The 11-year-old property is 86% occupied with average rents at $1.36 per square foot. The acquisition was made through the URDANG Value-Added Fund II.
Villas at Hermann Park
- Several entities of Camden Property
Trust (Rick Campo: 713-354-2500, rcampo@camdenliving.com),
have purchased eight apartment properties in Texas including three in Houston.
The properties were sold by Verde Realty
(C. Ronald Blankenship: 915-225-3200):
- Fund Northpointe LLC purchased
Camden Northpointe (17975), a 384-unit, Class A apartment community
located at 11743 Northpointe Boulevard in the Tomball submarket (328H).
The three-year-old property, formerly known as Verde Northpointe, is 95% occupied with average rents at $1.10 per square foot.
Camden Lakemont
- Fund Lakemont LLC purchased
Camden Lakemont (17248), a 312-unit, Class A apartment community located
at 7115 Mason Road in the Richmond/Rosenberg submarket (526E).
The property, formerly known as Verde Lakemont, is 92% occupied with average
rents at $1.01 per square foot.
- Fund Cypress I LLC purchased Camden Cypress Creek (18193), a 310-unit, Class A apartment community located at 13130 Fry Road in the Steeplechase submarket (366H). The two-year-old property, formerly known as Verde Cypress Creek, is 96% occupied with average rents at $1.13 per square foot.
 |
Camden Northpointe |
 |
Camden Cypress Creek |
Improve your sales opportunities with detailed contact information of all buyers and sellers. Subscribe to our Commercial Deed Report.
Apartment Financing
 |
Shadowbrooke |
- Holliday Fenoglio Fowler — HFF —
has arranged acquisition financing for two apartment communities on behalf
of Venterra Realty (John Foresi: 905-886-1059).
The fixed rate loans were secured through PPM Finance Inc.
HFF also represented the sellers in the sale transactions.
-
Shadowbrooke (15961) is a 240-unit, Class A apartment community located at 1025 Dulles Avenue
in the Sugarland/Fort Bend submarket (569P).
The eight-year-old property is 94% occupied with
average rents at $0.98 per square foot.
-
Silverbrooke (16839) is a 312-unit, Class A apartment community located
at 1020 Brand Lane in the Sugarland/Fort Bend submarket (569T).
The three-year-old property is 92% occupied with
average rents at $1.07 per square foot.
 |
Silverbrooke |
For comprehensive and latest property information, subscribe to OconnorData.com.
 |
Citywide occupancy for Houston area
multi-tenant office buildings is 84.4% (Class A =
84.5%; Class B = 82.9%; Class C = 86.0%; Class D = 86.4%), according to
the O’Connor & Associates Second Quarter 2011 Houston
Office Data Program. The citywide quarterly multi-tenant office
rental rate is $19.51
per square foot (Class A = $21.42; Class B = $18.56; Class C = $16.37;
Class D = $16.26).
________________
Note: The
office buildings listed herein are followed by their representative sector
code and identification number as they appear in the O’Connor &
Associates OfficeLink Online Data platform and are
provided for subscriber cross-referencing. The property information
contained within this database is updated on a monthly basis and
accessible over the web. (Please contact us for more
details.)
Office Developments
- Retail Properties Group (Brad Sondock: 713-784-6404, bsondock@retailpropertiesgroup.com) has completed renovations on Coastal Banc Plaza (313), a 28-year-old, 92,000 square-foot, Class B office building located at 16000 Stuebner Airline Road in the Technology Corridor/FM 1960 sector (330R). The project, estimated to cost $4 million, converted the office property into one split evenly between office and retail. The five-story office portion was gutted and a new HVAC system, along with new elevators, bathrooms, and fire alarm systems were put into place. A previous office annex has been converted to a strip center with the new façade ranging in height from 24 feet to 40 feet which provides ample space for tenants’ signs. Occupancy in the office portion has gone up to 84% following the changes. The retail center is currently 10% occupied with space available for an anchor tenant.
 |
Coastal Banc Plaza |
For comprehensive and latest property information, subscribe to OconnorData.com.
The following chart illustrates historical office occupancy.
Source: O'ConnorData.com
Office Sales
 |
Four Allen Center |
- Chevron USA Inc has purchased Four Allen Center (108), a 1.1 million square-foot, Class A office building located at 1400 Smith Street in the Central Business District sector (493Q), from Brookfield Office Properties Inc. Chevron has fully occupied the 27-year-old, 50-story property since 2006. Dan Miller (713-852-3576, dmiller@hfflp.com) and Jeff Hollinden of Holliday Fenoglio Fowler represented the seller. The purchase price was a reported $340 million.
Improve your sales opportunities with detailed contact information of all buyers and sellers. Subscribe to our Commercial Deed Report.
Office Financing
 |
JP Morgan Chase Bank Bldg |
- Holliday Fenoglio Fowler — HFF —
has arranged acquisition financing for JP Morgan Chase Bank Bldg (76),
a 792,000 square-foot, Class B office building located
at 712 Main Street in the Central Business District sector (493L),
through Capital One Bank.
The three-building property, built in 1929, is 81.7% occupied with
average rents at $22.00 per square foot. The 35-story building
serves as headquarters for JP Morgan’s southwest banking operations.
John Ahmed (469-232-1945,
jahmed@hfflp.com),
Director at HFF’s Dallas office, arranged the non-recourse loan on behalf of Toronto-based, Brookfield Real Estate Opportunity Fund (Katherine Vyse: 416-369-8246, kvyse@brookfield.com).
Energy Tower II
- Northmarq Capital has arranged permanent financing for Energy Tower II (962), a 447,000 square-foot, Class A office building located at 11720 Old Katy Road in the Katy Freeway West sector (489A). The two-year-old property is fully occupied with average rents at $12.00 per square foot. John Burke (713-333-8824), Senior Vice President and Managing Director of Northmarq’s Houston office arranged the 10-year loan on behalf of Energy Tower II Investments Ltd. The loan carries a 30-year amortization schedule.
For comprehensive and latest property information, subscribe to OconnorData.com.
Office Leases
- ION Geophysical Corp (Michael l. Morrison: 281-933-3339)
has renewed its 115,056 square-foot headquarters lease at
City West Place III (2002), a 239,000 square-foot,
Class A office building located at 2105 CityWest Boulevard
in the Westchase sector (489V), with TPG/Cal/STRS
(James A. Thomas: 213-613-1900), a joint venture of Thomas Properties Group
and the California State Teachers' Retirement System.
The 13-year-old property is fully occupied. Mark O'Donnell
of Studley Houston represented the tenant.
The Reserve at Sierra Pines
- Mott MacDonald(497),(Guy Leonard: 832-736-9590, guy.leonard@mottmac.com) has leased 11,000 square feet at The Reserve at Sierra Pines (2457), a 175,000 square-foot, Class A office building located at 1585 Sawdust Road in the Woodlands/Conroe sector (251Y), from Stream Realty Partners LP (Paul Coonrod: 713-300-0300, pcoonrod@streamrealty.com). The two-year-old property is 46.7% occupied with average rents at $18.00 per square foot. The lease was brokered by Stream Realty, with Anthony Squillante and David Buescher representing the tenant and Paul Coonrod and Brad Fricks representing the landlord.
 |
City West Place III |
Get latest tenant and vacancy information at OconnorData.com.
 |
Citywide occupancy for
Houston area multi-tenant retail buildings is 87.6% (Regional = 94.6%; Community = 88.4%;
Neighborhood = 85.1%; Strip = 86.0%), according to the Second Quarter 2011 Houston Retail Data Program.
Occupancy is up 0.22 points over the last second quarter and up 2% over
the second quarter 2010. The citywide quarterly multi-tenant retail rental rate is $1.58 per
square foot (Regional = $2.71; Community = $1.59; Neighborhood = $1.22;
Strip = $1.28).
_
Note: The retail centers listed herein are
followed by their representative identification number as they appear in
the new O’Connor & Associates RetailLink Online Data platform and are
provided for subscriber cross-referencing. The property information
contained within this database is updated on a monthly basis and
accessible over the web. (Please contact us for more details.)
Retail Developments
- Tanger Factory Outlet Centers Inc (Steven B. Tanger: 336-292-3010) and Simon Property Group Inc (Michael Zeurcher: 317-263-2259, mzeurcher@simon.com) have announced plans to jointly develop and manage a Tanger Outlet Center in Texas City. The 470,000 square-foot outlet will be situated on 55 acres located along I-45 at the Holland Road exit in the Far Southeast sector (699Q). Construction is expected to take 12 months and will be conducted in two phases. Phase I will deliver 350,000 square feet of outlet space and Phase II will add another 120,000 square feet. During the construction phase the project is expected to generate 400 jobs and post build out the center will employ close to 900 full-time and part-time employees. The venture will be named Tanger Outlets.
For comprehensive and up to date property information, subscribe to OconnorData.com.
The following chart illustrates historical retail occupancy.
Source: O'ConnorData.com
Retail Sales
- A joint venture of Inland Western Retail Real Estate Trust Inc
(Steven P. Grimes: 877-646-5263) and
RioCan Real Estate Investment Trust has purchased
Sawyer Heights Village (31),
a three-year-old,
235,000 square-foot community center located at 1901 Taylor Street in the Inner Loop sector (493F), from Property Commerce (Chad Moss: 281-668-3456, chadmoss@propertycommerce.com). The center, which is anchored by Staples and PetSmart, sold for a reported $35 million.
Fondrich Shopping Center
- David Oriental Rugs Realty Holdings LLC (David Shahab: 713-266-7772, davidrugs@aol.com) has purchased Fondrich Shopping Center (55131), a 38-year-old, 25,000 square-foot shopping center, located at 3201-3231 Fondren Road in the Near West sector (490Y), from Melcher Investments (Trey Melcher: 713-385-5595). Tony Pour of Greenpark Realty Advisors represented the buyer.
 |
Sawyer Heights Village |
Improve your sales opportunities with detailed contact information of all buyers and sellers. Subscribe to our Commercial Deed Report.
Retail Leases
- New Orleans Famous Chicken & Waffles has leased 2,627 square feet at Willowbrook Plaza (1262), a 392,000 square-foot community center located at 17125-17355 Tomball Parkway in the Far Northwest sector (370J), from PPG Venture I Ltd, an entity of The Partners Property Group LLC (Todd A. Wenner: 973-615-1290, todd@partnersproperty.com). The twelve-year-old center has asking rents at $1.58 per square foot. Heather Nguyen and Bob Conwell of NewQuest Properties (David K. Meyers: 281-477-4300) represented the landlord in-house.
Vanderbilt Square
- Nail Bar has leased 1,592 square feet in Vanderbilt Square Shopping Center (155), a 133,000 square-foot neighborhood center located at 3003-3161 West Holcombe Boulevard in the Inner Loop sector (532F), from Invesco Real Estate (Greg Kraus: 972-715-5837, greg.kraus@invesco.com). The 16-year-old center has asking rents at $2.91 per square foot. Jazz Hamilton, Matt Keener, and Alex Makris of CB Richard Ellis represented the landlord.
- Two tenants have signed leases at North 45 Plaza (564), a 132,000 square-foot neighborhood shopping center located at 10828 North Freeway in the Near North sector (372Z), with Centro Properties Group (Mike Axelrad: 713-660-4300, mike.axelrad@centroprop.com).
- United Fashions of Texas dba Melrose has leased 16,132 square feet. Abe Charski of Abe Charski Interest Inc represented the tenant in the negotiations.
- Gold & Silver Buyers & Sellers has leased 2,369 square feet.
 |
Willowbrook Plaza |
 |
North 45 Plaza |
The 36-year-old property has asking rents at $2.98 per square foot. Kay Walker represented Centro in-house.
Get latest tenant and vacancy information at OconnorData.com.
 |
Citywide occupancy for
Houston area operating multi-tenant industrial facilities is 86.2% (Bulk = 83.6%; Flex = 86.9%; Manufacturing =
93.7%, Service = 84.5%, Distribution = 86.4%, R&D = 82.63%), according
to the O’Connor & Associates Second Quarter 2011
Houston Industrial Data Program. Occupancy increased by 0.3% over the
last quarter and decreased 0.6% over the second quarter 2010. The overall
quarterly rental rates is $0.44 per square foot (Bulk = $0.42; Flex = $0.47;
Manufacturing = $0.40; Service = $0.60; Distribution = $0.38; R&D =
$0.77).
______________________________
Note: The industrial facilities listed herein are followed
by their representative identification number as they appear in the
O’Connor & Associates IndustrialLink Online Data platform and are
provided for subscriber cross-referencing. The property information
contained within this database is updated on a quarterly basis and
accessible over the web. (Please contact us for more details.)
The following chart illustrates historical industrial occupancy.
Source: O'ConnorData.com
Industrial Sales
- The Allied Group (Larry Rondeau: 401-946-6100, lrondeau@thealliedgrp.com) has purchased Lakeview Business Park Bldg 3 (6383), 153,000 square-foot warehouse facility located at 14623 Fairway Pines Drive in the Far Southwest sector (570U), from Trammell Crow Company (Aaron Thielhorn: 713-963-1054, athielhorn@trammellcrow.com) and affiliates of Crow Holdings Realty Partners IV. The three-year-old property has average rents at $0.45 per square foot. Jim Vann of J. Vann Realty and Matt Minnis of CB Richard Ellis represented the buyer, while Alexander Reilly and Bo Pettit of Boyd Commercial represented the seller. The purchase also included 31 acres of land within the business park.
Schermerhorn Bldg
- Apollo Distributing (Sam Verma: 281-564-6464, sam.verma@apollodistributors.com) has purchased Schermerhorn Bldg (3411), a 20,000 square-foot warehouse facility located at 10800 Brooklet Drive in the Far Southwest sector (529Y), from Schermerhorn Brothers (281-933-7280). The 32-year-old property is fully occupied. Bo Pettit of Boyd Commercial represented the buyer, while Richard Glass of CRC Real Estate represented the seller.
3606 Research Dr
- Tridan II LLC (Michael D. Hayes: 713-983-9353) has purchased 3606 Research Dr (38060), a 42,000 square-foot office/warehouse facility located at 3606-3608 Research Forest Drive in Far North sector (251B), from Lex-Gen Woodlands LP, an entity of Lexicon Genetics Inc, also known as Lexicon Pharmaceuticals Inc (Jeffrey L. Wade: 281-863-3000). The 26-year-old property has asking rents at $1.17 per square foot. NAI Houston brokered the deal, with Trey Martin representing the buyer and Josh Cheatham and Dan Broyles, Jr. representing the seller.
Improve your sales opportunities with detailed contact information of all buyers and sellers. Subscribe to our Commercial Deed Report.
Industrial Leases
 |
Rauch 3341-3351 |
- Southern Fasteners and Supply (Glenn Goins: 336-765-1790, glenng@southernfasteners.com) has leased 14,000 square feet at Rauch 3341-3351 (971), an 83,000 square-foot office/warehouse property located at 3341-3351 Rauch Street in the Near Northeast sector (495C), from First Industrial Realty Trust (Bruce W. Duncan: 312-344-4300). The 42-year-old property has asking rents at $0.50 per square foot. Richard Glass of CRC Real Estate represented the tenant, while David Munson of Boyd Commercial represented the landlord. The lease was signed for a 5-year term.
5222 Brittmoore
- Dk-Lok America LLC (Mike Hamilton) has fully leased 5222 Brittmoore (37911), a 13,000 square-foot single tenant office/warehouse building located at 5222 Brittmoore Road in the Far Northwest sector (449C), from Joe and Larry Real Estate LLC (Larry Thyssen: 713-429-6500). The 18-year-old property has average rental rates at $0.49 per square foot. Marc Drumwright and Steven O'Connor with Southwest Realty Advisors represented the tenant, while Tom Carter and Lew Faraclas with Greater Houston Commercial Properties represented the landlord.
Get latest tenant and vacancy information at OconnorData.com.
Vacant Land- 1871 Mykawa Ltd has purchased 25 acres located at 1871 Mykawa Road in Pearland (615E), from FEF Limited Partnership. Doyle Toups (281-460-1694, doyle@credtexas.com) of Capital Real Estate Commercial represented the seller. The buyer plans to construct a rail yard on the site.
- Monsivais Investments LLC (Saad Naveed: 281-444-8969) has purchased 5 acres located at the northeast corner of Bammel North Houston Road and West Greens Road in north Houston (371N), from Patrick Thomas Properties Inc (713-690-5353). Jeff Lokey (281-477-4380, jlokey@newquest.com) of NewQuest Properties brokered the sale.
- SKAI Foundation has purchased 5 acres located at the northeast corner of SH 242 (College Park Drive) and Northway Drive in The Woodlands (217J), from Ecclesia Baptist Church. Mark Wimberley and Patrick Wimberley of Houston Commercial Development represented the seller.
Improve your sales opportunities with detailed contact information of all buyers and sellers. Subscribe to our Commercial Deed Report.
MLS home sales increased in June as 4,811 existing homes were sold, compared to 4,382 homes sold in May 2011, according to the Houston Association of
Realtors (HAR). Sales for June 2011 increased by 4.7% compared to June 2010. The median price of an existing single-family home sold in June was $152,000, an increase of 3.5% compared to 2010, while the average home price – $219,000 – was up 5.2% from the June 2010 level.
____________________
Note: MLS sales include
primarily existing home sales throughout the Houston region. Historical
comparisons are offered solely for informational purposes and may not
truly reflect growth in sales.
According to American MetroStudy,
net sales of new homes in the Greater Houston Area deceased by 5.7% in June 2011 to 1,161 and are up 41% from June 2010. Realtor co-op sales represented almost 85% of gross sales for the month, and are up 18.4% from June 2010. Traffic increased by 10% compared to last year to 13,523 in June 2011. The inventory of completed speculative homes (1,287) is down 1.4% from June last year. There are 1,604 spec homes under construction, a decrease of 15.8% from June 2010. Overall, the 2,891 specs (both completed and under construction) is down almost 11% from June 2010.
_____________________
Note: the 23 homebuilders in
this survey account for approximately 55% of housing starts in
Houston.
According to RealtyTrac, Texas reported 9,339 foreclosure filings in June, a 3% increase in filings when compared to May. Harris County recorded 2,172 filings which represented a 24% increase from the previous month. Houston recorded 1,256 filings in June. On a year-to-date basis, Texas filed 64,664 foreclosures in June.
The following chart illustrates historical existing home sales.
Source: Houston Association of Realtors
The City of Houston issued permits to build 227 private single-family houses in June. 15 permits were issued for private multifamily buildings. Demolition permits were issued for 65 private single-family houses and 3 multifamily structures. In addition, 207 permits were issued for privately owned non-residential construction totaling $67,549,160 and 5 permits were issued for public non-residential construction. Additions, alterations, and conversions totaled $117,736,746 for the private sector and $15,401,664 for the public sector.
|
Cost of Construction* | |||
|
|
2009 |
2010 |
2011 |
| Month of June |
$406,706,955 |
$317,715,693 |
$324,523,202 |
|
Year-to-Date |
$2,056,689,717 |
$1,657,545,366 |
$1,637,167,343 |
*The figures in this section include all categories of buildings and non-building structures
Source: City of Houston Housing Statistics
The total number of nonagricultural wage and salary jobs in the ten-county Houston area increased by about 10,200 jobs to 2,593,800 in June 2011, according to the U.S. Department of Labor. This total is 50,859 jobs more than the 2,583,600 jobs in June 2010. Of nonagricultural employers, the Leisure & Hospitality services sector marked the largest growth over the month adding 6,700 jobs. On a year-on-year basis, the Mining and Logging sector recorded the largest growth adding 8,109 jobs.
The following chart illustrates total non-agricultural employment in the Houston MSA.
Source: U.S. Bureau of Labor Statistics (BLS)
According to the Bureau of Labor Statistics, the overall Consumer Price Index (CPI) of all items recorded a marginal decrease of 0.2% in the two month period of May and June. CPI for energy came down by 2.5% which was contrasted by increased in the indexes for food and all items less food and energy. Energy prices came down for the first time since August and September 2010, the largest contributor being a 4.4% decrease in gasoline costs. Over the year, however, gasoline prices have gone up 36.7%. Food prices recorded marked increases of 1% each for both food at home and food away from home. Prices also increased for owners’ equivalent rent of primary residence (0.9 percent) which caused the index for items less food and energy to record an increase. Prices also increased for new and used motor vehicles and airline fares. CPI is a measure of the average change in prices over time in a fixed market basket of goods and services and is relative to a figure of 100 in 1982, the base year.
The Business Cycle Index (BCI) for for Texas stood at a seasonally adjusted 184.0 in May while the BCI for the Houston metropolitan area stood at 275.2, according to the Federal Reserve. The Texas Leading Index posted 122.8 for the month of May 2011. The indexes represent broad movements in local Texas economies relative to a figure of 100 in 1987, the base year.
The Baker Hughes count of active domestic rotary rigs stands at 1,863 for June 2011. The current rig count increased by 22% compared to last year’s figure of 1,531 rigs. The rotary rig count is a census of the number of drilling rigs actually exploring for or developing oil or natural gas in the United States.
According to the monthly U.S. Monster Local Employment Index, overall online job demand in the Houston area stood at 132 in June, an increase of 2 points from May 2011 and an increase of 14 points over June last year. For most sectors the index changed only slightly compared to the previous month. The exceptions were the Protective Service sector and the Construction and Extraction sector where the index went up by 17 points and 11 points, respectively. The Food Preparation and Serving sector and the Transportation and Material Moving sectors recorded decreases of 9 points and 8 points, respectively.
According to the Architecture Billings Index developed by the American Institute of Architects, the index for June stood at 46.3, a drop of 0.9 points from the previous month’s score of 47.2 (any score above 50 indicates an increase in billings). Both the project inquiries index and the inquiries for new projects score was 58.1, an increase of 6 points from May.
States Mortgage Co. has arranged $8.65 million in refinancing for a 63,000 square-foot medical office building located in Houston. Steve States (713-722-9721, steve.states@statesmrtg.com) arranged the loan on behalf of the group of physicians who had developed the property in 2006. The loan carries a 10-year term with a fixed rate interest in the sub-5% range.
Robert Duncan (713-270-7700), Chairman of Transwestern, has been conferred with the 2011 Industry Leader Award by Cornell Real Estate Review. Mr. Duncan, who set up the firm 30 years ago, is credited with playing a seminal role in setting up the company’s fully-integrated service delivery platform. The award was instituted by Program in Real Estate at Cornell University.
Following appointments and promotions were noted in real estate firms in Houston:
- Craig Cheney (713-963-1006, ccheney@trammellcrow.com) has been promoted to Chief Investment Officer at Trammell Crow. He will be responsible for the team’s firm-wide corporate finance, real estate funds, capital programs, and other investments. Mr. Cheney has been with the company for 28 years.
- Steve Tennis (713-953-5200) has joined LJA Engineering as Director of planning and platting services in the company’s land development division at Houston.
- Bill Peel, Jr., previously Executive Vice President at Cogdell Spencer, has joined Tellepsen (281-447-8100) as Executive Vice President and Chief Development Officer.
- Pat Grimes (713-572-0114, pat.grimes@cassidyturley.com), previously with Transwestern, has joined Cassidy Turley as Managing Director. His responsibilities include developing the leasing and management office in Houston.
- Maria Flores has joined Lincoln Property Company as Vice President of property management.
- Trey Erwin (713-599-5189, trey.erwin@grubb-ellis.com) and Mark Kidd Jr. (713-599-5143, mark.kidd@grubb-ellis.com) have joined Grubb & Ellis as Senior Associate and Associate, respectively, in the firm’s Industrial Group.
- Scott Fikes (713-993-7155, scott.fikes@avisonyoung.com) and Alex Bryant (713-993-7162, alex.bryant@avisonyoung.com) have joined Avison Young as Vice Presidents in the tenant representation group. Both were previously with Grubb & Ellis.
 |
Craig Cheney |
 |
Bill Peel |
 |
Mark Kidd |
 |
Trey Erwin |
 |
Scott Fikes |
Please direct any questions regarding content in the Houston Real Estate Trends to Holly Kelch at 713-686-9955 or hkelch@poconnor.com.
|
O'Connor & Associates --
Your Key to Real Estate Success Corporate Office: 2200 North Loop W., Suite 200 Houston, TX 77018 1-800-856-7325 www.poconnor.com
• www.oconnordata.com •
www.oconnorcomps.com
If you would like to be removed from this list and receive no future real estate information, click here to unsubscribe. |
|---|