Belvoir keeps you informed on commercial real estate brokerage and industry news through Blog Posts and links to updates with our company. Stay up-to-date with the latest information.
Co-working is quickly growing, and the innovative trend stands to significantly impact the landscape of commercial real estate in the coming years. For those unfamiliar with the concept, co-working brings together independent workers into a common, rented workspace as an alternative to the corner coffee shop or home office.
Houston’s economy has historically been strongly tied to the state of oil prices, and commercial real estate was certainly affected by the 2014 downturn, yet its overall breadth and increasing diversity have kept the city resilient. The Houston metro area ranks #2 on Site Selection magazine’ list of the top U.S. metropolitan areas for new and expanded corporate facilities. Bob Harvey, president and CEO of the Greater Houston Partnership, noted that Houston’s diversity and skilled talent base, “coupled with a low-cost of doing business, offer global companies vast opportunities for growth and investment.”
Houston enters into partnership with Microsoft
On Friday May 4, Mayor Sylvester Turner announced that the city of Houston has entered into an Internet of Things alliance with Microsoft. In addition to providing education to promote technology, the alliance should help elevate the city as a prime location for businesses focused on innovation and technology.
A recent CBRE report cited portfolio agility—or the ability to rapidly adapt, scale and reposition assets to support shifting enterprise needs—as being the most important type of reactive adaptation for business success.
In the wake of the tax bill passed on December 22, the commercial real estate industry has come out ahead in terms of benefitting from new changes. The National Association of Realtors (NAR) cited sections dealing with like-kind exchanges, carried interest, cost recovery, qualified private activity bonds and the low-income housing tax credit as “major [victories] for real estate stakeholders.”
News broke this week that Amazon had released a shortlist of cities under consideration for their highly anticipated HQ2. After an outrageous bidding war which included proposals from 238 North American cities, the tech giant has narrowed the list of potential cities down to 20—and it doesn’t include Houston. While this is a huge let down for the Greater Houston Partnership which lobbied hard for H-Town, many are hopeful that Houston may still get a piece of the pie if Amazon settles in another Texas city.
Despite fears of a looming office market bubble and general urban migration, the commercial real estate outlook is bright moving into the new year. Q4 momentum will likely carry over to Q1, with the exception of multifamily and industrial submarkets which may see a slight decline of 5-10%. The National Association of Realtors attributes this potential slow down to “a mismatch between the worldviews of buyers and sellers.”
As oil prices approach $62.oo/barrel, experts predict an eventual rebound for Houston’s office markets. This optimism is tempered by a report from JLL, which warns that “a record overhang of sublease space coupled with permanently changed capital expenditures and space requirements means despite the optimism, recovery for energy-related markets is still a long way off.”
In late August, Hurricane Harvey inflicted unprecedented damage to Houston and southeast Texas, unleashing nearly 25 trillion gallons of water on our state as well as Louisiana. Harvey set a record for rainfall from a single event in the continental U.S.
Rolling Dough, LTD., a franchisee of Panera Bread, recently signed a twenty year ground lease with the help of experienced commercial real estate representatives from Belvoir Real Estate Group. Panera Bread is a bakery-café chain, founded in 1981, and was recently named Culinary/Operations, National Chain Winner at the COEX Innovation Awards. The new lease, a 4,500 square-foot location at 851 & 857 Dairy Ashford in Houston, is scheduled to commence the first quarter of 2018. Matthew Goldsby and Rin Willis of Belvoir Real Estate Group LLC represented the landlord, 929 LLC, while David Littwitz with Littwitz Investments, Inc represented the tenant, Rolling Dough, Ltd.
UYL Color recently signed a lease for their new corporate headquarters with the help of experienced commercial real estate representatives from Belvoir Real Estate Group. UYL Color is a family owned business, recently featured by Microsoft in a Surface promotional video, that provides vehicle and light industrial support services and distributes cutting edge performance coatings. Their newest 20,000 square-foot headquarters at 1180 West Loop North in Houston marks their fifth location in the area, with plans to open an additional four to six over the next year. Matthew Goldsby and Sam Chang of Belvoir Real Estate Group LLC represented UYL Color Inc., while Kelly Landwermeyer of Hold Lunsford represented the landlord, Centerpoint Properties Trust.
Belvoir Real Estate Group is excited to announce their ongoing support of Combined Arms, a Houston-based veteran services program.
Belvoir’s contributions help Combined Arms build an integrated network for local veterans to increase the impact they have in their communities. With over 300,000 military veterans in the Greater Houston area, all sectors can be positively influenced by their presence, from workforce, to neighborhoods, to culture, to schools.
“We are honored to partner with such a special organization that not only helps veterans, but takes pride in building the Houston community,” commented Matthew Goldsby, Managing Director of Belvoir. “Houston’s business community is quite dynamic, and we recognize that former service men and women are an integral part of this growing market.”
In late 2016, Belvoir helped Combined Arms to lease 16,000 square feet of office space at 2929 McKinney for The CAX Center – “The Veteran Hub of Houston.” The location had its grand opening on January 26th, where Houston’s Mayor SylvesterTurner was present to proclaim it “Combined Arms Day.” In the lease, Combined Arms was represented by Matthew Goldsby and Sam Chang of Belvoir, and the Landlord was represented by Steven O’Connor of Principal Realty Group.