Texas Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in Texas.
Issue link: https://texasrealestatebusiness.epubxp.com/i/608841
E conomic development cor- porations across Texas work diligently to attract industrial companies to their regions. Industri- al development brings jobs to a city, which leads to the development of residential space and retail, sustain- ing growth and additional peripheral jobs. It's no secret the Texas economy is expanding in all sectors, and industrial development is no diferent. Through the third quarter of 2015 there was 24.9 million square feet of industrial space under construction statewide, and the vacancy rate stood at just 6.6 percent, according to CBRE's Texas Industrial MarketView Q3 2015 report. "[Industrial development] is being driven by the state's position as a ma- jor distribution hub in domestic and global supply chains to major popu- lation centers and with the increased infuence from emerging trends such as the ever-expanding e-commerce in- dustry," according to the CBRE report. Total employment across the state of Texas has grown for 65 straight months, and 6.3 million square feet of industrial space was absorbed during the third quarter. What follows is a look at the indus- trial development eforts of a few eco- A nationwide trend toward edu- cated young workers, other- wise known as millennials, moving into the downtown areas of major cities has taken root in Austin and San Antonio. The two cities form the southwest corner of the Texas Triangle and boast a combined 4.2 million residents in their metropolitan areas. Both have experienced new development in their central business districts, includ- ing new ofce towers, retail and resi- dential projects, which is expected to continue for years to come. Each city is also working to rapidly renovate and redevelop its downtown with new initiatives emphasizing high-tech amenities, walkability and attractions that will appeal to young professionals seeking an urban life- style. 'Wild West' for Opportunity San Antonio will soon see the con- struction of its frst new ofce tower in more than 25 years. In June, the San Antonio City Council approved construction of the Frost Tower, a combined efort between Frost Bank, Weston Urban and the city, according to the San Antonio Express-News. The city's investment in the tower tops $80 million, and will include purchasing and renovating the cur- rent Frost Bank headquarters located nearby for use by San Antonio city employees. Weston Urban will build the $142 million, 400,000-square-foot project. The real estate developer will also con- struct at least 256 multifamily units on nearby properties it will acquire from the other two parties involved in the deal. "This will be an iconic building," www.REBusinessOnline.com December 2015 • Volume 11, Issue 10 DOWNTOWN REVIVAL HITS FULL STRIDE IN AUSTIN, SAN ANTONIO Infux of millennials fuels growth in Texas Triangle's southwest corner. By Haisten Willis INDUSTRIAL SPACE USERS IN DEMAND Across Texas, EDCs use a variety of strategies to attract industrial businesses. By Haisten Willis Retail Development and Design Trends Reshaping the Industry page 16 Dallas: A Market With Multifamily Staying Power page 18 page 8 Alliance Architects to Design New Offce Building in Plano INSIDE THIS ISSUE see DOWNTOWN page 20 see EDC, page 22 San Antonio (pictured), along with Austin, forms the southwest corner of the Texas Triangle. The two cities boast a combined 4.2 million residents in their metropolitan areas. Both have also experienced new development downtown in all real estate sectors.