Brandon Parry’s Post

Cody Baird, Austin Business Journal. Capital Markets at JLL has been active in refinancing several major hotels in #Texas throughout 2024. This includes securing a $430 million refinancing for the Fairmont Austin hotel and facilitating significant loans for other large properties such as the Sheraton Dallas Hotel ($300 million) and the Marriott Marquis Houston ($325 million). John Nugent, JLL’s managing director, explained that demand for hotel investments in #Austin is driven by the city's long-term growth prospects, including projects like the expansion of the convention center set for 2029. While #Austin's hotel market is currently well-supplied, the future need for more rooms is anticipated due to continued population and business growth. Areas such as East Austin and South Congress are likely to see further hotel development. In comparison to other #Texas cities, #Austin's hotel market has performed well but faced a slight decline recently, attributed to new hotel rooms and a dip in corporate travel, though this trend is consistent with national patterns. Houston, by contrast, has seen strong growth in hotel revenue post-COVID. JLL's view is that Austin remains a strong investment opportunity for those with a long-term perspective. #hotelinvestment #austinhotels #texashotels #hospitalityindustry #austinrealestate #hotelmarket #jllcapitalmarkets #hoteldevelopment #austinhospitality #austinhotelmarket #realestateinvesting #refinancing #austingrowth #austinhospitalitymarket #commercialrealestate #hotelrefinance #texashospitality #hotelindustrynews #austinbusiness #investmentopportunity

Justin Sayers, Cody Baird, Austin Business Journal. A Dallas-based developer, Dalfen Industrial LLC, is working to turn the former Manor Downs racetrack, located near #Manor, #Texas, into a large industrial park with over 1 million square feet of space. The company plans to annex the 146-acre property into the city of #Manor, a move made possible by Senate Bill 2038, which allows landowners to bypass some city regulations. Dalfen Industrial LLC's proposal includes six buildings ranging from 84,000 to 500,000 square feet, alongside a community area with an amphitheater. The developer is seeking tax abatements and expedited permitting from the city of #Manor as part of the annexation deal. While the timeline is unclear, progress has been made, with a site plan filed for one 500,000-square-foot building. The project revives the site of Manor Downs, a racetrack that closed in 2010 after years of declining popularity. Dalfen Industrial LLC aims to honor the location's history in its development. The company has a strong presence in the #Austin area, having developed the Airport Logistics Center, and plans to target last-mile distribution tenants for this new park. #industrialdevelopment #manortexas #austinrealestate #industrialpark #commercialrealestate #texasgrowth #developmentnews #dalfenindustrial #realestatenews #manordowns #lastmiledistribution #austinbusiness #commercialconstruction #cityplanning #industrialspace #realestateinvestor #logisticspark #austindevelopment #businessgrowth #warehousing

Cody Baird, Austin Business Journal. #Taylor, #Texas, is set to receive new housing with the development of a dense condo project, "The Ferguson," led by Austin-based Metropolitan Development Company LLC. The project will include eight garden homes, 16 townhomes, 60 condos, and five live-work spaces on 1.5 acres at Ferguson and Second streets. Prices will start in the mid-$200,000 range, with units sized between 575 and 1,534 square feet. The development will forgo high-cost amenities like a pool or dog spa to keep prices affordable. Groundbreaking for The Ferguson is expected in spring 2025, with units ready about 18 months later. The project aligns with Taylor's anticipated population boom driven by industrial growth, including Samsung Semiconductor’s new chipmaking factory. Other companies are also expanding in the area, contributing to Taylor's economic and population growth. #taylortexas #realestatedevelopment #theferguson #condoproject #affordablehousing #populationgrowth #industrialboom #economicdevelopment #newconstruction #samsungfactory #austinrealestate #ruraldevelopment #townhomes #liveworkspaces #commercialrealestate #housingmarket #realestateinvestment #communitygrowth #centraltexas #residentialdevelopment #housingaffordability

Ashley Fahey, Austin Business Journal. Commercial real estate (CRE) loan delinquencies in the U.S. have risen for seven consecutive quarters, reaching 1.4% in Q2 2024. This trend is largely due to the struggling post-pandemic office market, with increasing vacancies and falling property values. Banks, especially those with large office portfolios, have responded by increasing loss reserves and cutting back on new CRE loans. Year-over-year CRE loan growth has slowed significantly, from 12.1% in Q3 2022 to 2.2% in Q2 2024. Many banks are extending or modifying terms for maturing CRE loans, with the peak year for loan maturities anticipated in 2027. Regulators are closely monitoring banks with elevated CRE exposure but are still allowing loan extensions. Mergers and acquisitions (M&A) involving banks with significant CRE holdings are expected to rise, with Bank of America purchasing Washington Federal Savings Bank's multifamily properties for $2.9 billion in one example. Despite these challenges, the financial system remains insulated from a crisis like the 2008 downturn, thanks to stricter pre-pandemic underwriting standards and private equity interest in real estate. Interest rate cuts from the Federal Reserve may offer some relief but are unlikely to solve the underlying issues in CRE. The gap between current and maturing loan interest rates remains a key concern. #commercialrealestate #creloans #loandelinquency #realestatefinance #postpandemicmarket #realestateinvestment #bankingindustry #officemarket #loanmaturities #mergersandacquisitions #privateequity #realestatedevelopment #propertyvalues #interestrates #federalreserve #financialmarkets #loanextensions #officevacancy #realestaterisks #regulatoryoversight #economictrends

Seth Bodine, Dallas Business Journal. Austin Business Journal. #Texas has introduced a new system for resolving business disputes with the launch of the state's business courts and the 15th Court of Appeals on September 1. This move follows the passage of House Bill 19 and the appointment of 10 specialized judges by Governor Greg Abbott. These courts are designed to handle business disputes involving over $5 million, with the initial rollout covering five districts: #Austin, #Fort #Worth, #Dallas, #Houston, and #San #Antonio. Each district has two judges with two-year appointments, and a total of 11 districts are planned. The creation of these business courts aims to attract more businesses to Texas by offering a specialized legal environment similar to Delaware, known for its expertise in corporate law. The new courts are expected to provide more predictable legal outcomes and faster case processing. However, some concerns remain, such as the lack of intermediate appellate precedent and the potential disruption caused by judges' two-year appointments compared to the lifetime tenure of federal judges. There is also a $2,500 fee to file a case in these courts, and it remains to be seen how businesses will respond to this new system. #business #texaslaw #corporatelaw #businessgrowth #businessexpansion #specializedcourts #texaseconomy #businessattraction #corporatedisputes #legalinnovation #corporategovernance #businessstrategy #businessdevelopment #economicdevelopment #texasbusiness #legalnews #texascourts #corporatelitigation #companygrowth #businesstrends

If you haven't heard of #Manor, #Texas, time to pay attention. #Manor, #Texas, located just 12 miles east of #Austin, is experiencing significant growth, both in population, and infrastructure. The city's population has surged over the past two decades, with an astounding 1,230% growth from 2000 to 2023. As of 2023, Manor's population reached 20,209, reflecting a strong upward trend that shows no signs of slowing down. Federal Opportunity Zones exist in Manor city limits, including USDA home loan eligibility for the majority of the city. This rapid growth is accompanied by major infrastructure developments, including the expansion of wastewater treatment facilities and plans for a large regional plant to support future growth. Additionally, #Manor's downtown area is slated for redevelopment, with efforts to create a vibrant main street and attract more businesses to the area. Looking forward, Manor is expected to continue its transformation, with plans for a major hospital, improved recreational facilities, and enhanced educational opportunities. The city's leadership is actively working on strategic partnerships to ensure that #Manor remains a top place to live, with a focus on safety, livability, and economic growth. #austintx #manortexas #realestate #growth #economicdevelopment #cityplanning #austinhousing #techindustry #jobgrowth #infrastructure #urbanplanning #austinrealestate #commercialrealestate #texaseconomy #futureoftexas #housingmarket #centraltexas #austinexpansion #citydevelopment #austinliving

Justin Sayers, Austin Business Journal. Ryan Companies US, Inc. is planning a 1.2 million-square-foot industrial development called Mustang Crossing near #Manor, #Texas. The project will be on a 127-acre site at 13754 Gregg Manor Road, close to Tesla's gigafactory. The development will feature six class A industrial buildings, ranging from 58,000 to 435,000 square feet, with clear heights up to 40 feet. The construction, involving four buildings, is expected to start in December and be completed by 2026, with an estimated cost of $59 million. German asset management company DWS Group is the capital partner, and JLL's A. Ace Schlameus is handling leasing. Ryan Companies US, Inc.' expansion into the #Austin market includes this project and others like the ATX Tower and Quarter Crossing. The State Highway 130 corridor has seen significant industrial growth, driven by companies like Tesla and Samsung Electronics. #industrialdevelopment #realestate #texasgrowth #manortx #mustangcrossing #ryancompanies #industrialspace #austinmarket #classaproperty #teslagigafactory #samsunggrowth #speculativedevelopment #austinconstruction #texasrealestate #commercialrealestate #propertydevelopment #realestateinvesting #industrialrealestate #centraltexas #buildingsconstruction

Cody Baird, Austin Business Journal. Elon Musk's social media platform X, formerly known as Twitter, is relocating its headquarters from San Francisco to #Austin. The company is seeking office space in #Austin and is working with Jones Lang LaSalle Americas, Inc. (JLL) to find a suitable location. X is looking for at least 100,000 square feet of office space, potentially to accommodate more than #600 employees. There is ample office space available in Austin, with a 25.2% vacancy rate. It remains unclear where the headquarters will be located or how many employees will move with the company. X had reduced its workforce significantly in 2023 and currently has several job openings in #Austin, some of which may allow remote work. #x #elonmusk #austinbusiness #headquartermove #officeleasing #jll #texasjobs #techspace #austinvacancy #workforcemovement #socialmedia #twitter #austinexpansion #businessrelocation #officepark #austintech #spaceexploration #techjobs #workplace #corporatemove

Justin Sayers, CNBC. Wonik Materials North America-WMNA, a South Korean supplier for Samsung Electronics, is investing $46 million to build a new facility on a 24-acre site in #Manor, #Texas. The facility will be developed in three phases, including distribution, quality assurance, and production, and is aimed at serving semiconductor industry clients such as Samsung Electronics, NXP Semiconductors, Infineon Technologies, and Texas Instruments. The first phase will involve a $46 million investment, with plans to create at least 15 jobs initially and more in later phases by 2027. The project also includes annexing the site into #Manor and establishing workforce development initiatives. The expansion is part of a broader trend of Samsung Electronics suppliers establishing operations in the area, which is seen as beneficial for local economic growth. #wonikmaterials #semiconductors #texasgrowth #austintech #manortexas #manufacturing #investment #industrialexpansion #workforcedevelopment #semiconductorindustry #technology #jobcreation #businessinvestment #samsungsupplier #innovation #texasjobs #economicdevelopment #advancedmaterials #infrastructure #techpartnership

Brent Wistrom, Austin Inno, Austin Business Journal. Fox Robotics, an Austin-based company specializing in autonomous forklifts, is reportedly set to secure a $200 million deal with Walmart Inc., which includes both a significant product order and a $25 million investment from the retail giant. The deal involves the sale of hundreds of Fox Robotics' forklifts to Walmart, adding to the company's previous multi-year agreement to deploy 19 autonomous forklifts at four of Walmart's distribution centers. This new agreement follows a successful proof of concept and aligns with Walmart's strategy of embracing innovation and automation. Walmart's order will be implemented gradually, with the option to cancel if the technology does not meet expectations. The partnership also includes a non-exclusive deal with KION North America for manufacturing and assembly in South Carolina. Fox Robotics has reported significant growth, including tripling its annual recurring revenue. Austin continues to establish itself as a hub for robotics and advanced manufacturing, with other local startups also making strides in the industry. #foxrobotics #austintech #walmart #automation #autonomousforklifts #robotics #advancedmanufacturing #innovation #investment #retailtech #technews #startup #warehouseautomation #artificialintelligence #austinstartups #roboticsindustry #techpartnership #supplychain #industrialtech #futureofwork