In its year-end 2009 report, Austin-based multifamily research firm Austin Investor Interests sums up San Antonio’s apartment market as one that, despite taking its blows in the recent economic downturn, has “so far managed to weather the storm and, all things considered, apartment-wise it has remained steady as ever.” Read Local multifamily market ends year relatively intact (SABJ, 2-12-10).
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The San Antonio housing market closed 2009 with a total of 7,132 new home starts – down 18% compared to 2008. After three consecutive years of double-digit declines, the local housing market is projected to start as many as 8,000 new homes in 2010 which would be a 12% increase over last year. Read Housing market trends 2010 (MySA.com, 1-10-10)  Source: NAI REOC San Antonio The San Antonio medical market, totaling nearly 5.8 million square feet of tracked multi-tenant space has certainly proven to be the most recession-resistant of all the property types but vital signs slowed somewhat in the fourth quarter. …Read Entire Post  Mission Trail Baptist Hospital Construction is now underway on Mission Trail Baptist Hospital after the official groundbreaking ceremony on Jan 16th – click to view photos of the groundbreaking ceremony. The $80 million hospital being built at Brooks City-Base will replace the decades-old Southeast Baptist Hospital. The new three-story, 81-bed facility has the capacity to expand up to 300 beds on six floors. For more details, read S.E. Side digs in for hospital (MySanAntonio.com, 1-16-10). According to a report by McGraw-Hill Construction, Texas will see a projected 16% increase in the value of construction starts in 2010 to reach an estimated $52.5 billion supported by an expanding housing market and public works and utilities projects funded by Federal stimulus dollars. San Antonio benefited from military-related construction in 2009 and is expected to see a 6% increase. Read Construction activity in San Antonio expect to rise 6 percent (SABJ, 2-11-10) A survey conducted by Virtual Builders Exchange LLC also showed hopeful signs for the construction industry based on a slight increase in the number of projects put out for bid in January and February of 2010 compared to the same period last year. Optimism, however, is somewhat muted by the limited number of projects in the planning stages. Read Hopeful signs on horizon for construction industry, survey shows (SABJ, 2-19-10)
 North Star Mall General Growth Properties, Inc. (GGP), the nation’s second-largest shopping mall operator, reportedly reached a deal with Brookfield Asset Management, Inc. of Canada that will provide an exit from Chapter 11 bankruptcy protection and avoid the $10 million hostile takeover bid made recently by Simon Property Group, Inc., the largest U.S. shopping mall owner. Read General Growth inks deal to exit bankruptcy (MSN.com, 2-24-10) and the GGP press release (GGP, 2-24-10). …Read Entire Post  Source: NAI REOC San Antonio San Antonio’s retail market – despite its status as one of the country’s least-troubled economies – remains sluggish due to the severe slump that has deflated consumer confidence and, more importantly, clipped consumer spending. Still, area population growth and a recovering housing market continue to support growth, albeit at a much slower pace. …Read Entire Post  The Oaks at University Business Park San Antonio has been selected by Allstate Insurance as the site of a new $11.6 million customer information center which will create 600 new jobs. The center will be located in 75,000 square feet at The Oaks at University Business Park located on the Northwest Side at 12238 Silicon. Allstate plans to open the facility in May. The lease is good news for the office market and will count towards positive absorption in the first quarter. …Read Entire Post  Source: NAI REOC San Antonio The economy persists in playing a major role in the overall slowdown of the San Antonio commercial real estate environment but the industrial market ended the year on a positive note, according to the fourth quarter survey of more than 30 million square feet of competitive, multi-tenant industrial space conducted by the research department of local commercial real estate company NAI REOC San Antonio. …Read Entire Post |
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