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News – Austin

* This news feed is generated through NewsTalk Texas, provided by the Real Estate Center at Texas A&M University

Office building in Irving

IRVING – Sunwest Real Estate Capital has acquired a 185,000-sf office building at 2901 Kinwest ​Pkwy. 

Built in 1984, the office center houses operations for Alliance RX, which will vacate the space this spring. 

Younger Partners marketed the building on behalf of the seller, a New England investor, and procured the buyer. 

Texas logoThe Real Estate Center has more on DFW's office market:

​​Rendering of Austin apartment tower

AUSTIN – Lennar Multifamily Communities is building the Huston, a 387-unit apartment tower on the east side of I-35 between E. 11th and 12th Streets. 

The 15-story building will offer studio, one-, and two-bedroom units.

Construction will be complete in summer 2021. 

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Construction progress on Alexan-branded apartment tower in Austin

AUSTIN – Trammell Crow Residential is building an Alexan-brand apartment tower at 700 E. 11th St. 

The 29-story high rise will have 274 units and four levels of underground parking. 

Rents will average $3,300 per month. Average unit size will be 1,076 sf. 

Amenities will include co-working space, a fitness center, dog park, and pool and amenity deck on the top floor. 

The first apartments will be complete in May 2021, and construction will be complete by the end of 2021. 

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​AUSTIN – The city’s shelter-in-place order has banned most construction temporarily. 

The construction of public works projects, affordable housing, housing for the homeless, and social services buildings, as well as “other construction that supports essential uses, including essential businesses, government functions, or critical infrastructure,” are exempt. 

The city posted a guidance document clarifying that commercial and residential construction were generally prohibited under the new regulations except in the very limited situations where the construction involves one of the specific types of essential and critical facilities. 

Construction is continuing in other cities with shelter-in-place orders​​​.

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​​​Source: Austin Business Journal

​HOUSTON – The local retail market’s occupancy rate was at 94.2 percent as in February, down 20 basis points from this time last year, according to NAI Partners. 

Of the 3.1 million sf currently under construction, the availability rate stands at 34 percent.

The retail market recorded 1.3 million sf of leasing activity, almost double the year-to-date activity from February 2019.

Net absorption was 682,000 sf. There was 982,000 sf delivered to the market in the past 12 months, of which 71 percent is occupied. 

The average asking retail rental rate was $17.94 per sf on a triple net basis, up 1.5 percent from this time in 2019 at $17.68 per sf. 

In an attempt to slow the spread of the coronavirus, The Galleria Mall, Katy Mills Mall, Houston Premium Outlets, and Memorial City Mall have all announced temporary closures, impacting nearly six million sf of retail space. 

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​Source: NAI Partners​​