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News – San Antonio

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

​​​​​​​Brookhollow Central I, the building Cigna is moving their Houston employees to.HOUSTON – About 600 Cigna employees in the Houston-area will move into Brookhollow Central I at 2800 North Loop W. 

The Connecticut-based company is planning to occupy floors five through seven along with most of the fourth floor. 

The new space will have about 70,000 sf.

The move is expected to begin in April 2018.

The health insurance giant is bringing its Houston-area employees under one roof to "improve operational efficiency," a company spokesman said.

Cigna, with about 15 million subscribers, is the fifth-largest health insurance company in the U.S. based on its net revenue of $39.7 billion in 2016, according to HealthPayer Intelligence.

In 4Q 2017, Houston Retail waw 1.6M sf in net absorption, according to a report from JLL.HOUSTON – The area retail market closed 2017 by posting some of the most positive absorption figures in the past decade.

In the fourth quarter, Houston retail saw 1.6 million sf in net absorption, according to a report from JLL. 

That figure is 23.1 percent above the city's ten-year quarterly average.

The market is sitting on a 5.5 percent vacancy rate, which is higher than the city's average vacancy rate since 2014 but still well within a healthy range. 

Demand from food and beverage users, as well as service-based retailers, fueled much of the demand for retail space in 2017.

Larger retailers are still navigating the challenge of finding success in a market dominated by Seattle-based Inc., and that challenge will surely continue in 2018.

​​​​Between April 2016 and April 2017, roughly 1.3 million sf of retail space was returned to the market in Houston due largely to closures of national brands.

​​​​​​​Rendering of The Strand developmentALLEN – The Allen City Council has approved plans for The Strand, a 135-acre mixed-use development at the northeast corner of Alma Dr. and Ridgeview Dr.

The development will have a mix of residential neighborhoods, retail, restaurants and office space.

The first phase of construction will include single-family homes; open space and retail; the self-storage facility; and approximately 375 apartments.

With four phases of construction spread out over 135 acres The Strand could be up to ten years in the making.​

​​​​​​Image of Right Move StorageTEXAS – Three self-storage facilities have changed hands.

Those facilities include:

  • Houston: Right Move Storage, located at 12310 Perry Rd., features 742 units in 99,455 rentable sf;
  • Mabank: Baywood Self Storage, which contains 66,518 rentable sf and two apartments; and
  • San Antonio: Judson Self Storage, located at 14989 Judson Rd., consists of 606 units in 129,573 rentable sf.​​​​

​​​DALLAS-FORT WORTH – With almost two dozen office buildings in the construction pipeline, DFW is one of the busiest U.S. commercial real estate development markets.

Yet, almost half of the 4.4 million sf of DFW office construction is already leased to tenants—meaning there's less likely to be an oversupply—according to the new report from commercial real estate firm CBRE​'s Dallas-Fort Worth Office Report 4Q 2017.​​

 "With over 8.4 million sf delivered in the last two years alone, DFW's vacancy has remained stable indicating strong office occupier demand," CBRE analysts say in the report.

CBRE estimates that less than 20 percent of DFW office space was empty at the end of 2017. 

The tightest markets included Preston Center with a 10.6 percent vacancy and Uptown with a 12.8 percent vacancy rate.