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| Austin Commercial Real Estate Recap |
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Building Relationships,
Gump Realty Group, INC.
Bill Gump: Bill@gumprealty.com | |
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Month Yar |
Highland Mall Forced Out of Bankruptcy
After a four-month trial, Highland Mall's Chapter 11 bankruptcy filing has been thrown out by federal Judge Craig Gargotta. While he agreed that Highland Mall is on the brink of disaster, their filing was premature and a clear attempt to avoid litigation battles with both Dillard's and AIG affiliates American General Life and Accident Insurance Co. Despite positive cash flow before and during the trial, Highland Mall's loss of its major anchors coupled with sluggish leasing activity has left it a ghost town with an unknown future ahead. |
Austin Leads as One of America's Best Housing Markets for Investors
Forbes
September 2010
Local Market Monitor, a Cary, N.C.-based real estate research firm has identified which markets are the best bet for investing. Using criteria such as historic population growth, job growth, housing price changes and the mix of jobs in the area, Austin fared as one of the top cities with its diverse mix of industries, projected job growth and boom in population. |
Austin Unemployment Falls to 7.2%; Adds 3,800 Jobs
Central Texas unemployment fell for the second consecutive month to 7.2% in August after the area gained 3,800 positions from July. Te greatest gains were seen in the leisure & hospitality services and professional & business services. Total employment in the Austin-San Marcos region was 769,200 last month. The U.S. unemployment rate fell to 9.5% last month and Texas fell to 8.4%. |
Investor Appetite Strengthens for Core Assets
Global Viewpoints for Commmercial Real Estate
September 2010
With commercial real estate fundamentals still ailing from the recession and lacking clear signs of near-term improvement, investors remain focused on core assets and proven markets, according to the third quarter 2010 findings of PricewaterhouseCoopers' Korpacz Real Estate Investor Survey®. The report highlights an improved lending environment with strong appetites from both debt and equity capital for quality real estate assets, with some surveyed investors noting a surprise at the speed at which debt availability has rebounded over the past year. |
St. Jude Medical adds to strong Austin Medical Market
Austin Commercial Real Estate Blog
August 23, 2010
St. Jude Medical, Inc. recently signed a lease for 91,569 square feet at Palisades West located at6300 Bee Caves Road near Loop 360. The Austin Business Journal recently reported that medical office space in Austin continues to outperform traditional office space based on the mid-year Medical MarketScope report produced by Austin-based Site Solutions, Inc.
Even though there are no medical office projects currently under construction, developers and brokers expect that the niche could see construction within six to twelve months.
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Up-and-Coming Cities
By Greg Bocquet
Yahoo! Finance
September 25, 2010
Rays of Sunshine
In a lump of coal you sometimes find a diamond. In an oil slick, you find patches of clear water. And in a recession, there are success stories that can change how we think about our country in the modern era. The United States is a vast country whose different regions vary so much in terms of climate, population, and business environment that it can be hard to determine exactly what one city is doing to achieve success that another is not.
But while conditions are difficult in every part of the country, there are reasons to be optimistic about the future of some of our large and medium-sized cities. With a population as diverse and dynamic as we have in the U.S., innovations in striking the right balance between quality of life and economic opportunity will ensure that at the very least, Americans will always experiment with making their cities the most desirable as they can.
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