TXE Mall » Houston

Houston Retail Performance Update

ipank — Mon, 04 Jan 2010 14:12:12 +0000

In the retail community, there is an ongoing discussion about
consumers’ lack of brand and store loyalty. Chain stores long
ago took over the retail landscape, and the mom-and-pop
retailer is nearly a thing of the past. Kaplan’s Ben-Hur, an
independent department store operating in Houston’s Heights
neighborhood for decades, recently closed amid rising land
prices and falling revenues. In contrast, residents of the nearby
Woodland Heights neighborhood were recently quoted as
being overjoyed about the opening of a brand new Target
nearby this summer.

Perhaps one explanation for this change is the blurring line (at
least in the minds of some consumers) between discount
stores and more traditional retailers. A new upscale Wal-Mart
Supercenter in the Dallas suburb of Plano aims to attract those
consumers who can be convinced that the term “upscale Wal-
Mart” is not an oxymoron, and who are none too pleased to
toss sushi in their cart alongside their diapers and economysize
mouthwash. However, considering the popularity of non-
“upscale” discount retailers, it appears that the new brand
loyalty is price loyalty – simply buy from whoever gives you the
absolute lowest price.

Is a price-obsessed public a good thing? On the one hand, few
would react negatively to competition in the retail business.
And we do get some great deals these days for many everyday
items, but many would argue that the money we save is
negligible. Will consumers’ current attitudes toward retailers
last for the long term? Perhaps one day soon, the public will
have a change of heart, and those retailers that do not focus
strictly on price will enjoy a resurgence. Then again, perhaps
they won’t, and it will be just a matter of time before Wal-Mart
leases the vacant Galleria space.

ABSORPTION
The Houston retail market took a step back over the last quarter, posting a negative 429,215 square feet (SF) of absorption, marking the first quarter of negative absorption in 12 quarters. Still-robust construction combined with substantial move-outs, most notably Mervyn’s, contributed to the negative figures. Annual absorption remains positive at over 1. 5 million SF. Over the first quarter, every category except Strip Centers posted negative absorption,
with Regional Malls struggling the most.

Regional Malls had their softest quarter in several years, posting -469,464 SF of absorption. Annual absorption remains in the red, at -615,188 SF. Much of the negative absorption was due to Mervyn’s vacating large spaces in several regional malls, including First Colony Mall in the Far Southwest sector and The Woodlands Mall in the Far North sector. Demand for space in Community Centers further weakened, posting its second straight
quarter of negative absorption, at -22,088 SF. Annual absorption totals 788,570 SF, despite losses over the last two quarters. The Far Southeast sector brought down the market with – 114,920 SF absorbed. Neighborhood Centers struggled over the first quarter as well, absorbing -84,260 SF. Annual absorption currently stands at 922,988 SF. The Near West sector showed strong
demand with 33,805 SF absorbed, while the Inner Loop sector absorbed -65,993 SF. Strip Centers continued their strong performance, absorbing 146,597 SF over the quarter. This marks the 14th straight quarter of positive absorption for Strip Centers. The Far North sector was the largest contributor to the gain with 47,696 SF, while the weakest demand was recorded in the Near West sector with -10,472 SF absorbed.

OCCUPANCY
Retail occupancy fell substantially over the first quarter, losing 0. 61 points and falling below 86% for the first time in two years. Average occupancy, at 85. 95%, is at its lowest level in two years. Every market sector posted a decrease in occupancy, with Regional Malls taking the biggest hit, losing more than 2 points.

Regional Mall occupancy plummeted over the quarter, largely due to Mervyn’s move-outs in several area malls. Average occupancy lost 2. 03 points to reach 86. 76%, and now stands 2. 64 points below levels at this time last year. The single mall in the Far Southwest sector, First Colony Mall, suffered a drop in occupancy of nearly 8 points, and now stands at 90. 10%.
Community Center occupancy dipped 0. 08 points over the quarter to 86. 87%, its second straight decrease. However, occupancy has increased 1. 52 points since this time last year. The highest occupancy is found in the South sector at 95. 87%, while the lowest is reported by the Near North sector at 67. 78%.
Neighborhood Centers recorded an occupancy decrease of 0. 32 points to 85. 40% over the last quarter, bringing the total decrease over the year to 0. 44 points. None of the 13 sectors reports an occupancy currently above 90%; the Far North sector has the lowest occupancy at 78. 75%. Occupancy levels at Strip Centers continued on a steady decline, decreasing 0. 78 points
over the quarter to 84. 70%. Other than a slight increase in the 1st quarter of 2005, occupancy has decreased every quarter for two years. The South sector continues to post the highest occupancy, at 93. 12%, while the lowest occupancy is found in the Far West sector, at 77. 07%.

RENTAL RATES
Despite lackluster performance in absorption and occupancy over the last quarter, rental rates continued to increase, posting a $0. 01 per square foot (psf) gain. At $1. 59 psf, rents are $0. 04 higher than levels at this time last year and are at the highest level on record. The highest rents continue to be found in close-in parts of the city, while large amounts of newly constructed centers are driving up rents in some suburban areas.

Regional Mall rents increased $0. 06 over the quarter to $3. 04 psf, their highest level since the 3rd quarter of 2004. The Near West sector, which includes the Galleria and Memorial City Malls, continues to post the highest rents, followed by the Far North sector, which includes The Woodlands Mall. Community Center rents posted a modest increase of $0. 01 over the quarter to $1. 50 psf. The Near West sector reports the highest average rents at $2. 19 psf, while the Near
Southeast and Near Northwest sectors have the lowest rents at $0. 96 psf.
Neighborhood Center rents were unchanged over the quarter, and are up $0. 02 over the year to $1. 14 psf. The Near West sector boasts the highest rents at $1. 53 psf, followed by the Inner Loop sector with average rents at $1. 50 psf.
Strip Center rents continued their steady upward climb, increasing $0. 01 over the quarter to $1. 13 psf. Average rents are up $0. 04 from this time last year. The Inner Loop and Near West sectors report the highest average rents at $1. 59 psf, while the lowest rents are found in the Near Northwest sector at $0. 76 psf.

MULTITENANT RETAIL SPACE BY CATEGORY
O’Connor & Associates divides multitenant retail space into four basic categories for purposes of analysis: Regional Malls, Community Centers, Neighborhood Centers, and Strip Centers. Based on the number of retail centers and square footage, Neighborhood Centers lead other categories with 48% of the overall Greater Houston retail inventory. The second largest category is Community Centers, accounting for 25% of the overall inventory.

/file_repository/Houston-Retail_4Q_2006. pdf

Patrick O’Connor, MAI, is president of O’Connor & Associates. The firm, in business since 1974, specializes in state and federal tax reduction services, real estate appraisals and research and consulting nationwide. With offices in Houston, Dallas, Los Angeles and Newport Beach, the firm employs more than 130 people. Patrick O’Connor is frequently acknowledged by national publications as a respected source of information on real estate trends.

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Houston City And Dallas City With Hot Destinations To Make Journey

ipank — Sun, 27 Dec 2009 22:14:26 +0000

Texas State is the state where every year large numbers of visitors visit it. In largeness and popularity this state is come in second in United State of America. As size, culture, politics, history it put different impact and due this it is identify as differently. In Texas State two attractive cities are Dallas City and Houston City. These cities contain more attractions in it. And have their own popularities to get adventure and why visitors to visit in it. Dallas is most attractions cities in the Texas and Houston also this one and has the NASA’s Mission Control Center. And better opportunity to spend vacations here. Dallas Dallas city is addressed by Third largest city in United State of Texas. And it has largest metropolitan area in the north side. This is known the home of the Cowboys. There are two airports DFW Airport and Love Airport. DFW airport is in the Middle of the city. It is well way to enter in the city. And next one is DFW Airport this biggest, reasonable airport. From airport the transportations medium is so well. And easily get the car, train, taxi and bus for further journey. In Dallas there are various attractions The Sixth Floor Museum, Dallas Museum of Art, Dallas Arboretum and Botanical Gardens, Dallas World. Aquarium, Dallas Zoo and Zero Gravity Thrill Rides Amusement Park to visit. After that other attractive activity places where visitors want to spend the vacations with adventure. State Fair this is the largest fair in the southeast downtown. Six Flags over Texas with best water park area contains more activities. East Dallas and South Dallas are the places that offer you to best golf courses with attractive green field and well entertainment of the golf sport. Rodeo is the attractive show at the Mesquite Championship Rodeo. Some places for eating are Beltline Road, Greenville Avenue, Knox and Henderson and McKinney Street places to get taste of the different spices of the foods. Spring Creek Barbeque is where other country dishes available with different style. In Dallas for shopping Galleria, North Park Mall, West Village and Grapevine Mills are providing you to interesting shopping malls. At last but not the least there are best feature of hotels and inn are available there. if you stay for long time they provide the well facilities to get more fun. The night life of the city also so entertaining that you can’t forget it easily. Houston Houston city is also the name the attractive city in United State of Texas. This is the fourth largest in populations and places. The city is full of attractions and more entertaining. There are different cultures in the country seen. It is called the “Urban sprawl” term tailor-made for this city. George Bush Intercontinental Airport and William P. Hobby Airport is the two major airports in Houston. Sugar Land Regional Airport and Ellington Field is small airport. In city there are other transportations facilities also exist like car, taxi trains and bus. Along the way there is great arrangement of the bicycling. In Houston there are many attractions point to view it. Houston Livestock Show & Rodeo largest rodeo events, calf scramble, and music concert you can get here. There are carnival grounds and livestock professional breeders who bring in their world class livestock to be judge. In Houston there are some festivals like FotoFest, Bayou City Art Festival, Houston Children’s Festival, WorldFest-Houston Film Festival, The Houston International Festival, Latino Book & Family Festival, Greek Festival and The Texas Renaissance Festival make the attractions in the city. The festivals are celebrated with more adventure and entertainment. There are great enthusiasms you can see there and visit put down in the pleasure. Splashtown is great water park to get the adventure of the water sports. Great Day Houston is the name of event where to take the part into the live audience show. And other activities are Shooting, Super Happy Fun Land, The Orange Show are also the part of the entertainment. In large scale visitor visit to get he part in the entertaining city. Apart that for staying many cheap hotels, inns, is providing the lodging facilities with big amenities. The restaurants are of different range like high, medium and low as the pocket size of visitors get here easily. The night life is so adventurous that make whole trip with remarkable moments. These entire features make the Houston the attractive places in visitor’s mind.

Texas State is larger state in USA. And Dallas city and Houston city are two larger cit in Texas. Dallas is the county to make attractions in the visitors mind with their activities. Visitor gets the cheap hotels in dallas with effect rates. And city is the now introduce for their culture. And cheap hotels in houston which also available there. This is also large to scale county to make adventure. They give all features with cheap hotels such make the journey with remarkable adventure.

Popular Areas for Apartments in Houston

ipank — Fri, 18 Dec 2009 08:22:39 +0000

Popular Houston Apartments Four Popular Areas for Apartments in Houston If you are looking for an apartment to rent in the Houston area there are many options to consider (over 3,500). Apartments for lease in the Midtown, Galleria, Downtown, and Medical Center areas are the most popular parts of town. Each one of these locations has plenty to offer in terms of nightlife, jobs, and entertainment. The following information can be used to help you find out which one of the areas would be best for you. Midtown apartments can be summed up in one word, TRENDY. Residents can typically walk to anything they need including restaurants, bars, and plenty of convenience stores. Popular clubs in this area include Howl at the Moon, Pub Fiction, and CHristian’s Tailgaters. $1 beers at Christian Tailgater’s on Thursdays, you can’t beat it! If I had to pick one apartment to rule them all in this area it would be 2222 Smith Street apartments. If there was a perfect location within an awesome location this place would be it. Of course all of the incredible things Apartments in Midtown have to offer come at a price. . . literally. Midtown is definitely one of the most expensive areas to live in Houston, TX. Apartments in the Galleria area are a bit cheaper than the aforementioned. Being next to a famous mall will leave you with plenty of shopping options. Westheimer has a long strip of restaurants with something to please the tastebuds of any man, woman or transexual. If you’re thinking about renting an apartment or condo in this area you would be wise to call an apartment locator first as there are literally hundreds of options. Most properties south of Westheimer can be hit or miss, meaning the location is a little sketchy. The biggest drawback of living in the Galleria would be the traffic, but if you work in this area then it’s almost a no-brainer. My favorite location in all of Houston is Downtown. Lofty Downtown Apartments are definitely some of the coolest and most unique properties in town. Houston Downtown Lofts are usually old warehouses that have been converted into living spaces with lots of character. You may be able to catch an out of the park home run from your favorite Houston Astros player if you’re thinking about living here. One property in particular, Dakota Lofts are hard to beat in terms of price and amenities because in addition to being affordable they are within walking distance to Minute Maid Park. Finally, Houston Medical Center Apartments are popular because of the city’s large number of health professionals and hospitals. Lofts at Hermann Park is a popular rental community in the Texas Medical Center among TMC employees. Because doctors and nurses work long hours it’s important for them to be able to get home quick which is what Apartment in the Houston Medical Center provide. Also, many University of Houston students find that an apartment in the Medical Center allows easy access to school and fun (study hard play hard). Of the four major areas, the Medical Center is my least favorite. In my opinion, it doesn’t have as much appeal as Midtown apartments, but is definitely on its way up. Houston can be an incredible and overwhelming place to live. Take your time and research all your options, or better yet make your life easier and call an apartment locator.

Founder and CEO at Apartment Ninjas.

How Migth The Owners Of The Houston Galleria Shopping Mall Use The Concept Of Cross Elasticity?

ipank — Sun, 13 Dec 2009 02:06:32 +0000

How migth the owners of the Houston Galleria shopping mall use the concept of cross elasticity of demand to determine the best combination of stores to operate in the Galleria?

Realtors Help Buyers Find Houston Luxury Homes

ipank — Wed, 09 Dec 2009 17:11:47 +0000

In today’s age, realtors who know how to find Houston new homes are merely a mouse click away.
The Internet, a modern day technological marvel, enables novices to shop for investment properties online. Once they find a home or two, they can contact the real estate agent associated with the property.
A quality realtor should know all about the best Houston neighborhoods as well as how to find a builder of custom homes in Houston.
A knowledgeable realtor will also be able to find Houston luxury homes that complement your budget. They will listen to, and pay attention to your needs. Far too often, realtors are trying to unload homes and attempt to direct buyers to places that are either out of their financial range, or don’t fit their lifestyle.
If you find such a realtor, let them go and get with a realtor who not only knows about new homes, they will direct you to homes that you will love.
If you want to contact companies that build custom homes in Houston, a quality realtor can walk you through it, indicating who the top builders in the area are.
They will then find time to take you on a tour around the best neighborhoods that fit well within your price range. Once again, look out for an unscrupulous realtor, who may be trying to get you to purchase a home that is far beyond your means. The hope of these realtors is that you will be bowled over by a more expensive home, and over look your own budget.
Don’t be pulled into this trap-discuss the cost of this home before you even look at it, and refuse to see a house that is too expensive.
Last and not least, if you are looking into custom homes, have the realtor set up a face-to-face meeting with the development company. You can choose to have your realtor present at the time of the meeting or not. What you choose it up to you. If you chose a top-notch realtor however, their presence may be helpful to you if things are being discussed that you are unsure about.
If you are still not convinced that Houston is one of the best new places to live in America, consider these numbers. Houston is the home to 650+ parks that offer hiking trails, dog parks, pools and playgrounds. This great city houses four professional sports teams and all four components of the performing arts including a symphony, ballet company, opera company and live theatre.
Houston has shopping galore with the beautiful Galleria mall and numerous specialty shops to offer just what you are looking for. Houston also boasts an annual average temperature of just under 70 degrees with plenty of sunshine year-round to enjoy all of the outdoor activities that you love.

Edgewater is the Bay Area’s newest mixed-use, master-planned community on 538 acres in the heart of Webster, Texas. Edgewater is planned to become the area’s most prestigious address with an English Regency style architectural theme. Visit http://www. edgewaterwebster. com for more information.

Houston Galleria Apartments

ipank — Sun, 15 Nov 2009 18:12:00 +0000

Springsteen, also northwest of Houston, is 25 miles northwest of Houston Downton squeezed from Interstate 45, between the towns of Tomball accepted, humbly, west of Lake Houston and south of Conroe. The entire area of the spring, a portion of the highway crosses FM-1960 had a population of 1978 of all 200,000.
Crime is low spring. Mostly white collar neighborhood, spring has its own private garbage-up service.
Spring, which has developed around what was once a shift rail has increasingly felt the rapid growth in recent years. Current style houses day price ranges from $ 150,000 to $ 300,000.
In addition to the homes of individual families, there are some vacant apartments with rents in the $ 650 to $ 1500 per month range. Townhouses are calculated from $ 120,000 to 210,000 U.S. dollars.

In the Spring Independent School District Part Aldine, Klein, Conroe, and is used in a triangular shape. There are 22 elementary schools, 7 secondary schools and 5 junior high schools. There are five parks in the area of spring and nearly 100 civic associations, with at least one individual to the subdivision.
The spring quarter is over 50 different churches. The Greenspoint Mall is to be for the residents of Spring and accompanied shopping strip along FM 1960th There are three hospitals, industrial complexes, but very little. Spring has its own volunteer fire departments, but trusts the police, Harris County bond.
The Houston Galleria apartments offer a lucrative contract. OT you invest in a house in August and are scared of a mortgage to high interest rates. Why? Since the Houston Galleria apartments offer the same range of luxury at an affordable price, without the stress and concerns of the homeowner.

Houston apartment locator acquires information about Houston Apartments, Houston Apartments Real Estate. His company will help you familiarize yourself with the Houston Galleria Apartments for rent