The labor market is at a turning point as wage growth hits a recovery high. Meaningful wage growth has been a missing ingredient in the expansion for the past eight years. Yet now, with unemployment holding steady at 4.1%, employers are finally feeling the pressure to increase wage hikes to attract and maintain human capital. Further evidence of tight labor conditions can be found in job openings at or near record levels of 6 million positions during the past 12 months, according to a report by Marcus & Millichap.—Lisa Brown

NEWS AND NOTABLES

AUSTIN, TX—Locally owned Corridor Title has hired industry veteran Brittany Morrison as its Austin-based commercial account executive for development. Her arrival is a significant as it is the next step in the company's growing service to the Austin commercial market. Morrison brings substantive escrow experience and proven relationships with clients.

AUSTIN, TX—Austin-based startups, and small- and medium-sized businesses can now use AI-based Truss to find and lease office space. The Truss platform simplifies and personalizes the office-search process for local business owners looking for spaces of less than 10,000 square feet. Endeavor Real Estate, CBRE and Transwestern are already utilizing the platform to list and market properties to verified tenants in Austin. Truss uses its AI-based chatbot, Vera, to gather and analyze tenant requirements and preferences to create a list of properties that will match the customer's needs.

DALLAS—Marcus Walther recently joined SWBC Real Estate as vice president. In this role, Walther is responsible for property acquisition, value analysis, due diligence, financing and asset management, as well as identifying new development opportunities.

DALLAS—CBRE announced that F. Scott Taylor has joined the company as director and leader of CBRE's Texas property tax practice for valuation and advisory services, based in Dallas. In this newly created role, Taylor will be responsible for developing, leading and managing the Texas property tax practice and a growing number of property tax specialists. He will report to Micah Beck, senior managing director, VAS, CBRE.

HOUSTON—Lee & Associates-Houston announces seven new hires to its growing team. Specializing in industrial, land and investment brokerage are Stephen Hazen, director, and associates Mason Alsbrooks, Drew Aston, Justin Cole, Feysal Edris, Jeff Kuper and Brandon Wuntch.

HOUSTON—Nancy Almodovar, founder/CEO of Nan and Company Properties, had the exclusive opportunity to attend Christie's International Real Estate's 2018 Owners Conference in Buenos Aires; its first in South America. With attendees from around the world, Almodovar represented Houston as a result of her company being selected to join Christie's Affiliate network as its Houston partner in 2017.

DEAL TRACKER

AUSTIN, TX—CBRE announces the acquisition opportunity of 14231 Tandem Blvd., a 186,199-square-foot office/lab/server building on a prime 51.9-acre site in North Austin. Short-term leases comprise 23% of the property's existing net rentable area. Prominently positioned along MoPac Expressway (Texas State Highway Loop 1) within Austin's major growth corridor, 14231 Tandem presents an opportunity for the creation of a signature corporate campus or a large-scale, mixed-use development. The property's superior visibility and ingress/egress position the asset for various use scenarios, including office, multifamily, retail and hospitality.

AUSTIN, TX—Barltett Cocke General Contractors purchased 5.99 acres for its new Central Texas office at Airport Gateway located just south of Ben White Boulevard. The buyer was represented by Jason Steinberg and Lee Ellison with ECR.

AUSTIN, TX—Astral Capital leased 430 rentable square feet of office space at the Hills Office Park, located at 4611 Bee Caves Rd. The landlord was represented by Haley Smith and Patrick Ley with ECR.

AUSTIN, TX—Comprehensive Neurobehavioral Systems leased 1,831 rentable square feet at 12710 Research. The landlord was represented by Matt Levin and Rebecca Zigterman.

AUSTIN, TX—Tessa Zavala leased 451 rentable square feet at 823 Congress. The landlord was represented by Jason Steinberg and Matt Levin with ECR.

BENTONVILLE, AR—Hospitality Ventures Management Group in a joint venture with Investra, a private equity real estate investor and asset manager, announced the completed acquisition of a two-hotel portfolio for an undisclosed sum. HVMG, which has operated the hotels for five years on behalf of previous ownership, also will manage the 78-room TownePlace Suites by Marriott Bentonville Rogers and the 130-room Candlewood Suites Rogers/Bentonville and oversee the hotel renovations.

FORT WORTH—FunkyTown Donuts & Drafts is opening this spring at Sundance Square at 132 East Fourth St.

HOUSTON—NAI Partners' office project leasing team, part of the company's landlord services division, recently arranged a 2,723-square-foot office lease expansion for StratiVentures Inc. at 2855 Mangum Rd. This deal comes on the heels of a 2,700-square-foot office lease for Texas Academy of English NAI Partners also recently arranged at the property. NAI Partners' Zach Leger and Jacob Aldridge represented the landlord during the negotiations. Leger and Aldridge added the 72,000-square-foot 2855 Mangum Rd. to its leasing portfolio back in November.

HOUSTON—NAI Partners recently arranged the renewal of Seieffe Corporation's industrial lease in Northwinds Industrial Park located at 12227 K FM 529. NAI Partners' Michael Keegan, a partner in the company's industrial group, represented tenant Seieffe Corporation during the negotiations.

HOUSTON—NAI Partners recently arranged a 46,720-square-foot sublease for FairfieldNodal at Air Liquide Center at 9811 Katy Freeway in Memorial City. Jon Silberman, managing partner of NAI Partners; John Ferruzzo, partner and team leader of the company's industrial group; and Nick Peterson, senior vice president; represented FairfieldNodal in the transaction.

Instant Insights /

Middle Market Digest: This Week in the South and Mountain Regions

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