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Employment figures continue to increase, growing 2.5% annually since January 2018, combined with a decrease in deliveries, resulting in increased effective rents to $1,088, a 1.5% increase since Q1 2018.
More than 78,700 residents earning an average annual household income of $82,243 live within a three-mile radius of Gateway Plaza, which is 16 miles north of downtown San Antonio in a northeast suburb.
Building off the momentum established in the third and fourth quarters of last year, the office market kicked off the year on a positive note, according to a JLL first quarter office report.
Two-thirds (22 of 33) of the submarkets in the metro recorded positive absorption in the fourth quarter with The Woodlands representing the top performer at 602,236 square feet and more leasing to follow.
Texas continues to post considerable population growth with about a thousand new residents each day and Houston, tied with Dallas for job growth, has a solid long-term outlook with strong workforce housing demand.
The expansion project on the Christus Spohn Hospital Corpus Christi–Shoreline new patient care tower, which broke ground in July 2016, was completed 41 days ahead of the contracted completion date.
Nelson Knight, EVP and chief investment officer of Apple Hospitality, says, “Through these attractively priced transactions, we adjusted our market exposure in ways that we feel will further enhance the strength and stability of our hospitality platform.”
The city is working with Sea Oats Group to flesh out plans for the project which call for the hotel-conference center to be part of a new subdivision Cinnamon Shore recently began developing on State Highway 361.
The availability of well-placed medical office space in Corpus Christi is limited, and Corpus Christi Medical Tower is strategically located to serve physicians and patients that may utilize multiple area hospitals.
The increase in market value of MetLife's CRE investments is being driven by strong activity throughout North and South American, European, and Asian markets.