Bisnow Texas Week In Review: The Stories You’ll Be Talking About This Week
Bisnow’s Texas week in review encapsulates some notable upheavals in the Texas real estate sector — the Dallas-Fort Worth industrial market is grappling with rising vacancy rates, while other regions witness a medley of legal battles, strategic acquisitions and financial predicaments, plus a new CEO for a major regional developer.
EDITOR’S NOTE: Parts of this story were generated by AI and have been reviewed by our editorial team for accuracy.
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Industrial Vacancy In DFW Tops 8% As Construction Pipeline Unloads And Interest Rates Chill Deals
The Dallas-Fort Worth industrial sector cools as over 12M SF of new space completes, causing a rise in vacancy rates. Another 58.4M SF is on the way, and interest rate increases and leasing activity slowdowns further complicate the vacancy issue. Read more
Houston Real Estate CEO, Lawyer Named In $15M Fraud, Racketeering Suit
Jetall Capital CEO Ali Choudhri and others face a federal lawsuit accusing them of engaging in a complex fraud and racketeering scheme, causing over $15M in damages related to a dispute over a property at 829 Yale St. Read more
Brokers Demand Closer Look At Landlords' Books
Office tenants are scrutinizing landlords' financials amidst market distress, with brokers seeking upfront financial disclosures before committing to leases. Read more
New CEO Named For Plano-Based Office Developer Granite Properties
Will Hendrickson is set to become the CEO of Granite Properties on Jan. 1, succeeding founder Michael Dardick, who will transition to executive chairman. Hendrickson, who has been with the firm since 2003, has significantly influenced Granite's Dallas office and will continue the company's expansive development endeavors. Read more
Houston Office Hits All-Time-High Vacancy Amid Statewide Slump
Houston experienced a record 26.4% office vacancy in Q3, with older assets largely contributing to this surge. Despite substantial job creation, a disconnect between job growth and space demand is evident as leasing activity has notably declined. Read more
Opportunity Knocks: Why A Family-Owned Houston Firm Is Snapping Up Old Office And Paying Cash
Tenant Managers, a Houston-based investment firm, is actively purchasing older office properties, aiming to own 1M SF of Houston office space by year-end. Despite the city's record 26.4% office vacancy, the firm sees value-add opportunities in strategically located assets. Read more
2 Dallas Properties Up For Grabs After $2B Austin Housing Developer Goes Under
Two Dallas properties, part of StoryBuilt’s $2B receivership sale, are available following the developer's financial struggles and move into receivership. The properties for sale include a 12-acre Downtown Dallas site and Goose, a homebuilding site in Lake Highlands, as well as 26 other properties, 17 of which are in Austin. Read more
Even Half-Off Discount Fails To Generate Foreclosure Buyer For Energy Corridor High-Rise
Pacific Life Insurance reclaimed Four Westlake Park, a 588K SF building in Houston's Energy Corridor, for $30M at auction after no higher bids, despite the $86M valuation the building received in January. The building, previously leased by BP, faces an uncertain future amidst Houston's office loan distress. Read more
