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If Golden Girls were filmed today, we think the gals would more likely be eating cheesecake in San Antonio than Miami. Why? We rank No. 1 among the nation's largest metro markets for construction of independent living facilities for seniors and sixth for construction of assisted living facilities for seniors.  ARA seniors housing managing director Debbie Laycock (right with Trophy Club mayor Connie White at a Dallas Bisnow event last week) tells us San Antonio has 22 independent living facilities with more than 5,000 units and 427 new units under construction (that's an 8.2% increase in inventory), according to NIC Map, a seniors housing industry data provider. The demand is growing for these products with almost 3% growth annually for the next five years among the population 65 and older, Debbie says. (That also likely means a growth in Luby's Restaurants in San Antonio, too.)  Memory care products are also gearing up with 1,500 units being added nationally to the existing inventory of 15,000 across those top markets. From a micro-market standpoint, some may think that sector is overheating, but Debbie thinks there is demand across the board. And that demand will grow across all asset classes of seniors housing, she says. (Fun fact: Debbie likes adventure travel. Think hanggliding in Rio.) |
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Where's Development? Experts at Bisnow's Austin Retail and Restaurant Summit last week were pretty ebullient about the market, but we're still facing challenges, we learned. Catellus EVP Greg Weaver says you'd think it would be overbuilding, but we're actually underbuilding because no one knows where or what to develop, and lenders aren't active in retail development yet. (Some have just been really focused on multifamily and office and will trickle down to retail soon.) Above, some of the 230 attendees who joined us bright and early.  Retail Solutions founder David Simmonds has heard from national developers that Austin is the hardest development market in the country; some would rather compromise on rates to renew than deal with permitting and construction here. (Paperwork and red tape kills more people per year than sharks and lions combined.) That's artificially limiting supply even though demand is here. Our region's water shortage is also having an impact; some areas aren't allowing new development because they can't extend utilities.  Our moderator Bury SVP Nick Moulinet was particularly curious how food trucks will change the retail scene. David says they're a welcome addition to the Capitol City's tight occupancy. (Researchers don't include them in our vacancy stats.) They can also be a great temporary income for buildings or areas in transition. And while there aren't many non-food food trucks in the market yet, he predicts those could become popular. (They're so similar to mall kiosks.) Snap Kitchen founder/CEO Martin Berson thinks food trucks will have a serious positive impact on the market. He says they can be a sort of minor league for young restaurateurs, and they tend to be really creative. (Also the clean up is easier.) |
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Fish Tales Nothing relieves San Antonio-based CBRE real estate manager Lydia Fehr's stress more than fishing. "Reds, drum, or flounder fish are nice to catch and better to eat." The last three years, she and her friends have done bi-annual fishing trips to Venice, one hour southeast of New Orleans (and the last town accessible by land along the Mississippi). The last trip netted fish more than 37" long and more than 35 pounds. "It was an entertaining challenge to reel in one after another as our guide sat stunned at our catches. Needless to say, I won that reeling battle," she says. Back home, she and colleague Connie Phillips manage the BOMA San Antonio TOBY-winning, 360k SF Fiesta Warehouse & Distribution Co at the Port of San Antonio, which is receiving its award today.  Austin-based CBRE senior managing director Rob Roy Jr. (who heads asset management for the firm's South Central region) caught a 43-pound wahoo off the Big Island of Hawaii. It was his son Brandon's first offshore fishing trip, and they had a great sushi dinner that evening, he says. (The fish was so big that it touched the ground in this pic.) Rob and his team is managing an extensive $8M renovation of Austin's 100 Congress; the iconic office building is getting a refreshed lobby and entrances. Work will wrap up this summer. |
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