NAR reports 45K membership decline since December

🎉 It's almost Friday! Let's dig in.

Today's newsletter is 637 words — a 3-minute read.

1. NAR reports 45K membership decline since December

The National Association of Realtors (NAR) reported a decline in membership to 1,509,195 at the end of April, down by 2.96% from December 2023. Despite this, it’s higher than the figures in February and March.

This decline is attributed to market challenges, including historically low levels of existing home sales inventory and major rule changes due to the Sitzer/Burnett Commission lawsuit.

Although the April figures don't detail state-by-state losses, previous data showed significant declines in Washington, D.C., Colorado, and Maryland. Analysts anticipate further membership declines due to ongoing rule changes, potentially leading to significant industry shifts. LINK

2. Goldenrod Companies eyes massive West Dallas development with 5,000+ residential units

Goldenrod Companies has embarked on an extensive development project in West Dallas after acquiring 90 properties last year. The Omaha-based firm aims to expand the Trinity Groves district with a multi-use development spanning 45 acres in the Fabrication Yard area.

The ambitious plan includes residential, office, and hotel towers, with the first phase proposing 2,419 residential units, 788 hotel keys, 1.4 million square feet of office space, 126,000 square feet of retail space, and nearly 10,000 parking spaces.

Upon completion, Trinity Groves could host over 5,000 residential units, 994 hotel rooms, 2.6 million square feet of office space, 222,000 square feet of retail, and almost 18,000 parking spaces. LINK

3. Catch up quick

🙏 HUD announces relief for Texas disaster victims. (HUD)

🎥 The truth about VA loans seller contribution and discount points. (Video)

🏡 CIM Group sells Lennox at West Village apartments in Dallas. (CIM Group)

🏁 Groundbreaking commences for $7.4 billion master-planned development in Laredo. (TRERC)

4. WeWork's departure from downtown Dallas skyscraper paves way for new apartments

WeWork's exit from Santander Tower in downtown Dallas has opened the door for the 1.4 million-square-foot skyscraper's owner, Pacific Elm Properties, to convert the vacated office space into luxury apartments.

The construction workers have begun converting WeWork's former southern regional hub into high-end luxury apartments.

Seven of the 14 floors slated for conversion throughout the tower have been transformed into what is now known as Peridot, with about 55% of completed units leased. The Peridot is expected to be completed by the end of August. LINK

5. San Antonio projected to lead nation in office rent growth

San Antonio is expected to lead the nation in office rent growth over the next four years, with rates projected to increase by 1.5 percent annually.

While projections are down from San Antonio’s nearly 4 percent spike in office rents over the past 12 months, it’s still a win given the difficult state of the asset class, which has been grappling with high vacancies since the pandemic.

San Antonio’s office vacancy rate stands at 11 percent, down from the national average of 14 percent. That’s also lower than in Dallas, Houston, and Austin, where vacancies were at 26 percent, 21 percent, and 19 percent in the first quarter, respectively. LINK

6. Empire Square and Ryan Cos set sights on downtown Austin for multifamily development

A joint venture between Empire Square Group and Ryan Companies plans to demolish three commercial buildings at 611 East Sixth Street in downtown Austin to construct a 258-unit apartment complex, the Grant Building. This 260,000-square-foot project will include retail spaces, a courtyard, coworking areas, and a fitness center.

Despite Austin's multifamily development boom during the early pandemic, recent years have seen reduced demand, leading to oversupply and declining rents. Austin’s multifamily market may be oversaturated, but the downtown area presents some enticing opportunities. LINK

☀️ Thank you for starting your day with us!

If you like this newsletter, your friends may too. Forward it to a friend, and let them know they can subscribe here.