News

Buying Activity on Commercial Property in Southeast Texas has Jumped

Buying Activity on Commercial Property in Southeast Texas has Jumped

written by Lee Wheeler

Over the last three months, we have seen an explosion in buying activity in Southeast Texas. Currently, Erica Goss and I have nine properties under contract and are negotiating four others. Along with this we are having serious talks with several other potential buyers. For a larger market that is not that significant, but for a tertiary market like Southeast Texas, it is big. Personally, I have been doing this since 1997 (21 years) with all but the first three years being in SETX. During that time, I have never seen this much all at the same time. The best thing is this: it is not slowing down, but rather picking up.

Sure, some of these deals may not close, but the activity is very brisk and aggressive. Sometimes markets have anomalies of activity with no rhyme or reason, but this time, we have so much baseline activity that is driving the market. Here’s a short list of those things:

  • Deepening and widening of the Sabine-Neches Ship Channel
  • Port of Beaumont expansion
  • Major industrial and petro-chemical plant expansion
  • Retail growth with many new restaurants and retailers either opening first locations in the area or expanding in the area

These are just a few of the many things that are driving this market. The ship channel project is the one that will continue to drive this area down the road. This single project is estimated to produce 78,000 permanent jobs in Jefferson County alone! 78,000 jobs are huge for a market like Houston, but for a market the size of the Beaumont-Port Arthur, MSA is beyond comprehension. Now these numbers are not just some pie in the sky number that will come from one employer. It is the result of well-known Texas economist Ray Perryman, who conducted the study to assist in getting the project moving. The other great news about those 78,000 jobs is that they are not coming in one short period of time, but over a period of 10-20 years, which provides a strong growth period rather than a simple surge.

Other indicators of the strong economy in SETX are:

  • Strong housing sales
  • Shrinking housing inventory
  • Retail sales up
  • Building permits up
    • Beaumont alone has the following in the pipeline
      • 2 hotels
      • Lots of restaurants
      • Apartments
      • Strip center
  • Infrastructure improvements happening all over SETX to include:
    • Ports
    • Highways
    • City streets

It is a great time in history to work, live, and play in SETX with so much going on and billions of dollars being pumped into our local economy. I encourage you to get there and share this information and realize that now is the time to really work hard to help your industry grow and be part of this amazing time period. Be part of the solution and not part of the problem. It is easy to say and be part of the naysayers out there, but it is another to realize what is going on and become part of the growth. The naysayers will look back one day and say, “I never realized how much our area was growing.”

Stay positive out there and enjoy the ride, SETX!

Leave a Reply

Your email address will not be published. Required fields are marked *

Chevron Phillips Buying Land in Orange County https://t.co/DJOJ1IpKa3
Port of Sabine Pass Looking to Grow https://t.co/5xhn1SxzPd
Everyone is posting first day of school pics, so we decided to do our own. #firstday https://t.co/AQnIxBiFcQ
Check out our newest for sale listing a 6,480 SF free-standing building on the very high traffic College Street/Hwy… https://t.co/30lr9Dt1pS
Amazon is not just changing retail e-commerce, but also creating opportunity real estate. https://t.co/6lCV6w2GRa
Learn why it is so valuable to hire a civil engineer for developing property. https://t.co/v6jSUTGi9u
Port Neches Riverfront could see development soon https://t.co/rA4eGmPXPZ
Big plans mean growth in Beaumont https://t.co/8RXdyfGYOE
Only 1 state's (WV) GDP grew more from 4th Qtr 2018 to 1st Qtr 2019 than Texas. WV grew at 5.2% and Texas was at 5.… https://t.co/LeTF02w5pV
2 New Bobcat Equipment Locations are coming to our area https://t.co/USYlSthi7b
The monthly review of the Texas Economy from Texas A&M Real Estate Center https://t.co/AOZQQSSROy
A letter sent to customers verifies ExxonMobil has began production at the new 650,000 tons a year polyethylene (PE) unit in Beaumont.
New all-time low!!! Texas' unemployment rate hit 3.4% in June 2019. That's the lowest it has been since 1976 when t… https://t.co/VDFOBpl7sf
Reduced! Highway 69 Frontage Property For Sale in Lumberton. Click the link and it will take you to the property pa… https://t.co/PVPjM01rYw
ExxonMobil expanding Beaumont plant increasing capacity https://t.co/E3AXMWyQwS
Price Reduced! Over 5 acres of commercial land in Lumberton on Highway 421, near City Park and Hwy. 69. Follow the… https://t.co/4XCTiM1pQS
REDUCED!!! Former Bank Building on 2 acres of land on Hwy. 87 For Sale https://t.co/4reGkizRKy https://t.co/Y1i8cGIw6P
We lost one of our funnest and greatest clients. We know he is in a much better place. We will miss your zest for l… https://t.co/GbXfPiT12d
3.45 acres for sale on Hwy 69 at Hwy 327 intersection. 717' of Hwy 69 frontage https://t.co/UFo2RJg011 https://t.co/CPBH7hLqvf