RealReal EstateEstate MarketMarket OverviewOverview SanSan AngeloAngelo
Jennifer S. Cowley Assistant Research Scientist
Texas A&M University
July 2001 © 2001, Real Estate Center. All rights reserved. RealReal EstateEstate MarketMarket OverviewOverview SanSan AngeloAngelo
Contents
2 Population 5 Employment 8 Job Market Major Industries
9 Business Climate 10 Transportation and Infrastructure Issues Public Facilities
11 Urban Growth Patterns Map 1. Growth Areas
12 Education 13 Housing 16 Multifamily 17 Manufactured Housing Seniors Housing
18 Retail Market 19 Map 2. Retail Building Permits Office Market
20 Map 3. Office and Industrial Building Permits 21 Industrial Market Conclusion RealReal EstateEstate MarketMarket OverviewOverview SanSan AngeloAngelo Jennifer S. Cowley Assistant Research Scientist
US 87 US 67
San Angelo
SH 306
US 277
Area Cities and Towns County Land Area of San Angelo MSA Carlsbad Tom Green 1,542 square miles San Angelo Tankersley Population Density (2000) Vancourt 67 people per square mile Wall Water Valley
he San Angelo Metropolitan Sta- Angelo was founded in 1867 as Fort stays, San Angelo is a hub of economic tistical Area (MSA), located in Concho in an effort to protect citizens activity for 13 surrounding counties. T the Concho Valley of west cen- and provide a medical center during The area is well known for its history of tral Texas, lies between the Texas Hill tuberculosis outbreaks. Today, be- sheep and goat production, which Country to the southeast and the roll- cause of its strong health care, agricul- adds more than $47.5 million to the ing plains to the northwest. San tural, educational and military main- economy each year.
1 POPULATION Kelly Air Force Base, San Antonio
San Angelo MSA Population Year Population 1990 98,257 1991 97,923 1992 99,107 1993 99,661 1994 100,776 1995 101,077 1996 101,789 1997 102,285 1998 102,685 1999 102,300 2000 104,010
Source: U.S. Census Bureau
he San Angelo area population The City of San Angelo had a popu- over the past ten years. The metropoli- grew an average 0.5 percent lation of 88,439 for 2000, a 4.7 per- tan area is expected to continue to T each year between 1990 and cent increase over 1990, according to grow at a moderate rate, averaging 1 2000. The area recorded a slight popu- the U.S. Census Bureau. San Angelo percent per year through 2020. The lation decline during 1999 but re- was the 28th fastest growing city in Texas Water Development Board fore- bounded in 2000. Currently, more Texas in 2000. casts a faster growth rate of 2 percent than 100,000 people live in Tom The San Angelo MSA has grown at a per year through 2020. Green County. slower rate than the state as a whole
2 Texas Metropolitan Area Population Change, 1990–2000 (in percent)
McAllen-Edinburg-Mission 48.5 Galveston-Texas City 15.1 Austin-San Marcos 48.2 Tyler 15.5 Laredo 44.9 El Paso 14.9 Dallas 31.5 Corpus Christi 14.3 Brownsville-Harlingen-San Benito 28.9 Victoria 13.1 Brazoria County 26.1 Waco 12.9 Houston 25.8 Texarkana 9.4 Fort Worth-Arlington 25.1 Lubbock 9.0 Bryan-College Station 25.1 Wichita Falls 7.8 Texas 22.8 Longview-Marshall 7.7 Killeen-Temple 22.6 Beaumont-Port Arthur 6.6 San Antonio 20.2 Abilene 5.8 Sherman-Denison 16.4 San Angelo 5.6 Amarillo 16.2 Odessa-Midland 5.1
Source: U.S. Census Bureau
San Angelo MSA Projected Population Texas State Texas Water Year Data Center Development Board
2005 114,816 — 2010 120,239 130,224 2015 124,239 — 2020 127,679 144,696
Sources: Texas State Data Center and Texas Water Development Board
Projected Population Growth, 2000–2015 (in percent)
50
40 30 40.2 20 10 19.3 0
San Angelo MSA Texas
Source: Texas State Data Center
3 Household Composition San Angelo MSA Texas
Median household size (1990) 2.7 2.7 Population younger than 18 (1999, in percent) 27.3 28.5 Population 65 and older (1999, in percent) 13.4 10.1
Source: U.S. Census Bureau
Ethnic Distribution (in percent) San Angelo MSA Texas Ethnicity 1990 2000 1990 2000
White 68.7 62.9 60.8 52.4 Hispanic 25.9 30.7 25.3 32.0 Black 4.0 4.0 11.7 11.3 Asian 1.0 0.9 0.3 2.7 American Indian 0.3 0.4 1.8 0.3 Other 0.1 0.1 0.1 0.2 Two or more races* _ 1.0 _ 1.1
*For the 2000 Census, the Census Bureau changed the “race” options, allowing people to report their race as “other” or as two or more races. Source: U.S. Census Bureau
ispanics were the fastest grow- follow trends found across the state. in 1999 compared with the state aver- ing minority group in Tom Residents of the San Angelo MSA had age of $26,834, according to the U.S. HGreen County between 1990 a $23,453 per capita personal income Bureau of Economic Analysis. and 2000. The MSA’s ethnicity changes
4 EMPLOYMENT
San Angelo MSA Employment
52,000
50,000
48,000
46,000
44,000
42,000
40,000 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000
Source: U.S. Bureau of Labor Statistics
San Angelo MSA Unemployment Rate (in percent)
7 6 5 4 3 2 1 0 May May May May May May Sept Sept Sept Sept Sept Sept January-95 January-96 January-97 January-98 January-99 January-00 January-01
Source: U.S. Bureau of Labor Statistics
5 Top Ten Employers Top Ten Private Employers
Goodfellow Air Force Base Verizon Military Communications 4,064 employees Bergstrom Air Force Base,1,515 employees Austin San Angelo Independent School District Shannon Health Systems Education Health care 2,184 employees 1,397 employees Verizon Ethicon (Johnson & Johnson) Communications Medical supplies 1,515 employees 1,300 employees Shannon Health Systems SITEL, Inc. Health care Telemarketing 1,397 employees 980 employees Ethicon (Johnson & Johnson) Community Medical Center Medical supplies Health care 1,300 employees 700 employees Angelo State University Shannon Clinic Education Health care 1,044 employees 500 employees City of San Angelo Blue Cross–Blue Shield of Texas Government Customer service center 1,000 employees 435 employees SITEL, Inc. Hirschfield Steel Co. Telemarketing Fabricated structural steel 980 employees 400 employees Community Medical Center West Texas Medical Associates Health care Health care 700 employees 356 employees San Angelo State School Reece Albert Education Road construction 695 employees 330 employees
Sources: San Angelo Chamber of Commerce
Employment Growth by Industry San Angelo MSA Texas
Employment growth, 2000 (in percent) 0.9 3.2 Unemployment rate (in percent) 3.2 4.2 New jobs in 2000 400 288,900 Employment growth by sector (in percent) Services 0.8 4.7 Trade 1.0 3.1 Manufacturing -2.1 0.1 Mining 33.3 2.3 Finance, insurance and real estate 0.0 1.3 Construction 4.5 6.2 Government 2.2 1.7 Transportation, communications and public utilities -3.6 5.1
Sources: U.S. Bureau of Labor Statistics and Texas Workforce Commission
6 Texas Metropolitan Area Employment Change, 1990–2000 (in percent)
Austin-San Marcos 58.8 El Paso 15.4 Laredo 40.3 Waco 14.3 McAllen-Edinburg-Mission 35.8 Lubbock 14.0 Dallas 30.4 Sherman-Denison 12.5 Brownsville-Harlingen-San Benito 30.1 Longview-Marshall 12.2 Bryan-College Station 29.2 Abilene 11.4 Killeen-Temple 28.7 San Angelo 10.7 San Antonio 28.6 Corpus Christi 10.3 Fort Worth-Arlington 23.7 Galveston-Texas City 8.2 Texas 23.3 Wichita Falls 7.8 Tyler 22.9 Odessa-Midland 6.5 Victoria 22.4 Texarkana 4.5 Houston 22.1 Beaumont-Port Arthur 3.5 Amarillo 18.6 Brazoria County 2.3
Source: U.S. Bureau of Labor Statistics, February 2001
he total number of people em- Strauss, Western Iron Works and Safe for Air Force intelligence training and ployed in the San Angelo area Care — had ceased operation. fire and rescue training for the Army, T rose between 1990 and 2000. In Total employment has grown 10.7 Air Force and Marines. 2000, total nonagricultural employ- percent since 1990, a rate slower than In 1998, Goodfellow had 9,312 ment was 43,900, up 0.9 percent from the state as a whole. The 2000 average training wing graduates. Base housing 1999, according to the Texas Workforce unemployment rate in the San Angelo has been improved, a student lounge Commission. The U.S. Bureau of Labor area was 3.2 percent, down 1.1 per- has been added and an $8.6 million Statistics estimates civilian employ- centage points from 1999. dorm renovation took place in 1999. ment at 48,234 — up 0.5 percent from The military has a strong presence in Goodfellow has an estimated annual 1999. During 1999, area employment San Angelo. Goodfellow Air Force economic impact of $246 million. had dropped because three major Base, the largest employer in the San manufacturing operations — Levi Angelo area, is a consolidated location
7 JOB MARKET
lueCross-BlueShield opened its Stewart, a mining equipment manufac- 2000. The goat processing facility will HMO claims processing and turer, opened in 2000 and employs create 400 jobs over five years. Bcustomer service departments in ten. Lone Star Beef has continued to San Angelo and now employs more American Halal Meat Processors grow since it opened in 1997. The than 400. Logicon, a software develop- plans to open in 2001 in the former company sells meat to fast food chains ment company located on the Angelo Monfort Meat Packing building and across the nation. State University (ASU) campus, will initially employ 100, with plans to Steller Industries plans to open a hot opened in 2000. The company initially eventually employ 400. Ranchers’ tub manufacturing facility during hired 20 people but plans to grow us- Lamb opened in February 2001. 2001, initially employing 60. ing graduates from ASU. Watt and Monfort Packing opened in April
MAJOR INDUSTRIES
an Angelo has a diversified eco- ment. Mining gained 200 jobs during est agricultural product, accounts for nomic base. Services and trade the past year, in part because of re- 27 percent. Goats and sheep generated S make up the largest portion of the bounding oil prices. Mining represents 19 percent of the area’s 1997–2000 nonagricultural workforce. Services 2 percent of area employment. agricultural receipts, according to the represent 26 percent of the workforce Tom Green County’s agricultural Texas Agricultural Extension Service. and added 100 jobs between 1999 and sector is changing. According to the For 2001, agricultural receipts are ex- 2000. Trade makes up 23 percent of 1997 Census of Agriculture, land in pected to total $50.2 million, down employment and also added 100 jobs. farms decreased 6 percent from 1.03 from $52.8 million in 2000. Government represented 22 percent million acres in 1992 to 959,000 acres San Angelo is well known for its role of area employment in 2000, up 200 in 1997. In addition, the number of as a major sheep and goat market. The jobs from the previous year. Construc- full-time farms decreased 13 percent Producer’s Livestock Auction Com- tion employment was up 100 jobs. from 472 in 1992 to 412 in 1997. The pany, the nation’s largest auction for Manufacturing represents 11 percent market value of agricultural products sheep and second largest livestock of the area’s employment but lost 100 sold, however, increased 9 percent to auction in Texas, holds auctions twice jobs during 2000. Transportation, $85.9 million in 1997. a week. communications and public utilities Cotton generates 28 percent of agri- represents 7 percent of area employ- cultural receipts. Beef, the second larg-
8 BUSINESS CLIMATE
Tax Rates, 2000 Tom Green County Tax Rate per Taxing Entity $100 Valuation
City of San Angelo $0.87 San Angelo ISD 1.51 Tom Green County 0.48 Total $2.86
Source: Tom Green CountyAppraisal District
San Angelo MSA Retail Sales
Year Total Sales Sales per Capita
1990 $639,747,737 $6,511 1991 673,152,216 6,874 1992 741,687,918 7,484 1993 836,041,013 8,389 1994 857,326,041 8,507 1995 966,348,992 9,561 1996 955,081,879 9,383 1997 924,261,299 9,036 1998 980,378,456 9,547 1999 1,156,781,610 11,308 2000 1,269,934,238 12,210 State Average 2000 $12,612
Source: Texas Comptroller’s Office
etail sales per capita in the San the O.C. Fisher Reservoir and Twin Hilton Hotel was the fourth hotel built Angelo area are slightly lower Buttes Lake — draw tourists, as do by Conrad Hilton. No longer a hotel, R than for the state as a whole. tours of several area ranches. the historic building is open for tours. The sales tax rate in San Angelo is 8.25 San Angelo State Park has numerous In January 1999, a half-cent sales tax percent. The hotel-motel tax rate is 13 nature exhibits, including dinosaur was added and dedicated to two major percent. tracks and a longhorn cattle herd. Fort projects: dredging Lake Nasworthy Tourism brought $74 million into the Concho is America’s best-preserved and the construction of an arena. The San Angelo economy during 1998. frontier fort. Block One, San Angelo’s $11 million Lake Nasworthy project The city has an abundance of nature first street, has a historical theme and will improve the city’s water supply and cultural-heritage tourism. The includes an old general store and sev- and recreational facilities. area’s three lakes — Lake Nasworthy, eral sidewalk stores. San Angelo’s
9 TRANSPORTATION AND INFRASTRUCTURE ISSUES
San Angelo Airline Boardings 1997 1998 1999 2000
San Angelo Regional Airport 43,387 43,126 41,639 50,493
Sources: San Angelo Regional Airport
an Angelo has access to U.S. 277, provided the airport $500,000 to up- The city signed a contract with the U.S. 67, U.S. 87, Texas Highway grade facilities. Upper Colorado River Authority to use S208 and Texas Highway 306. At Mathis Field, a new aircraft res- water from the O.C. Fisher Reservoir in South Orient Line is the rail carrier cue and firefighting station is under 2000. In return, the city will pay serving the area. Kerrville Bus Lines construction and will replace the exist- $480,000 for watershed projects. and Sunset States provide service to all ing structure. An undeveloped well field exists in major Texas cities. Concho Coaches San Angelo receives its water from McCulloch County. Presently, con- provides van service to and from the the Twin Buttes Reservoir and the flicts with the Hickory Underground Midland-Odessa area. Colorado River Municipal Water Dis- Water Conservation District have pre- San Angelo Regional Airport serves trict. An extra 186,000 acre-feet of wa- vented transferring water outside of the the area with carriers American Eagle ter was added to the city’s supply by district. The existing and planned wa- and Continental Express. American acquiring approximately 16.5 percent ter supply sources will adequately Eagle provides service to Dallas-Fort of the O.H. Ivie Reservoir. handle San Angelo’s demand until Worth International Airport, and Con- A pipeline is under construction to 2050. tinental Express provides service to bring water from the O.H. Ivie and E.V. The City of San Angelo is increasing Houston. Spence reservoirs. The project is ex- the average water bill by 60 cents to The airport is making improvements pected to cost $2.2 million. The pipe- raise $4 million annually to help address for the U.S. Customs Service in an ef- line will carry 27 million gallons of wa- water issues in San Angelo. This will also fort to keep the service in San Angelo. ter per day and was expected to be provide funds to replace deteriorating The Federal Aviation Administration completed by June 2001. water lines over a six-year period.
PUBLIC FACILITIES
roundbreaking on the $4.9 mil- The Tom Green County Justice Cen- Edd B. Keyes Building will be ex- lion Spur Arena occurred in ter was completed in early 2001. The panded for the addition. GJanuary 2001. The 83,370- expansion included the addition of Goodfellow AFB broke ground in square-foot facility has a 45,000- 192 beds and administrative offices. March 2000 on a 176-bed dormitory. square-foot dirt floor and an accompa- The second phase will begin this year The 50,000-square-foot facility is ex- nying 38,304-square-foot barn. The and will include renovations on the ex- pected to be completed in fall 2001 at project will be completed by February isting jail facility and will take six to a cost of $8.9 million. 2002, in time to host the San Angelo eight months to complete. Phase III The San Angelo YMCA plans to Stock Show and Rodeo. will include the installation of court- build a 43,140-square-foot building The City of San Angelo is building a room facilities. along the Concho River near Park Crash Fire Rescue and Firefighting Tom Green County is planning an Drive. The building will cost $4.76 Station on Knickerbocker Road. The expansion of the county library. The million to construct. $1.2 million facility broke ground in November 2000.
10 URBAN GROWTH PATTERNS
SH 208 US 87
Residential Retail Retail Retail
US 67 SH 306
US 87 Map 1. Growth Areas San Angelo, Texas Census Place Water Area US 277 Highway Source: Real Estate Center at Texas A&M University
ap 1 indicates San Angelo’s Sherwood Way, which runs northeast Angelo. Downtown is expanding and growth areas. Strong retail to southwest through the city. Residen- adding a new museum. Mgrowth is occurring along tial growth is expanding in east San
11 EDUCATION
Educational Level, Persons Age 25 and Older (in percent) Level of Education San Angelo MSA Texas
High school graduate 27.0 25.6 Some college, no degree 22.2 21.1 Associate’s degree 4.8 5.2 Bachelor’s degree 12.1 13.9 Graduate or professional degree 4.9 6.5
Source: U.S. Census Bureau
Local College and University Enrollment
Fall 2005 2010 School 2000 (estimated) (estimated)
Angelo State University 6,309 6,417 6,377 Howard College 952 2,210 2,180
Sources: Educational institutions and the Texas Higher Education Coordinating Board, January 2001
SU renovated the Houston playing fields and parking. The project trict. The facility will not be com- Harte University Center. The is located on South Jackson Street on pletely operational until 2005 but be- A$10 million project was com- the ASU campus. gan offering its first classes in January pleted in summer 2000 and includes a A new minor league baseball sta- 2001. conference center. dium was completed between the San Angelo Independent School Dis- The Junnell Center at Jackson Street Junnell Center and the alumni center at trict will spend $18 million in 2001 on and Varsity Lane will be completed in ASU. The San Angelo Colts’ started several projects. New tennis courts fall 2001. The $20.1 million multipur- their season in the new stadium in May and landscaping will be added at Lin- pose facility will house the Stephens 2000. coln Junior High. Bradford Elementary Arena and athletic offices. Once the During 1999, the Texas State Uni- will receive new offices. New Junell Center opens, the Physical Edu- versity System leased the Levi Strauss restrooms will be added at San Angelo cation Building will be renamed the building for use as the West Texas Stadium. Center for Human Performance. Training Center. The center will serve Lake View High School was rebuilt A new intramural complex will as a vocational training center and will in 2000 after the previous high school break ground during summer 2001 and be operated by a consortium consist- burned. The $13 million building was will open in October 2001. The ing of ASU, Howard College and the completed in May 2001. $390,000 project will include outdoor San Angelo Independent School Dis-
12 HOUSING
Housing Affordability – Fourth Quarter 2000
Percent of Households THAI for That Can Afford First-time Median-priced Home THAI* Homebuyers
San Angelo MSA 69 1.58 1.27
*The THAI is the ratio of median household income to the income required to buy the median-priced home using currently available mortgage financing. Standard financing is a 30-year loan covering 80 percent of the cost of the home. A THAI of 1.00 indicates that the median household income is just enough to qualify for a loan sufficient to purchase the median- priced home. Source: Real Estate Center at Texas A&M University
San Angelo MSA Single-family Permits
700
600
500
400
300
200
100
0 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000
Source: U.S. Census Bureau
13 Average Sales Price of Single-family Home, San Angelo Area $90,000 $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000
Source: Real Estate Center at Texas A&M University
Single-family Home Sales Volume, San Angelo MLS
140 120 100 80 60 40 20 0 May July April June March August October January February November December 1998 1999 2000 September
Source: Real Estate Center at Texas A&M University
14 Price Distribution of MLS Homes Sold in San Angelo (in percent)
Price Range 1997 1998 1999 2000
Less than $60,000 45.3 38.6 35.0 34.3 60,000 – 79,999 22.8 21.7 22.8 23.2 80,000 – 99,999 13.5 20.6 18.4 17.3 100,000 – 119,999 6.3 6.5 9.2 9.1 120,000 – 139,999 4.8 3.9 5.3 6.2 140,000 - 159,999 2.8 2.2 3.3 3.3 160,000 – 179,999 1.4 2.0 2.1 2.2 180,000 – 199,999 1.0 1.6 1.7 0.6 200,000 – 249,999 1.0 1.6 1.2 2.4 250,000 – 299,999 0.6 0.4 0.4 0.5 300,000 and more 0.4 0.8 0.5 0.8
Source: Real Estate Center at Texas A&M University
Plats in San Angelo Subdivision Location Acreage
Inside City Limits San Angelo Gateway Addition FM Hwy 308 and Route 306 406.7 Lakeside Ranch Knickerbocker and South Orient Railroad 92.9 Ellison Estates, Section 2 Loop 306 and Oak Grove Blvd 22.8 Lake Nasworthy Addition, Shady Point Loop 306 and Turtle Drive 66.5 Group Section 1 and 2 Windstone Park Addition, Section 1 Concho River and Loop 306 26.6 Red Arroyo Hills Addition, Section 5 Sherwood Way 15.5 Southland Park Addition, Section 1 Southland and Knickerbocker 15.0 Lake Nasworthy Addition, Group Middle Jaycee Road and FD Road 8.8 Concho, Section 1
Outside of City Limits JR Country Estates Blumentritt and Loop 306 14.5
Source: City of San Angelo
ccording to Stribling-Probant 74 new homes were permitted, ac- San Angelo area had a 6.9-month in- Appraisers, most of the single- cording to the U.S. Census Bureau. ventory of existing homes for sale. A family lot development in the Within San Angelo 244 new homes A $100 million golf course develop- MSA occurred in southwest and west were constructed in 2000, down from ment has been proposed on 800 acres San Angelo in 2000. There are a total 275 in 1999, according to the City of on Rio Concho Drive. Other active of 23 active subdivisions. San Angelo. subdivisions in San Angelo include MSA new home construction de- The average sales price for all MLS- Twin Oaks, Country Club Lake Estates, creased from 267 homes permitted in listed homes increased to $83,800 in Sunset Ranch Estates and Paul Ann 1999 to 239 homes in 2000. At the 2000, an increase of $2,700 from the West Additions. In Tom Green County, same time, the average value of a new 1999 figure. The total number of The Oaks North subdivision southwest home increased to $120,800 from homes sold was 1,122, down slightly of Christoval will have 70 lots ranging $105,900. In the first quarter of 2001, from 1,133 in 1999. During 2000, the in size from 2.5 to 100 acres.
15 MULTIFAMILY
San Angelo MSA Multifamily Building Permits (in units) 1,200
1,000
800
600
400
200
0 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000
Source: U.S. Census Bureau
San Angelo Apartment Statistics, December 2000
San Angelo Texas Metro Average
Average rent per square foot $0.55 $0.75 Average rent for units built since 1990 $0.58 $0.96 Average occupancy (in percent) 93.3 95.7 Average occupancy for units built since 1990 (in percent) 92.4 95.4
Source: Apartment MarketData Research
ccupancy rates for multifamily percent, according to the San Angelo A new 192-unit affordable apart- housing were unchanged be- Apartment Association. In 1999 and ment complex is planned just south of Otween 1999 and 2000, while 2000, no new apartments were permit- the Concho River, bordered by Surber the average rental rate rose one cent. ted. In the first quarter of 2001, no new Drive and Baker Street. Occupancy rates for 2000 were at 83.1 multifamily units were permitted.
16 MANUFACTURED HOUSING
San Angelo MSA Manufactured Home Sales Proportion of New Manufactured Single-family Homes Homes Sold (in percent)
1997 133 40.9 1998 178 43.6 1999 187 41.2 2000* 104 35.0
*Through third quarter 2000 Source: Texas Manufactured Housing Association
SENIORS HOUSING
agecrest Alzheimer’s Care Center Main Street. The $3.6 million project Angelo will expand a seniors center, opened in November 2000. The was designed with two sections, one adding 13,750 square feet. Construc- S 50-bed facility is located adja- for early-stage and the other for late- tion is expected to begin in July 2001 cent to the Baptist Memorial Center on stage Alzheimer's care. The City of San on the $1.12 million project.
17 RETAIL MARKET
Retail Property Statistics 1997 1998 1999 2000
Total space surveyed 761,165 612,496 645,493 605,493 Occupancy rate (in percent) 89 86 91 91 Rental rates (per square foot) $6-$8 $6-$8 $6-$8 $6-$8
Source: Stribling-Probandt Appraisals
Hotel Occupancy and Rental Rates
1999 2000 San Angelo Texas San Angelo Texas
Occupancy rate (in percent) 62.8 64.1 67.8 65.7 Average daily rental rate $46.79 $84.08 $50.21 $86.45
Source: PKF Consulting
o new multitenant shopping struction on a $1.1 million restaurant store. Two self-storage facilities are un- centers were constructed in on Southwest Boulevard in April 2000. der construction, one on Mockingbird N2000, but big box and restau- Logan’s Roadhouse broke ground in Lane and the second on Bell Street. rants were under construction, accord- June 2000 on a restaurant on Sherwood A new baseball stadium was built in ing to Stribling-Probant Appraisals. Way. A new Subway is under con- 2000 to house the San Angelo Colts. Rental rates for speculative space re- struction on North Bryant Boulevard. The $2.5 million project seats 4,000 main at $6 to $8 per square foot, triple La Scala opened in 2000 on South and includes the Hard Ball Café . The net. Smaller space may rent for as high Bryant Boulevard. Papa Enrique’s Spur Arena, which will host roping and as $8.50 per square foot. Larger retail opened on Pulliam Street in 2000. rodeo events, opened in spring 2001. space rents for $4 to $6. Self Storage Angelo Pizza Factory on Howard A new $800,000 shopping center is units are 91 percent occupied for Street closed in January 2001. being developed downtown at Concho 2001. See Map 2 for retail building A three-story, 80-room Hawthorne Avenue and Oakes Street. Concho permits issued in San Angelo in 2000. Suites broke ground in December Crossing shopping center has 17,000 Restaurant sales are expected to in- 2000. The $2.5 million hotel is located square feet with 12 shops and was crease 1.7 percent during 2001 to on Knickerbocker Road. Town and completed in spring 2001. $114.6 million. Luby’s began con- Country Food is constructing a grocery
18 SH 208 US 87
US 67 SH 306
US 87 Map 2. Retail Building Permits, 2000 San Angelo, Texas Census Place Water Area Highway US 277 Retail Source: City of San Angelo Building Permit Office
OFFICE MARKET
Office Property Statistics 1998 1999 2000 2001
Total space surveyed 347,172 264,917 264,917 334,275 Occupancy rate (in percent) 83 94 90 80 Rental rates (per square foot) Class A $8.50–$12 Class B $6–$8.50
Source: Stribling-Probandt Appraisals
lass A office occupancy re- ings. These buildings were large and tion of state offices into a new building mained stable over the last year have low occupancy levels. The drop left many smaller buildings with va- Cat 98 percent. Class B occu- in Class B occupancy resulted in an cancies. See Map 3 for office and in- pancy declined from 75 to 66 percent overall decline in occupancy of 10 dustrial building permits issued in San with the addition of two Class B build- percent. Additionally, the consolida- Angelo during 2000.
19 No new multitenant office buildings increase to 65,000 square feet by Tom Green County 4-H has con- were constructed in 2000. There has 2001. structed a 14,000-square-foot facility been new construction of owner-occu- The old JCPenney Building down- on U.S. 67/277. The facility includes a pied or primarily owner-occupied of- town was renovated at a cost of meeting room for 350 and feeding and fice buildings. $600,000 and reopened in spring holding pens for show animals. Con- Shannon Health System is planning 2000. Myer Drug will use 7,000 struction was completed in spring 2001. to make $30 million worth of techno- square feet on the lower floor, and the San Angelo Funland opened in July logical upgrades and clinic renovations. upper floor will be used as private 2001. The amusement park is located The Monarch Tile building near Fort offices. at the former Neff's Amusement Park. Concho is being remodeled for state The Old Trust Building is being reno- offices. Currently, 49,000 square feet vated into office space. The first offices are occupied. This figure is expected to were available by the end of 2000.
SH 208 US 87
US 67 SH 306
Map 3. Office and Industrial Building Permits, 2000 US 87 San Angelo, Texas Census Place Water Area Highway Office US 277 Industrial Source: City of San Angelo Building Permit Office
20 INDUSTRIAL MARKET
ollman Industries is renovating opment Corporation will spend Asia and the Middle East. The plant its 15,000-square-foot wool pro- $850,000 for planned infrastructure will initially employ 100 and plans to Bcessing plant. An additional improvements. eventually employ 400. 3,750 square feet will be added during American Halal Meat Processing Ranchers’ Lamb opened a new fabri- 2001. Project cost is $700,000 and will locate in the former Monfort Meat cation plant in February 2001. The will include new equipment. Packing building. The company will 10,000-square-foot building cost $2 The San Angelo Business and Indus- prepare goat meat according to Islamic million and is connected to the exist- trial Center is a proposed 400-acre in- law so it can be sold for consumption ing building on City Farm Road. The dustrial park. Construction on the park by Muslims. The company expects to project is expected to increase the de- is expected to start during summer primarily export the product to Europe, mand for lamb processing. 2001. The City of San Angelo Devel-
CONCLUSION
an Angelo offers residents a low Sherwood Way. Strong residential employment and manufacturing. The cost of living, educational oppor- growth has occurred in south San expansion of the meat processing in- S tunities and quality health-care Angelo. dustry and the arrival of BlueCross- centers. The area has a growing popu- The area has a diversified economic BlueShield are creating new jobs in the lation and has posted positive employ- base. The top employers in the area are area. ment figures for the past decade. in the services and trade sectors, public San Angelo’s primary retail and commercial growth has been along
701-25-1488
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