The capital city of the state of Texas is Austin. Austin is the 15th largest city in the United States and the fourth largest city in Texas. It is ranked as the third fastest growing city in the country and has a medium size population. The estimated population of Austin is 757,688 at the center of the city. The metropolitan area has an estimated population of 1,705,075 and continues to grow in size.
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The economic picture of Austin relies heavily on high tech. It is one of the major hubs of high technology, and with the lower housing costs, rivals Silicon Valley. With a large concentration of students graduating from the University of Texas in Austin, majoring in computer science, the city has seen a major boom in employment opportunities for those looking to further their career in the technology sector. The greater metropolitan area and city center houses some large-scale companies, many of which are technology based. Some of the big companies that call Austin home include, 3M, Apple Inc, Hewlett-Packard, Google, AMD, Applied Materials, Citrus Logic, Cisco Systems, ebay/Paypal, Hoover’s, Intel Corporation, National Instruments, and many more. The region has been nicknamed by some, “the Silicon Hills” and has seen a lot of great development for both commercial and personal real estate needs. It continues to grow in other areas, including the pharmaceutical and travel industries, but it still relies heavily on the tech industry for the local economy.
Despite a large amount of large-scale employers, the city has an unemployment rate of around 7%, which is marginally higher than the national average. The city has been bouncing back from the national downturn in the economy, and continues to have analysts optimistic about the growth potential in various companies.
With so many large-scale companies, it is no wonder that the area has a high amount of office space, and commercial real estate developments. For companies looking for high-rise offices, and retail storefronts, both are available. The office vacancy rates in the greater Austin Texas area hover around 15% and are down from the 2009 average of around 20%. Despite an optimistic outlook, the area still has a great amount of options for businesses looking to grow, or build a business within the general Austin, Texas area. The prices vary from low to high, but there are a lot of great options. A recent survey of open spaces for office space yielded many smaller options at around $1.50 a square foot, and lower than $1 a square foot for 1,000 square feet and more. Some more elaborate layouts come with great amenities like free utilities, retail adjacent, free landscaping, and much more. There are a lot of openings in the area, and always spots available near the high rises that house high technology.
Austin Texas has been growing by leaps and bounds in regards to the general public. Many people flock to the area due to the high rate of career choices in technology, the low cost of living, and what some magazines have deemed one of the friendliest places to live in the United States.
