Q4 2019 | Austin Office | Research & Forecast Report
The decade ends with even more construction in Austin's office market
By: Colliers International | Austin
Our "Boots on the Ground" viewpoint is the voice of our experts, who have broken down the market data and compared it to what they are seeing for themselves. This is their take on what the numbers actually mean for the Austin office market.
As anticipated, based on the last five years' worth of quarterly reports, the Austin commercial market closed out the decade firing on all cylinders. Q4 of 2019 was the cherry on top of another year of growth and development in the Texas capitol city. As venture capital funding hit a record high of $2.2 billion, construction continues and more cranes pop up all over the city, there is no sign of slowing down in this tech hub as we enter into the new age-20's
This last quarter unveiled a lot of what is to come in the next cycle of developments, especially in downtown. Avid, local developer, Endeavor, acquired more prominent land near the CBD that is ripe for redevelopment. Purchases include a high-profile retail center at 6th Street and Lamar Boulevard that houses the well-known record store, Waterloo Records and one of ELM Restaurant Group's popular eateries, 24 Diner, also included is the land that sits under Aussie's and Zax Restaurant, both of which are in the heart of the South Central Waterfront. Cielo also made another splash in Austin's development pool with the purchase of a 0.81-acre tract at 5th and Brazos. The tract, improved with 39 condominium units, was reportedly purchased for $55,000,000. Cielo's press release indicated it could be built up to about 885,000 square feet.
As the acquisitions of Austin's limited land continues, construction marches on with... To read more click here: https://www2.colliers.com/
Kaitlin Holm | Research & Marketing Coordinator