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AUSTIN—Welcome to the official launch of GlobeSt.com's Austin dedicated edition, where you will find analysis, deals, trends, forecasts, research and more on a daily basis. In addition to GlobeSt.com's daily dedicated market edition, it will distribute a weekly digest containing insights and analysis from its editorial team and Austin's trend-setters.
Because, according to Austin real estate experts, there's no more exciting place in Texas to do business right now than in the capital city, a unique venue that is increasingly attracting nationally known buyers and other high-profile investors.
“Austin is no longer a tertiary market,” says Nate Paul, president, CEO and founder of Austin-based World Class Capital Group. “We're a growing city and market, and the buyers are now different. Austin has mass-market appeal.”
In preparing for today's launch, we exclusively chatted with multiple industry experts about the local CRE environment, challenges and opportunities. From our lengthy discussions, it was clear that the local market is amid a construction boom. Cranes dot the CBD and extend as far north as The Domain, multifamily projects in the southwest submarket are flourishing as are industrial developments in northeast and southeast Austin.
Below are some of the key takeaways from our research that you need to know.
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“With the opening of the Dell Medical School in 2017, it's going to pull in a lot of biotech,” says Karen Judson, vice president, marketing and research at Transwestern.
And with the influx of jobs comes a real shift to the live, work, play model, say our experts.
“The Domain is really one of the hot areas,” says Mark Emerick, senior vice president with CBRE in Austin. “It has interestingly created its own epicenter, separate of the CBD.”
Other examples of similar developments include Mueller Austin, Waller Creek and the forthcoming The Lakes at TechRidge in the north/northwest quadrants of the city.
Hottest Sectors for Opportunity
- Office
- Flex-office
- Multifamily
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However, as Austin continues its evolution, it will grapple with some limitations. CBRE's Emerick points to the lack of deep floor plates in the CBD, a challenge for companies looking for expansive single-story spaces. To that end, real estate experts are awaiting Ryan Cos'. The Waterfront, a 625,000-square-foot corporate campus-like-development south of downtown, as well as other similar projects that are coming online.
Challenges
- Small CBD floorplates
- Austin topography
“There's a vibrancy and depth of market here,” sums up Paul. “But we could use more of everything – more retail, more office…”
All of which will be covered on June 2 at RealShare Austin, half-day conference at the W Austin. Click here for more information.
Check out the below stories to catch up on recent Austin news as well as more detailed insights on those subjects. And don't forget to check back daily for many more exclusive stories from sources on the local market.
Austin to See Upswing in 2015 Development
Transwestern Breaks Ground on Austin Project
MG Properties/Sutton Co. Get Waller-Adjacent Property
NAI Partners Expanding to Austin, San Antonio
Fuzzy's Opens No. 77 in Austin
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