"This kind of land doesn't exist on Loop 360," Travis Dunaway of the Scheffe Group in Austin tells GlobeSt.com about the high interest in a product type that's known for historical highs and lows. The 1 1/12 acres are nestled in one of the most heavily traveled corridors, where office product usually is sized "large" and above.
Now that the Parkstone Office Centre is rising, interest too has picked up, Dunaway says. With 11,000 sf awaiting final signatures, talks are ongoing to fill another 6,000 sf. "At this pace, it could be sold out in 10 to 12 months," he says of a project that targets small businesses for a tenant base and carries a per sf price tag of $185. When the final contracts are signed, the names will be released, he says.
The Parkstone's curb appeal of a traditional office building is its main selling point for the condos which, Dunaway admits, has been hard sell at times in many markets, except Austin where boutique is chic. CGA Development of Austin is the designer and developer, tackling its first condo project although it's partnered with other condo developers. The Scheffe Group is marketing the CGA project at 1800 Capital of Texas Highway South.
Office condos are once again "hot properties" for small business owners because of capital availability and low interest rates, says Dunaway, who's got one project sold out and another 80% filled. It's "a logical next step" is what he tells the shoppers.
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