AUSTIN—Live, work, play: Three words that are music to any Austin developer's ear.
The trifecta has proved golden for the city, said panelists who appeared at RealShare Austin's second session, “Office Space: The Changing Landscape.”
With moderator Mike Celkis, partner at CohnReznick LLP, leading the discussion, trends in rental rates, as well as a conversation about “nodal growth” in Austin took precedence.
“Traffic continues to segment markets,” Mike Kennedy, principal and managing director, Avison Young, said, adding areas near Hill Country Galleria and The Domain have become “satellite cities.”
As for rental rates, Austin is outdrawing both Houston and San Antonio.
“We're blessed to be in a great state where the economy is going strong,” said Griff Bandy, partner at NAI Partners. “However, it's not so much a landlord's market in Houston anymore,” he added, referring to oil market volatility.
A lively discussion about millenials and their relative significance drew laughs from the crowd.
Bill Redd, executive vice president and senior managing director-Richmond and Austin for Brandywine Realty Trust, pointed out the demo's allegiance to downtown.
But the younger renter/buyer is not limited to just one submarket.
“East Austin is like hipster central,” Kennedy said, where you'll see lots of “skinny jeans and tattoos.”
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