Commercial Real Estate in Austin

Overview of Commercial Real Estate in Austin

Nestled in the heart of the Lone Star State, Austin is a cultural powerhouse with endless opportunities to explore art, music, theater, film, and more. The capital of Texas and one of the most sought-after destinations for professionals and creatives alike, Austin has exploded in popularity in the last decade, adding nearly 37,000 jobs in 2016 alone. It’s also the second-fastest growing city in the country during the five-year period spanning from 2010-2015, behind only New Orleans in population growth.

Home to more than 850,000 residents, Austin is a young city with an average age of 31, making it an attractive option for young professionals, affluent couples, and those seeking to start a family. The University of Texas, which calls Austin home, provides a built-in source of qualified talent as well as entertainment, cultural events, and a hub for tourism.

Major redevelopment projects are currently underway in Austin with the aim of creating more mixed-use, commercial, and retail areas throughout the city’s Downtown area, 2nd Street, Colony Park, and a half-dozen more regions. With additional space becoming available soon, Austin has nearly a thousand commercial and office space listings available with rates well below the national average. The median rate per square foot/year is currently $29.

Economy of Austin

Austin is one of the most economically viable locations for businesses in the United States. With a young population, high growth rate, and a progressive focus on new technologies and industries, Austin sets itself apart compared to other cities of a similar size.

Boasting a higher median household income than the rest of Texas, Austin’s $66,697 is one of the highest median household incomes in the western United States. Austin residents enjoy a wide range of available professions including professional, scientific, and technology services as well as traditional industries like construction, tourism and hospitality, education, business, and those in the public sector.

Austin enjoys a high percentage of educated workers. Over 88% of Austin residents have a high school diploma or higher, with nearly 50% of the population holding a Bachelor’s degree or higher.

Trends of Austin

Home to a spirit of perseverance, entrepreneurism, and creative endeavors, Austin consistently ranks highly among lists of the best places to work, live, and play. Attracting talent from all over the world, Austin’s cultural scene is a major benefit to young professionals and couples seeking challenging work in an exciting, modern city.

Recent studies show that Austin’s population will continue to grow alongside rapid job growth and economic influx. Construction of new residential and commercial buildings surround the city’s center, showing the expansion of the city, will continue for the foreseeable future.