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Austin-Round Rock

Leander: higher education penciled in for summer 2018 

(7/29/2015)

LEANDER - The 100-acre parcel of land for the Austin Community College (ACC) Leander campus near Toll 183A and Hero Way has sat undeveloped since 2010 when it was purchased, but ACC’s plans for the campus are now moving forward.

"ACC Leander will open in summer 2018 and will have an initial capacity for about 2,000 students, relieving the overcrowded Cypress Creek campus in Cedar Park," ACC board Vice Chairman Allen Kaplan said.

More than 5,000 students attend the Cypress Creek campus, which has a capacity of about 3,400.

In fall 2010, there were 1,383 Leander residents attending ACC classes; in fall 2014, there were 1,413.

The new campus will have a library, media center, computer labs and multipurpose rooms.

Read more at Community Impact Newspaper.

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Austin: Block 71 redevelopment up for grabs 

(7/29/2015)

AUSTIN - The University of Texas System is inviting developers to come up with concepts for transforming an entire block in the heart of downtown Austin.

The tract available for redevelopment, known as Block 71, is bounded by West Seventh, Colorado, West Sixth and Lavaca streets.

The system says the redevelopment could include residential units, offices, shops and restaurants.

The system will no longer need the 1.6-acre parcel — where it has two office buildings, four garages and an open-air plaza — because it is building a $102 million headquarters on the north side of West Seventh St., between Lavaca and Colorado streets.

The system’s nine-story headquarters building is expected to be completed in summer 2017. It will accommodate about 550 employees.

Read more at the Austin American-Statesman.

Austin-Bergstrom lands second nonstop European flight 

(7/29/2015)

AUSTIN - Austin-Bergstrom International Airport (AUS) is set to get its second nonstop route to Europe.

Next summer, Frankfurt, Germany-based Condor Airlines will begin flying to Frankfurt International Airport (FRA). The seasonal flights are scheduled to operate on Mondays and Thursdays from June 27, 2016 through September 1, 2016.

“I am pleased to welcome Condor to Austin-Bergstrom International Airport next summer with a new nonstop to Frankfurt, Germany,” said Austin mayor Steve Adler. “New options for air service bring new business, jobs and tourism to Austin."

In March 2014, the airport launched its first nonstop European route to London on a daily British Airways flight.

Read more at Globe St.

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Progressive 'Flos' 241 jobs to Austin 

(7/29/2015)

AUSTIN - Progressive Corp. plans to hire 241 workers for an Austin contact center by the end of the year.

The Ohio company plans to fill positions for claims adjusters and sales representatives.

The center, which opened in 2004, employs about 1,300 workers.

Read more at the Austin Business Journal.

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50,000-SF Mustang Creek Industrial Park to Taylor 

(7/28/2015 8:00:00 AM)

TAYLOR - The Taylor Economic Development Corporation (TEDC) has broken ground for the construction of its new 50,000-sf industrial/manufacturing facility in Mustang Creek Industrial Park.

The building will be available for occupancy before the end of 2015.

TEDC plans to build a total of three buildings of this size and fill them within the next 60 months.

Read more from Texas Real Estate Business.

For more information on land grant incentives, see the Build on Our Lot program from TEDC.

Fourth & brings residential and office space to East Austin 

(7/28/2015)

AUSTIN - A 130,000-sf residential condo and commercial project — named Fourth & — will be built at Fourth and Chicon streets in a flourishing area of East Austin.

Rance Clouse, founder of Capsa Ventures LLC, said demolition on an existing warehouse will begin by August 1. The project — 97 residential units and 42,000 sf of commercial space — is expected to be finished by fall 2016.

The residential units range from 512 sf to 1,465 sf. Prices will start at about $235,000 for a studio and top out around $600,000.

The commercial space could be purchased for offices or studios and some limited retails uses. A business could purchase up to 15,000 sf of contiguous space or as small as 750 sf. Prices for commercial space range from $330 to $365 per sf.

Amenities include reserved and guest parking, a dog wash, public showers along the adjacent bike trail, an amenity deck with outdoor grills and a conference room.

Read more at the Austin Business Journal.

Click Austin NewsTalk Texas and Austin Market Research.

June 2015: Austin-area home sales top 3,000 sales 

(7/24/2015)

AUSTIN - Austin-area home sales topped 3,000 sales for the first time since July 2013, increasing 5 percent year-over-year to 3,051 sales for the month of June, according to the Multiple Listing Service (MLS) report released July 21 by the Austin Board of Realtors (ABOR).

Mid-year statistics show that Austin-area home sales increased an average of 4 percent year-over-year to 13,917, putting 2015 on pace to potentially exceed 2014’s historical high in sales volume.

According to the report, the median price for Austin-area single-family homes increased 8 percent year-over-year to $272,250 in June 2015, while average price increased 2 percent to $333,866 during the same time frame.

Keeping with the upward trend over the last several months, less than three in ten single-family homes sold in the Austin area were priced below $200,000.

While new listings increased by 3 percent to 3,812 for June 2015, inventory held steady at 2.8 months, remaining well below the 6.5 month level the Real Estate Center at Texas A&M University estimates as a balanced housing market.

June 2015 Statistics include:

  • 3,051 – Single-family homes sold, 5 percent more than June 2014.
  • $272,250 – Median price for single-family homes, 8 percent more than June 2014.
  • $333,866 – Average price for single-family homes, 2 percent more than June 2014.
  • 42 – Average number of days single-family homes spent on the market, three days more than June 2014.
  • 3,812 – New single-family home listings on the market, 3 percent more than June 2014.
  • 6,701 – Active single-family home listings on the market, 4 percent more than June 2014.
  • 3,023 – Pending sales for single-family homes, 8 percent more than June 2014.
  • 2.8 – Months of inventory* of single-family homes, unchanged compared to June 2014.
  • $1,018,625,166 – Total dollar volume of single-family properties sold, 8 percent more than June 2014.


*The inventory of homes for a market can be measured in months, which is defined as the number of active listings divided by the average sales per month of the prior 12 months. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.

Source: ABOR

Click Austin NewsTalk Texas and Austin Market Research.

CBRE Austin Office Report 2Q 2015 

(7/23/2015)

AUSTIN - Even with the recent uptick to 11.9 percent, Austin’s office vacancy is the tightest amongst state major metros, according to CBRE's Austin Office Marketview 2Q 2015.

The Austin office market witnessed its 18th consecutive quarter of positive net absorption and finished at 489,183 sf. That was a 46,501 sf increase over 1Q 2015, and a year-over-year gain of 336,122 sf.

The 291,638 sf of absorption in the CBD was 152,402 sf more than 1Q 2015. At the end of 2Q 2015, the Austin market had over 2.2 million sf of office space under construction.

Austin’s office availability increased 50 basis points (bps) and ended the quarter at 15.5 percent.

Austin Office Market Statistics 2Q 2015
Market Rentable
Area
(SF)
Vacancy
Rate
(%)
Net
Absorption
(SF)
Avg. Direct Asking
Lease Rates
($/SF/YR)
Class A Class B
Northwest 13,158,731 10.3 200,957 32.74 27.45
Southwest 10,109,725 12.2 21,626 33.76 27.71
CBD 9,809,755 10.2 291,638 41.90 36.43
Far Northwest 4,110,579 15.6 -20,021 31.50 27.33
Totals 44,534,490 11.9 489,183 35.60 25.33


*Ranked by market rentable area.

**Totals are based on all submarkets. Only top four of the eight submarkets are shown.

Source: CBRE

Full report? See Austin Office MarketView 2Q 2015 (PDF).

Grove of houses coming to Austin, bearing fruit! 

(7/21/2015 9:55:00 AM)

AUSTIN - A residential project is coming with an unusual twist — 38 'farmhouse-inspired' homes clustered in an East Austin development that will include an orchard that in a few years will bear peaches and pears that residents can harvest and enjoy year-round.

The $14 million project, under construction at Pleasant Valley Dr. and Webberville Rd., next to LifeWorks, has a nostalgic theme that hearkens back to a time when the world was simpler.

The model home is complete, and more than a dozen more houses will be completed by year-end. So far, 17 houses have been presold and the entire project is due to be complete in 2016.

Prices for the three-story units range from $330,000 to $450,000.

Read more at the Austin American-Statesman.

Click Austin NewsTalk and Austin Market Research for free data and link to your own website or blog.

ALN Austin apartment review June 2015 

(7/20/2015 7:45:00 AM)

AUSTIN - ALN Apartment Data has released June 2015 apartment occupancy and effective rent data for apartments.

Austin Market Review
Austin Market General Overview
June
2015
Annual
Chg.
Occupancy rate 91.4 0%
Units added 5,596  
Units absorbed (annual) 7,905  
Average size (SF) 854 0.5%
Asking rent $1,140 7.3%
Asking rent per SF $1.33 6.8%
Effective rent $1,133 7.3%
Effective rent per SF $1.32 6.8%
Offering concessions 11% -5.6%
Avg. concession package 4.7% -0.8%


Click ALN Apartment data covering Texas and other states. Easy data here with one click.

Click: Austin NewsTalk, Austin Market Research

Pearson Testing flunks out, hundreds laid off in Austin 

(7/20/2015 7:30:00 AM)

AUSTIN - Long the largest provider of testing services in Texas, education giant Pearson confirmed that it will lay off more than 200 Texas employees after the state chose another vendor for the majority of its new standardized testing contract.

Company officials confirmed that it would be laying off a total of 270 employees in its North American operations, with 208 of the layoffs coming in the Austin area as the company combines its four regional locations.

In May, the Texas Education Agency announced Pearson Education would no longer be the exclusive standardized testing vendor, a position the British mega-company had held for more than three decades.

Pearson had held the contract since 1980, but lost out on a four-year, $280 million contract in May to New Jersey-based Educational Testing Services.

Pearson will continue to have a presence in Texas and will remain home to much of the company’s research and development operations, and employees who include education researchers, scientists and former teachers.

Read more at the Austin American-Statesman.

See Austin NewsTalk Texas and Austin Market Research.

92-Unit Fairfield underway on Cabela's Dr. in Buda 

(7/20/2015)

BUDA - A 92-unit Fairfield Inn & Suites has broken ground and will open at 1240 Cabela’s Dr. during summer 2016.

A Marriott product, the Fairfield Inn & Suites will be four stories tall and comprise amenities such as an indoor swimming pool, indoor hot tub and meeting space.

Prayes Majmudar — principal investor with Seva Hospitality, the Dallas-based company that owns the hotel — said Buda was chosen as the site of Seva Hospitality’s newest hotel because of its strong leisure economy.

City planners created a planned unit development, or PUD, where the hotel will be built. An additional seven acres of the PUD is available to be developed into retail, commercial and office space.

Read more at Community Impact Newspaper.

Click: Austin-Round Rock Market Research, Austin-Round Rock NewsTalk

North Austin: General Motors buys 303,000-SF office building 

(7/17/2015 10:10:00 AM)

AUSTIN - General Motors has purchased a 303,000-sf office building to expand its IT Innovation Center — a business division the automaker created in 2012 to bring its IT functions back in house.

The purchase of the 302,604-sf building at 13201 McCallen Pass was announced by the seller, Karlin Real Estate based in Los Angeles.  

Currently, there are four GM Innovation Centers across the country — in Michigan, Georgia, Arizona and Austin.

GM already leases 320,000 sf nearby at 717 E. Parmer Lane. That building is owned by an entity formed by Gladstone Commercial Corp., which purchased the property from Karlin in 2013 and immediately leased it to GM.

When GM announced the opening of the Innovation Center, company officials said about 500 employees would be hired in Austin. It would seem that number could grow with the new acquisition. On its website GM shows 75 jobs available in Austin.

A year ago, Karlin announced its partnership with Trammell Crow to develop the rest of the land as Parmer, a mixed-use, master-planned commercial and residential community that would be built over multiple years. Generally the area is east of I-35 between Howard and Parmer lanes.

The first element of the new build space is Parmer 3.2, a 192,000-sf office building, which is nearing completion. That property has not been leased as yet.

Mark Emerick and John Barksdale of CBRE Group Inc. in Austin were at the center of the transaction.

Read more at the Austin Business Journal and KXAN.com.

See Austin NewsTalk Texas and Austin Market Research.

University of Texas 235,000-SF Dobie Center sells 

(7/17/2015 9:30:00 AM)

AUSTIN - The 27-story Dobie Center near the University of Texas campus has been sold by The Carlton Group.

The 234,500 sf, 975-bed Class A student housing tower was purchased for a reported $74 million, according to Globe St.com.

Included was a 90,000-sf, two-story retail mall and a six-story 668-space parking garage.

The building at 2021 Guadalupe St. was purchased in December 2005 and has made at least $6 million in upgrades during the ownership cycle.

The property is across the street from the UT campus, and is opposite the new 458,000-sf McComb’s Business School, currently under construction.

Regus Business Centers is also opening a brand new 13,000-sf office suite facility within the center; it will cater to athletic and technology companies who do business with the university.

Fowler Property Acquisitions was the buyer.

Sources:  Carltongroup.com, GlobeSt.com and the Austin Business Journal.

Austin: 58-story The Independent sky high in reservations 

(7/16/2015 8:30:00 AM)

AUSTIN - Interest is high for The Independent, the 58-story, 370-unit tower under construction in downtown Austin.

Constructive Ventures and Aspen Heights announced that more than 90 percent of the units have been reserved, setting a new record for most number of units reserved in a one-week period in downtown Austin.

Located at the northeast corner of West 3rd St. and West Ave. in downtown Austin, the building will continue to take reservations for its waitlist.

The condo tower — aimed for completion in 2018 — will offer floor plans sized from 675 to 3,485 sf and be priced from the mid-$300,000s to more than $3 million.

The Independent condo tower planned at the 1.7-acre site and set to rise 685 feet will be the tallest structure in Austin and the tallest residential building west of the Mississippi River. It is aiming for completion in 2018.

Read more at Globe St and The Wall Street Journal.

Click on Austin-Round Rock Market Research, Texas property sold.

Colliers 2Q 2015: Austin leads nation in startups 

(7/16/2015 8:00:00 AM)

AUSTIN - It is the Texas capital and tech center, and not Silicon Valley, that is home to the greatest number of startup businesses, 180 all told. So says Colliers International, citing the annual Kaufmann Index report, in its second-quarter roundup on the city’s office sector.

The city’s technology job base has grown by 17.8 percent since 2011, thanks in part to eastward migration by California-based companies. Austin’s unemployment rate trended below both the state and national averages a year ago at 4.1 percent, and is now even lower at 3.1 percent.

All of the positive economic news is belied somewhat by the fact that Austin’s office vacancy citywide has crept up over the past few quarters. It increased 20 basis points from 10.2 percent in 1Q to 10.4 percent this past quarter, although CBD vacancy is trending in the opposite direction, dropping 60 basis points from 8.2 to 7.6 percent.

Overall, suburban vacancy increased 30 basis points from 10.7 percent to 11.0 percent in 2Q, due mainly to a 100-basis points increase in Class A suburban office vacancy.

Colliers is predicting a further vacancy increase and decrease in net absorption as more new space delivers in the year’s second half, although it also expects the pace of new construction to slow down.

Six buildings totaling 730,000 sf were delivered in 2Q, and another 2.2 million sf of office is now under construction.

The city’s average rental rate increased by 3.7 percent from $28.16 per sf to $29.20 over the course of 2Q.

The average CBD Class A rental rate decreased from $42.64 per sf to $41.58, and the average suburban Class A rental rate increased from $31.54 per sf in 1Q to $32.87.

Read more at Globe St.

Click to see Colliers Austin Office Research Report 2Q 2015 (PDF).

For other Austin office quarterly reports, click Austin Market Research.

Fashion Forms 90,000-SF runway to Austin  

(7/16/2015 6:35:00 AM)

AUSTIN - Fashion Forms will move into a mix of office and warehouse space totaling 90,000 sf at McNeil 1, located at 12317 Technology Blvd.

Fashion Forms — a producer of specialty bras and accessories in the U.S., Canada and Europe — is relocating to northwest Austin from Ventura, Calif. in August.

The company holds 14 patents and 18 trademarks for designs and Fashion Forms products are sold in more than 9,000 stores worldwide.

One of Fashion Forms trademarks includes the "Original Water Push Up Bra."

McNeil 1 is now 79 percent leased.

Read more from the Austin Business Journal.

Click Austin NewsTalk and Austin Market Research for free data and link to your own website or blog.

Round Rock: Long View buys 160,000-SF industrial bldgs.  

(7/16/2015 5:34:00 AM)

ROUND ROCK - Five freestanding tilt-wall industrial buildings in the Forest Commons Business Park at 3912-3920 Gattis School Rd. have been sold.

The combined 160,830-sf facility is 100 percent leased to a variety of industrial and flex office tenants.

Long View Equity Partners acquired the assets from HOWMAT Development LP and plans to hold the property long-term.

Read more at Globe St.

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125-Room Austin Hilton hotel to ring the bell in 2017 

(7/15/2015)

AUSTIN - Developers are preparing to start construction on a new Homewood Suites by Hilton hotel project along northwest Beltway 8, just east of Fallbrook Dr.

The hotel will be developed and managed by the Houston-based New Horizons Hospitality and is expected to open January 1, 2017.

The four-story, all-suite hotel will feature 125 rooms, New Horizons owner Aly Valiani said.

Rooms will be designed for extended stay guests and come equipped with full kitchens, dining areas and separate sleeping areas.

Other services will include complimentary breakfasts every day of the week and complimentary dinners Mondays through Thursdays.

Read more at Community Impact Newspaper.

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ABoR: Austin area home sales June 2015 

(7/14/2015 8:00:00 AM)

AUSTIN - The Austin Board of Realtors has released home sales facts for June 2015.

Quick facts include:

  • The median price of existing single-family homes increased to $270,000, up 0.6 percent from May 2015.
  • Existing single-family home sales increased 8.1 percent from May 2015 for a June 2015 total of 2,599 sold units.
  • Condos increased in price to $225,500, up 2.5 percent from May 2015.
  • Existing condo sales increased 5.0 percent in June 2015 from May 2015 for a total of 292 sold units.

Austin Region Sales and Price Activity by Units Sold
MLS Wide Units Sold
  June 15
Median Price
  June 15
Price Chg.
June 2014
Sale Chg.
June 2014
ACTRIS* (single-
family)
2,599 $270,000 8.20% -1.60%
ACTRIS (condo) 292 $225,500 10.00% 5.00%
Region Cities**        
Austin 1,053 $348,900 7.00% -3.30%
Round Rock 283 $230,000 5.50% -1.70%
Georgetown 168 $264,725 5.50% -2.30%
Pflugerville 156 $216,600 16.50% 23.80%
Leander 124 $215,000 10.80% 7.80%
Cedar Park 118  $278,500 11.40% -28.50%
Kyle 75 $187,450 13.60% 4.20%
Hutto 60 $175,750 9.80% -4.80%


*Austin/Central Texas Realty Information Service
**Region Cities' data includes single-family only and represents eight select cities that sold 60 or more units during June 2015.

See the full report from the Austin Board of Realtors.

Click: Austin-Round Rock Market Research, Austin-Round Rock NewsTalk

Parking lots to 300 apartments at Austin Highland Mall  

(7/14/2015)

AUSTIN - Plans to remake the vast, empty parking lots surrounding the former Highland Mall into a bustling mixed-use project will start to take shape this fall when work begins on 300 new apartments.

The apartment complex will be on the south side of the property, which is now owned by Austin Community College (ACC). It should be complete by 2017, according to ACC and its development partner RedLeaf Properties.

Since taking over the mall, ACC has made a number of improvements, including transforming an old JCPenney site into classrooms and labs.

The mall’s last few remaining retail tenants — a handful of small shops and restaurants — recently moved out to make way for future phases of construction.

The buildings will be four and five stories tall, and will feature about 5,000 sf of ground-floor retail space aimed at locally owned businesses. The retail space will help camouflage a parking garage for residents.

Amenities will include a clubhouse with a co-working space, bike storage rooms and a host of eco-friendly features, such as instant hot water and energy-efficient appliances and windows.

Read more at the Austin American-Statesman.

Click Austin NewsTalk and Austin Market Research for free data and link to your own website or blog.

Phase II on Southwest Parkway offices underway 

(7/14/2015)

AUSTIN - The second phase of a corporate office complex in Southwest Austin is now in development.

Phase II of 5301 Southwest Parkway is designed to include a new 125,000-sf office building, an expansion of the campus’ parking garage and a renovation of the existing 164,700-sf office building.

The features and amenities coming to the phase II development include an arcade, racquetball, gaming, golf simulator, napping pods, on-site concierge and a gym.

Connecting both phases is an outdoor landscape component with amenities where food trucks can park or tenants can hold impromptu meetings in a covered porch area or balcony.

CBRE in Austin will be leasing the office space in Phase II of 5301 Southwest Parkway. Tenants in the Phase I include Yeti Coolers and Textron Systems.

Read more at Community Impact Newspaper.

Feel free to link Austin-Round Rock Market Research and Austin-Round Rock NewsTalk to your own website or blog with The Real Estate Center at Texas A&M University as the source.

Austin submarket vacancy/rent comparisons 1Q 2015 

(7/14/2015)

AUSTIN - Construction was completed on 2,390 multifamily units in the last three months, 15.5 percent more deliveries than the preceding quarter, according to Berkadia’s Austin Multifamily first quarter 2015 report.

Rental demand heightened with 2,780 newly occupied apartments in the first quarter, up from 1,190 units absorbed in the preceding three months. A combined 8,760 units were absorbed in the last year.

Vacancy lowered 20 basis points to 4.8 percent in the first quarter. The decrease was part of a 30-basis-point decline in the last year.

At $1,101 per month in March, average asking rent was up 1.3 percent since December. Rents increased 4.8 percent year over year.

Austin Vacancy & Rent Comparison
Submarkets* Vacancy Average Rent
1Q 2015 1Q 2014 1Q 2015 1Q 2014
Central 6.1% 4.8% $2,025 $2,002
West 6.9% 6.3% $1,370 $1,351
Travis County West 5.4% 5.5% $1,229 $1,191
Far South 5.1% 4.8% $1,146 $1,093
Northwest 5.6% 7.0% $1,144 $1,109
Far Northwest 6.3% 4.6% $1,117 $1,056
Travis County East 5.0% 4.6% $1,084 $1,042
East 5.1% 6.2% $1,068 $960
Hwy 183/Cedar Park
/Leander
5.9% 5.0% $1,034 $981
Southeast 5.8% 4.9% $1,005 $901
Hays County/Other 4.8% 6.2% $1,000 $986
Total** 4.8% 5.1% $1,101 $1,050


*Listed submarkets include those which have an average rent over $1,000 in 1Q 2015 and are sorted by average rent.
**Total represents all 18 submarkets in Austin.

Click Berkadia Austin Multifamily 1Q 2015 (PDF).

Source: Berkadia

Click Austin NewsTalk, Austin Market Research.

260-Room Embassy Suites sold in East Austin 

(7/10/2015)

AUSTIN - Stonebridge Cos. has acquired the Embassy Suites by Hilton Austin Central hotel at 5901 IH-35 from FelCor Lodging Trust.

The five-story, 260-room hotel was constructed in 1983 on 4.92 acres in the East Austin submarket.

An all-suite hotel, Embassy Suites by Hilton Austin Central offers 10,000 sf of meeting space in close proximity to downtown Austin as well as the University of Texas at Austin.

Stonebridge plans to implement a multi-million dollar renovation at the hotel.

Read more at CoStar Group.

Be sure to link Austin NewsTalk and Austin Market Research to your own website or blog.

JLL: Austin office stats 2Q 2015 

(7/9/2015 2:10:00 PM)

AUSTIN - JLL has released second quarter 2015 Austin Office Insight report.

Construction preleasing is holding steady in Austin with lack of available large blocks.

New inventory will continue to deliver in Austin steadily through 2015 and into 2Q 2016. Of the 740,000 sf delivered, 48.0 percent has been leased.

Tenants leasing space downtown have noticed operating expenses increase rapidly in recent years. The main contributor to this increase is a result of the real estate tax portion of operating expenses.

Click the full Austin Office Stats and Insight 2Q 2015 (PDF).

Click: Austin Market Research, Austin NewsTalk

From melodies to offices: Austin Music Hall to be demolished 

(7/9/2015)

AUSTIN - The Austin Music Hall — a 43,000-sf entertainment venue at 208 Nueces St. — is to be demolished beginning in January to make way for a 28-story office building.

Construction of the 349,000-sf building is scheduled to start in early 2016 and deliver at the end of 2017.

The predominantly glass tower will include ground-floor retail, outdoor terraces overlooking Shoal Creek and three floors of creative office space that feature 28-foot ceilings and loft-like spaces.

Traditional offices will cover ten floors. The rest of the structure will include parking along with a 300-stall bike storage facility.

Across the street from the Austin Music Hall on the former site of the Green Water Treatment Plant, Trammell Crow is building a 32-story, 500,000-sf tower, with 200,000 sf being the Austin home of Google Inc.

Read more at the Austin Business Journal.

Two Austin retail centers in Circle C Ranch bring $45M 

(7/7/2015 6:45:00 AM)

AUSTIN - Whitestone REIT has acquired Parkside Village North and Parkside Village South in Circle C Ranch in Southwest Austin for $45 million.

The neighborhood retail property is anchored by a 34,000-sf Alamo Drafthouse Cinema.

NXNW opened a large restaurant nearby, as well. Other tenants include ZPizza, BurgerFi, TCBY, Chase Bank and Austin Diagnostic Clinic.

The two Parkside properties are 100 percent leased to 30 tenants.

Read more at the Austin Business Journal.

Be sure to link Austin NewsTalk and Austin Market Research to your own website or blog.

Click Retail May 2015 report from Transwestern.

TAR: Austin condo and townhome sales first half 2015 

(7/3/2015 10:08:00 AM)

AUSTIN-ROUND ROCK - Condominium and townhome sales slowed in Texas’s major metro areas in first half 2015, according to the 2015 Texas Condominium Mid-Year Sales Report.

In Austin, 1,178 condos were sold between January and May 2015, a 12 percent decrease from the same period in 2014.

Median price increased to $222,000, a 4 percent gain from the year prior. New listings rose 2 percent to 1,904 listings, whereas active listings jumped 14 percent to 623 listings, and pending sales dropped 4 percent to 1,496 sales from January to May.

Finally, average days on the market fell to 43 days, an 8 percent decrease from the year prior.

Austin Condo & Townhome Overview 2015
  Sales Median Price
February 205 $196,580
March 260 $226,250
April 274 $230,000
May 299 $231,000


For the full report, see 2015 Texas Condo Mid-Year Sales Report.

Be sure to link Austin NewsTalk and Austin Market Research to your own website or blog.

Recruitment begins: Austin’s UT Dell Medical School  

(7/3/2015 6:59:00 AM)

AUSTIN - With 1,000 applications and more coming in daily for just 50 seats at the University of Texas’ Dell Medical School, a preliminary stamp of approval came just in time.

In a celebration overlooking the skeletons of four new buildings, UT officials announced that the medical school has received preliminary accreditation, a milestone that will allow the school to start recruiting students.

The school’s first four-year class of medical students is scheduled to enter in summer 2016, and just before the students graduate in 2020, officials anticipate the school receiving full accreditation.

“We may get 3,000 applications” before the cut-off later this year, Dean Clay Johnston said in an interview.

Halfway to that goal, the school must pass another hurdle to earn provisional accreditation.

Read more at the Austin American-Statesman.

Be sure to link Austin Market Research and Austin NewsTalk to your own website or blog.

By the numbers: Austin unemployment lowest since 2001 

(7/2/2015 10:00:00 AM)

AUSTIN - Over the past 12 months, Austin employers have added roughly 32,200 jobs, growing its workforce by 3.5 percent and pushing the area's unemployment rate to its lowest level since 2001, according to Greater Austin Chamber of Commerce's latest Economic Indicators report.

Concurrently, the Austin area's number of unemployed workers has declined by slightly more than 10,000 between May 2014 and May 2015, cutting the overall number of unemployed workers in the region by more than 23 percent during that period.

Austin's 3.5 percent workforce growth rate between May 2014 and May 2015 makes it the eighth-fastest growing metro area in the nation for jobs.

The report also confirms that Austin is entering a new era of record-low unemployment. The seasonally adjusted unemployment rates is currently hovering around 3.2 percent, according to the report, the lowest it has been since February 2001.

Fastest Growing Among Top 40 U.S. Metro Areas
  Nonfarm payroll
jobs May 2015
May 2014-2015 Rank
Difference % Chg.
San Jose MSA 1,057,400 57,100 5.7 1
San Francisco MDiv 1,046,800 42,500 4.2 2
Riverside MSA 1,332,200 51,800 4.0 3
Orlando MSA 1,153,200 44,000 4.0 4
Salt Lake City MSA 678,200 25,400 3.9 5
Dallas MDiv 2,372,600 86,000 3.8 6
Seattle MDiv 1,599,000 56,000 3.6 7
Austin MSA 947,400 32,200 3.5 8
Fort Lauderdale MDiv 802,100 26,700 3.4 9
Anaheim MDiv 1,548,800 50,700 3.4 10


Read more at the Austin Business Journal and the Chamber’s Economic Indicators report.

Invenio Solutions to hire 100 employees in Austin 

(7/2/2015)

AUSTIN - Invenio Solutions — an Austin-based company that handles business-to-business lead generation and sales activities for major brands such as Dell, American Express and AT&T — has announced plans to add more than 100 employees to its Austin headquarters by the end of August.

The hires will bring the company’s headcount to more than 600, with new positions mostly being in Invenio’s sales department.

Invenio Solutions — expected to generate $50 million in revenue this year — is located in North Austin near Braker Lane and Metric Blvd. in a building that houses about 300 of its employees.

Read more at the Austin Business Journal.

Be sure to link Austin NewsTalk and Austin Market Research to your own website or blog.

The Backyard, Terraces buzzing to Bee Cave 

(7/2/2015)

BEE CAVE - The Terrace and The Backyard projects on Bee Cave Parkway in Bee Cave are currently being developed by International Development Management.

When they open in 2017, the condominiums will be “high-end” units that include pedestrian access to the Hill Country Galleria and will be sold in the high $300-per-sf range.

The 120-unit Terraces project will also include 250,000 sf of office space and a 6,500-sf restaurant.

The Backyard, a 35-acre project, will include a 125-room hotel similar to the vintage prototype built at The Domain in Northwest Austin, along with 335,000 sf of office space, 16,000 sf of meeting space with a restaurant, four sound stages, a 3,410-person capacity amphitheater and a 500-person capacity private party venue.

The developers are planning to add amenities to the city including four lighted tennis courts, a splash pad at Central Park and a double right-turn lane from Bee Cave Parkway onto RR 620.

Groundbreaking on the projects is set for the end of this year or early 2016.

Read more at Community Impact Newspaper.

tag: Austin-Round Rock Market Research, Austin-Round Rock NewsTalk

Austin's 101-Unit Terrain “lands” sale 

(7/1/2015 8:00:00 AM)

AUSTIN - Terrain, a 101-unit apartment community in the South Austin submarket, has been sold at 5112 South 1st St.

The property has one- and two-bedroom units ranging from 504 to 850 sf. Rents range from $975 to $1,295.

Terrain is situated along Williamson Creek, near the intersection of West Stassney Lane, approximately four miles southwest of downtown Austin.

Renovated in 2013, the 95 percent-leased asset also provides nearby access to St. Edward’s University and South Austin’s recreational/entertainment amenities, as well as major thoroughfares such as I-35, Hwy. 71 and Mopac Expressway (Loop 1).

HFF marketed the asset on behalf of FBZ Williamson Creek.

Read more at Globe St.

Be sure to link Austin Market Research and Austin NewsTalk to your own website or blog.

Two 60,000-SF Austin offices snatched up 

(7/1/2015)

AUSTIN - Valor Capital Partners has purchased two Austin office buildings the Wells Fargo Building at 2028 E. Ben White Blvd. and Centre Creek Plaza at 1812 Centre Creek Dr.

Though the Class B properties are located in different submarkets — southeast and northeast — they are similar in size and value.

The Wells Fargo Building, built in 1985 and located near the high volume intersection of I-35 and US 71, encompasses about 60,720 sf of office space on about 3.5 acres.

Centre Creek Plaza, also built in 1985, contains about 60,295 sf, and is located north of US 183 and east of I-35. The building sits on about 3.8 acres.

The Wells Fargo building is currently valued at $6,561,721 by the Travis Central Appraisal District. Centre Creek Plaza is valued at $6,059,612.

Read more at the Austin Business Journal.

Be sure to link Austin Market Research and Austin NewsTalk to your own website or blog.

Upscale Traditions and Heritage housing to NE Round Rock 

(7/1/2015)

ROUND ROCK - A new residential community coming to Round Rock is the next step in the development of the city’s northeast corridor and reflects some of the regional real estate trends in high-end and senior housing.

Traditions at Vizcaya, an upscale housing development, and Heritage at Vizcaya, an adjacent retirement community, will include about 1,200 units at build-out.

Traditions at Vizcaya homes have an average-listing price of about $315,000 and amenities include a pool, pavilion, “gourmet kitchens,” and master bedroom suites.

Floor plans range from 1,830–4,063 sf.

Both Traditions and Heritage at Vizcaya are open for sales, although the homes are still under construction.

Read more at Community Impact Newspaper.

tag: Austin-Round Rock Market Research, Austin-Round Rock NewsTalk housing

Land under 12-acre Top Golf in Austin sold 

(6/30/2015)

AUSTIN - Top Golf, the upscale driving range and entertainment venue in North Austin, has a new landlord — Houston-based OrangeStone Capital.

The 12-acre property includes a 65,000-sf clubhouse and 102 hitting bays. Top Golf — headquartered in Dallas — has a 15-year lease with three five-year extensions.

The Travis Central Appraisal District tabbed the value in 2015 at a little more than $14 million.

OrangeStone Principal Hussain Nathoo said the value is in redevelopment potential of about 2.7 million sf that could eventually be built there.

Read more at the Austin Business Journal.

Be sure to link Austin NewsTalk and Austin Market Research to your own website or blog.

Austin: 112-unit Lantana Trace sold 

(6/30/2015)

AUSTIN - The 112-unit Lantana Trace, located at 1830 Rundberg Lane West and 9315 Northgate Blvd., has been sold.

The north Austin property was 97 percent occupied at the time of the sale. The buyer was ACA Lantana Trace LLC of Austin.

Built in 1972 on two separate parcels of land totaling 2.98 acres, the property features 19 studio units, 87 one-bedroom units, and six two-bedroom units.

Director Forrest Bass of the Berkadia Austin office negotiated the transaction.

"The North submarket in Austin continues to see a lot of transaction activity and strong economic fundamental,” Bass said. “We have closed four other recent multifamily transactions in the area, and just went to market with another large multifamily asset.”

Vacancy in the Austin metro lowered 20 basis points to 4.8 percent in first quarter 2015. At $1,101 per month in March, average asking rent was up 1.3 percent since December.

Read more at Globe St.

Be sure to link Austin Market Research and Austin NewsTalk to your own website or blog.

Austin 32-story 'Proper' introduction 

(6/29/2015)

AUSTIN - Downtown Austin’s newest condo project — located on part of the former Green Water Treatment Plant site — is looking to make a Proper introduction.

Austin Proper, a 32-story tower that will feature 100 luxury residences atop a 243-room high-end hotel, has started a “priority interest list” for prospective condo owners.

Austin Proper will feature 100 condos and a 243-room hotel.

One-, two- and three-bedroom condos will be available, ranging in size from 850 to 2,800 sf, as well as one- and two-story penthouses as large as 6,000 sf. Prices will range from the mid-$500,000s to several million dollars.

The hotel will be part of the fledgling Proper Hospitality brand, which launched in January.

The high-rise is due to come online by 2017.

Read more at the Austin American-Statesman.

Be sure to link Austin NewsTalk and Austin Market Research to your own website or blog.

Austin: 301-unit Elements at Mueller sold 

(6/26/2015 9:00:00 AM)

AUSTIN - Elements at Mueller, a 301-unit apartment community located at 4646 Mueller Blvd., has been acquired by Houston-based Sun Holdings Group.

Elements at Mueller was constructed in 2014 within the Mueller Redevelopment, a 711-acre mixed-use development comprised of 4 million sf of office and retail space and more than 5,700 homes.

The mid-rise wrap-style community is 95 percent occupied.

The site is home to Dell Children’s Medical Center of Central Texas, The Thinkery Children’s Museum, a recently developed 83,000-sf H-E-B grocery store and a 400,000-sf shopping center.

A proposed 1.2 million-sf mixed-use project dubbed Aldrich Street is also planned for the site.

Source: CoStar Group

Be sure to link Austin NewsTalk and Austin Market Research to your own website or blog.

Hitting the surf in Austin's 113-acre Nland Surf Park 

(6/26/2015 7:30:00 AM)

AUSTIN - The first inland surf park in North America is set to debut in Austin next spring. Nland Surf Park state-of-the-art 113-acre facility will be a “surfer’s playground.”

The revolutionary park will feature a lagoon approximately the size of nine football fields with 11 surfing areas and proprietary Wavegarden technology that will create one-foot, four-foot and six-foot waves.

The project scope includes building the main lagoon, building its proprietary equipment foundation and constructing a pier and boardwalks.

Read more at Globe St.

Be sure to link Austin Market Research and Austin NewsTalk to your own website or blog.

Or just keep checking back.

Belterra expansion by 90 acres near Nutty Brown in Austin  

(6/26/2015)

AUSTIN - Endeavor Real Estate Group along with Crescent Communities, the developer of Belterra, announced plans to develop 90 acres of commercial and residential property off Hwy. 290.  

Slated within the development — near the Nutty Brown Rd. and Belterra Dr. intersections — is more than 275,000 sf of shops, restaurants, office space, a hotel, senior housing and high-density single-family homes.

Construction of the mixed-use development will be built in phases — beginning early 2016 — and may take five to seven years.

Belterra, when complete, will have 2,000 homes.

Read more at Community Impact Newspaper.

Feel free to link Austin-Round Rock Market Research and Austin-Round Rock NewsTalk to your own website or blog.

UT Dell Seton Medical School debut 2016 in Austin  

(6/25/2015 7:30:00 AM)

AUSTIN - Construction on the 515,000-sf Dell Medical School campus — the first and only medical school in Austin — will be completed in May 2016.

The teaching hospital — inside what is known as the Medical District — will open in 2017 and will be called Dell Seton Medical Center at The University of Texas.

The facility will provide resources for those in need of care, including a trauma center, and will provide a resource for students who have advanced far enough in their training to gain hands-on patient experience.

Read more at Community Impact Newspaper.

tag: Austin-Round Rock Market Research, Austin-Round Rock NewsTalk

Texas State Bobcats will roar in new facilities next year 

(6/25/2015)

SAN MARCOS - Texas State University will begin major construction projects in 2016 to address increasing enrollment in two fast-growing programs.

The Texas Legislature’s passage of a tuition revenue bond bill will provide the university with $67 million to go toward construction of a new $93 million engineering building at the San Marcos campus.

In Round Rock $48.6 million will go toward construction of a new $67 million health professions building.

The new health professions building will include 107,000 sf and will provide space for a 35 percent enrollment increase in health professions programs.

Read more at Community Impact Newspaper.

Feel free to link Austin-Round Rock Market Research and Austin-Round Rock NewsTalk to your own website or blog.

Medical Towers at Sawyers Ranch underway in Dripping Springs 

(6/25/2015)

DRIPPING SPRINGS - Medical Towers at Sawyer Ranch, a medical office building that will be located at the intersection of Hwy. 290 and Sawyer Ranch Rd., is underway.

The new three-story building will feature approximately 36,000 sf of office space on about four acres when it is completed summer 2016.

Medical Towers at Sawyer Ranch will be home to medical practices with varying specialties.

Tenants will include Austin Dermatology Associates, Dripping Springs Eye + Laser Center, Kethley Physical Therapy and Solutions Pharmacy.

Read more at Community Impact Newspaper.

Be sure to link Austin NewsTalk and Austin Market Research to your own website or blog.

Waterleaf drips to completion on 120,000-SF facility 

(6/25/2015)

AUSTIN - Waterleaf a four-building health care and medical campus is nearing completion. The property is being developed by b3 Commercial Management LLC and Hughes Capital Management.

The community of health services will feature 120,000 sf of space located at the intersection of Davis Lane and MoPac.

Construction began in October 2013 and the first building was completed in 2014.

Austin Root Canal Specialists, Brunson Dental, Texas Diabetes and Endocrinology and Texas Fertility Center/Austin IVF are open.

Flint Rock Oral & Maxillofacial Surgery, Prosthodontics of Texas and Westlake Dermatology & Cosmetic Surgery are slated to open in August.

Read more at Community Impact Newspaper.

Feel free to link Austin-Round Rock Market Research and Austin-Round Rock NewsTalk to your own website or blog.

Austin: Timber up as Forest Park Medical Center to open 

(6/24/2015)

AUSTIN - Forest Park Medical Center — located southeast of the MoPac and SH 45 N interchange — is a new physician-owned hospital scheduled for opening for September 2015.

FPMC-Austin will have 46 beds, ten operating rooms, an emergency room, a lab, pharmacy and cafeteria.

The medical center was designed by the Neal Richards Group, which purchased roughly 55 acres surrounding the hospital to develop a mixed-use center similar to The Domain.

The hospital and adjoining 80,000-sf medical office building are the first piece.

Read more at Community Impact Newspaper.

Feel free to link Austin-Round Rock Market Research and Austin-Round Rock NewsTalk to your own website or blog.

What's up? Four acres sold near Austin International Airport 

(6/24/2015)

AUSTIN - Nearly four acres (3.858) has been sold at 3102 E. Hwy. 71. The property is just east of Austin Bergstrom International Airport.

The buyer, SIZ Hotel Management Group Inc., plans to immediately build a hotel and restaurant on the site.

Source: REOC Austin

Austin home prices slide, but still up in May 

(6/24/2015)

AUSTIN - Home sales were down in May, though the prices paid for those homes were still higher than they were a year ago, according to the latest monthly report by the Austin Board of Realtors.

ABOR said 2,767 homes sold in May. That's a 2 percent decrease from May 2014.

At the same time, the median price for single-family homes rose 9 percent compared to May 2014 to $271,000, while the average price of single-family homes jumped 7 percent compared to May 2014 to $348,201.

The number of new single-family home listings on the market declined by 3 percent to 3,865 compared to May 2014.

But the number of active listings was up 6 percent to 6,323. The average number of days on the market for a single-family home increased two days to 42 days compared to May 2014.

Housing inventory made a minuscule gain, increasing to 2.7 months of inventory from 2.6 months. That is still more than three months short of what could be considered a healthy market supply.

Read more at the Austin Business Journal.

Feel free to link Austin-Round Rock Market Research and Austin-Round Rock NewsTalk to your own website or blog.

Austin hotel market overview 1Q 2015 

(6/24/2015)

AUSTIN-ROUND ROCK - Austin area occupancy, revenue and room data for first quarter 2015 has been released by Source Strategies Inc.

Austin-Round Rock Hotel / Motel Performance 1Q 2015*
  Number of
Rooms
$ Room Revenues
(000's)
Occupancy
  2014 2015 %
Chg.
2014 2015 %
Chg.
2014 2015 Point
Chg.
Austin 23,086 22,723 -1.6 220,517 237,593 7.7 77.6 79.4 1.8
Round Rock 2,637 2,637 0.0 15,491 15,699 1.3 74.6 74.6 0.0
San Marcos 1,645 1,815 10.3 7,581 8,955 18.1 60.8 64.3 3.5
Georgetown 520 520 0.0 2,329 2,460 5.6 70.5 72.6 2.1
Cedar Park 395 443 12.2 2,119 2,419 14.2 70.3 70.2 -.1
Lockhart 127 127 0.0 343 467 36.2 61.2 78.7 17.5
Total** 30,916 30,912 0.0 264,755 286,947 8.4 74.8 76.5 1.7


*Ranked by 1Q 2015 number of rooms.
**Total includes all submarkets of the Austin-Round Rock area.

Source: Source Strategies Inc.

See more hotel data under Austin-Round Rock Market Research.

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NAR Austin housing market 1Q 2015 

(6/23/2015 9:00:00 AM)

AUSTIN - First quarter 2015 housing data have been released for the Austin market by the National Association of Realtors.

Included in the report are housing affordability, drivers of local demand and new housing construction.

NAR Austin Housing Market 1Q 2015
Price Activity Austin U.S. Local Trend
Current Median Home Price (1Q 2015) $249,100 $203,867 Prices are up from a year ago,
but price growth is slowing.
1-year (4-quarter) Appreciation (1Q 2015) 10.2% 6.7%
3-year (12-quarter) Appreciation (1Q 2015) 28.8% 28.8%
3-year (12-quarter) Housing Equity Gain* $55,700 $45,533 Gains in the last 3 years have
extended the trend of positive
price growth after the recession.
7-year (28 quarters) Housing Equity Gain* $64,600 $5,333
9-year (36 quarters) Housing Equity Gain* $81,900 -$13,067


*Equity gain reflects price appreciation only.

Source: National Association of Realtors, courtesy of Prudential Ada Realtors

See Austin's full report by NAR Regional Real Estate Market 1Q 2015 (PDF). Scroll down for previous quarterly reports.

Be sure to link Austin NewsTalk and Austin Market Research to your own website or blog.

Randalls to anchor retail in Leander!  

(6/23/2015)

LEANDER - Cypress Equities, based in Dallas, has acquired a 12.7-acre site in Leander for a grocery-store anchored retail center to be known as Crystal Falls Town Center.

Randalls signed a lease for 63,182 sf as the anchor tenant in the project, which has a total of 93,642 sf of retail and restaurant space.

Construction on the project — at the southwest corner of Lakeline Blvd. and Crystal Falls Pkwy. — is estimated to begin in late summer, with a completion date slated for September 2016.

Read more at the Austin Business Journal.

Feel free to link Austin-Round Rock Market Research and Austin-Round Rock NewsTalk to your own website or blog.

Accesso's boffo entry into Austin Riata Corporate Park  

(6/21/2015 10:00:00 AM)

AUSTIN - The Class A, 690,000-sf Riata Corporate Park in Northwest Austin has been purchased by a Florida-based company. Riata Corporate Park is near US 183 and Oak Knoll Dr.

Accesso Partners LLC purchased the 51-acre, eight-building campus from Spear Street Capital of San Francisco. It's occupied by big-name tenants such as Accenture PLC, Pervasive Software Inc., Texas Instruments Inc., Xerox Corp., The Advisory Board Co. and NetSuite Inc.

The Riata acquisition also includes a stand-alone, 94,000-sf building that had been occupied by Apple Inc., which has been expanding and moving into its campus nearby.

Apple’s new Americas Operations Center, valued at more than $348 million and located at West Parmer Lane and Delcour Drive, is adjacent to Riata Corporate Park.

Read more at the Austin Business Journal and Austin American-Statesman.

tag: Austin NewsTalk office

IRR 2015 forecast: Austin multifamily in the U.S. mix 

(6/19/2015 8:00:00 AM)

TEXAS, U.S. - The multifamily market sector continues to lead the commercial real estate industry in many respects according to the 2015 IRR U.S. Cities Forecast/Conditions viewpoint.

In terms of underlying operating performance, Class B continued to outpace Class A performance with respect to occupancy in 2014.

While the multifamily sector continued to show many signs of strength, including continued expansionary market behavior, strong occupancy rates, and historically low capitalization rates, the early warning signs of a shift in market dynamics may have reared their heads in 2014.

Multifamily Market Conditions and Forecasts
Market Area Class A
Inventory
(units)
Class A
Vacancy
Rate
Class B
Inventory
(units)
Class B
Vacancy
Rate
Forecast
Avg. Annual
Net Absorp.
2015-2018
(units)
Houston 286,830 5.72% 322,450 6.71% 7,596
Dallas 222,928 5.31% 211,637 4.30% 3,814
Atlanta, Ga. 196,150 4.34% 171,000 7.18% 3,600
Phoenix, Ariz. 127,427 4.50% 137,622 4.74% -
Austin 99,938 6.66% 73,681 3.32% 2,965
Fort Worth 82,704 5.30% 80,751 4.10% 1,217
San Antonio 79,710 8.09% 81,000 6.96% 4,500
Las Vegas, Nev. 66,253 5.68% 71,289 5.50% 4,770


*Ranked by Class A Inventory

Read the full Multifamily Forecast/Conditions U.S. Cities 2015 (PDF) report.

tag: Austin-Round Rock Market Research, Austin-Round Rock NewsTalk multifamily

JLL: Austin office stats 1Q 2015 

(6/18/2015 8:00:00 AM)

AUSTIN - JLL has released first quarter 2015 Austin Office Insight report.

More than 600,000 sf of new construction delivered downtown in first quarter, representing a 7.6 percent increase in downtown inventory. Class A downtown deliveries during first quarter were over 90.0 percent leased.

Demand for larger blocks of space has increased, coupled with a limited supply of 50,000-sf blocks of contiguous space, has caused rental rates to rise.

While operating expenses have risen substantially due to increased appraisal values, the largest contribution to rent growth over the last five years is attributed to increases in base rent.

Approximately 68.0 percent of total sales transactions traded in the northwest submarket in first quarter 2015.

Class A and B Totals Austin Office Statistics 1Q 2015
  Inventory
(SF)
Total Net
Absorp.
(SF)
Total
vacancy
Average
Direct
Asking Rent
($/SF)
Under
Construction
(SF)
CBD 9,670,906 375,100 11.1% $45.51 755,388
Suburbs 37,826,419 192,218 13.1% $29.00 2,717,695
Austin Total 47,497,325 567,318 12.7% $32.19 3,473,083


For the full report see JLL Austin Office Stats and Insight 1Q 2015 plus historical (PDF).

tag: Austin Market Research, Austin NewsTalk office

JPI jumps into Austin with its 906 units 

(6/18/2015)

AUSTIN - With three Austin-area multifamily projects, Irving-based JPI has expanded its presence in the area with a new local office and team leader.

JPI’s Austin developments total 906 units, and include:

  • Cielo: 326 units completed April 2014, located on 38 acres in Bee Cave/Lake Travis area
  • Madrone: 228 units completed April 2015, located on 40 acres in Bee Cave/Lake Travis area
  • Sur512: 352 units expected to be complete April 2016, located on nine acres on South Congress.


“JPI is excited to re-establish roots in the Austin market,” says Ben Montgomery, managing regional partner for JPI’s southern region. “With the positive investment catalysts driving the Austin economy, the opportunity for growth is apparent and long-term.”

Read more at Globe St.

tag: Austin-Round Rock Market Research, Austin-Round Rock NewsTalk multifamily

Walnut and Sage mix in 900-unit Austin sale 

(6/17/2015 7:13:00 AM)

AUSTIN - The 450­-unit Villages of Sage Creek and the 460-unit Park at Walnut Creek — value-­added properties located in North Austin — have been sold.

The assets were jointly marketed as the North Austin 2000’s Portfolio.

Constructed in the early 2000’s, Villages of Sage Creek and Park at Walnut Creek are Class A communities located in the Far North submarket.

The Villages of Sage Creek has 11 floor plans that range from 636-sf one-bedrooms to a 1,441-sf three-bedroom design, while the Park at Walnut Creek has 14 floor plans that range from a 696-sf one-bedroom to a 1,630-sf three-bedroom design.

Both communities are located in the Silicon Hills employment area, and the communities are minutes from retail and entertainment destinations Tech Ridge Center, The Domain and La Frontera.

ARA Newmark represented the seller, Dallas-­based Whole Life Management Co. The buyer in both transactions was Montgomery, AL-based B&M Management Co.

Read more at Globe St.

tag: Austin Market Research, Austin NewsTalk multifamily

Houghton Mifflin opens new page in Round Rock 

(6/16/2015)

ROUND ROCK - Houghton Mifflin Harcort Publishing Company plans to relocate its Texas regional office to Round Rock after City Council approved an incentive package June 11.

According to city documents, the company will bring with it 270 jobs with an average salary of more than $70,000.

As part of the deal, the company agrees to lease a majority of a 100,000-sf Class A office building developed by Live Oak-Gottesman in the La Frontera office development.

Houghton Mifflin Harcourt will also invest $3 million in facility improvements and personal property. In exchange, the city will pay the company $350,000 in Economic Incentive Payments over four years.

For leasing space to Houghton Mifflin Harcourt, Love Oak Gottesman will receive a tax abatement tiered over ten years.

Read more at Community Impact Newspaper.

tag: Austin-Round Rock Market Research, Austin-Round Rock NewsTalk

ABIA private jet terminal backed by Red McCombs 

(6/16/2015)

AUSTIN - A new general aviation complex promising upscale services and design aimed at private aircraft customers is underway at Austin-Bergstrom International Airport.

The $25 million facility is a partnership of San Antonio-based McCombs Enterprises and Million Air Interlink, a Houston-based chain of fixed base operations or FBOs.

The privately owned and operated terminal will include a 17,000-sf general aviation terminal, 42,000 sf of service facilities and short-term aircraft lease space, 82,000 sf of private long-term aircraft lease space and seven acres of available ramp space capable of serving any aircraft.

The terminal — expected to be completed in September 2016 — will include a contemporary passenger lounge, pilot club, state-of-the-art flight planning room and multimedia conference rooms.

Read more at the Austin Business Journal.

tag: Austin Market Research, Austin NewsTalk

Georgetown GoldStar closing facility, 69 workers laid off 

(6/16/2015)

GEORGETOWN - GoldStar Transit, a Georgetown-based school bus transportation company, will shutter a facility in Manor and lay off 69 workers.

The layoffs are the result of Manor Independent School District's decision to take its bus operations in-house. The company's former contract with the school district netted $2 million per year.

Manor ISD reportedly plans to hire its own bus transportation workers to staff its new bus operations.

GoldStar will close its facility at 10332 Old Hwy. 20 in Manor. The layoffs are expected to be permanent and are scheduled to occur on July 31.

Read more at the Austin Business Journal.

Transwestern: Austin retail market watch May 2015 

(6/16/2015)

AUSTIN - Transwestern has released its May Market Watch report for the Austin area's retail sector.

The report contains submarket statistics on retail sales and retail leases.

Austin Retail Lease Statistics by Submarket
Submarket #
Bldgs.
Inventory YTD
Net
Absorption
Total
Occ.
Avg.
Net
Rent
CBD 16 989,895 56,315 96.7% $25.68
Central &
West Central
88 6,832,213 20,678 95.7% $17.55
North 74 5,100,260 34,960 95.6% $14.08
Northeast & East 73 4,484,686 31,229 97.7% $14.87
Northwest & Far
Northwest
96 6,812,399 3,014 91.4% $15.67
Round Rock &
Cedar Park
142 11,698,111 222,370 95.3% $16.11
South 100 7,699,756 -11,483 98.1% $18.78
Southeast 23 1,470,398 0 99.6% $10.74
Southwest 64 5,750,670 14,970 98.2% $19.78
Austin total 676 50,838,388 372,053 96.0% $16.35


Source: Transwestern

See Austin Retail Market Watch May 2015 (PDF) for the full report.

Be sure to link Austin Market Research and Austin NewsTalk to your own website or blog.

Austin: Self-storage report first half 2015 with some sales 

(6/16/2015)

AUSTIN-ROUND ROCK - Marcus & Millichap has released the Self-Storage Research Semi-Annual Report for the Austin Area.

In 2015, Austin employment will expand for the sixth consecutive year as local employers create 33,500 jobs, an annual increase of 3.7 percent. Last year, 25,100 positions were added to the metro, a rise of 2.8 percent.

The metro’s population expanded at an annual rate of 3.3 percent since 2009 with the addition of 296,000 individuals in the Austin area. Annual growth will accelerate in the coming five years to 3.0 percent as the metro gains 301,000 residents.

Steady demand and greater supply for self-storage facilities in the metro pushed up vacancy 90 basis points to 12.1 percent in 2014.

Vacancy will decrease this year, slipping back down 90 basis points annually to 11.0 percent. Strong space demand this year will place Austin vacancy below the national average of 11.5 percent.

Nationwide, self-storage supply is approximately 8.3 sf per capita. Texas posted a higher rate at 12.8 sf per person, while stock levels in the metro are between that of the state and nation’s rates at 9.7 sf per capita.

Southwest Region Sales Highlights
Property Name City Net Rentable
SF
Sales Price Price/SF
Your Storage Solution Austin 78,225 $11,200,000 $143
Spare Space Storage Austin 86,180 $10,800,000 $125
All Star Self Storage Crowley 57,625 $4,600,000 $80
Iron Gate Self Storage San Antonio 44,100 $1,190,000 $27
A-Mini Storage Del Valle 45,775 $1,110,000 $24


For the full report, see Self-Storage Research Report First Half 2015 (PDF).

Medical multiplying in Cedar Park, Leander 

(6/16/2015)

AUSTIN-ROUND ROCK - A surge of medical services have opened in Cedar Park and Leander, with at least 21 new health care practices and facilities opening in the area and additional developments planned to open in late 2015 and early 2016.

Two upcoming facilities will provide pediatrics care to area residents.

Seton Health care Family is partnering with CPRMC to occupy a freestanding pediatrics medical office building under construction near CPRMC.

CPRMC will occupy most of the first floor of the three-story, 75,000-sf building and will provide pediatric specialty and urgent care services as well as family diagnostic imaging services. The building is 95 percent leased.

Although the building will not have capabilities for surgery, plans for Phase two of the facility could involve constructing a pediatric surgery center.

Urgent Care for Kids, opening July 1, will offer pediatric after-hours care at 905 E. Whitestone Blvd., Ste. B, Cedar Park.

Read more and see a map at Community Impact Newspaper.

TAR June 2015: Central Texas small land prices 

(6/15/2015)

REGION SEVEN - Small land sales throughout Texas posted double-digit growth and average price per acre showed strong increases statewide last year, according to the 2015 Texas Small Land Sales Report.

Region Seven forms the central core of Texas, encompassing the Metropolitan Statistical Areas for Austin-Round Rock-San Marcos, Killeen-Temple-Fort Hood and Waco in addition to the Texas Hill Country and the Highland Lakes system.

In this region, small land sales consist of land parcels 49 acres or smaller.

Central Texas’ growing urban population has shown little signs of slowing down, making small land sales popular in 2014. Once again, Region Seven had the highest small land sales volume in Texas.

The small land sales market in Region Seven is competitive and price per acre for small land tracts has shown strong gains for the last several years. Heavy land sales activity has spread beyond the Austin area to surrounding counties.

• Region Seven had 1,722 small land sales in 2014, a 19.16 percent increase compared to last year.

• The volume of small land sales for Region Seven in 2014 comprised 32.6 percent of all small land sales statewide.

• The median tract size in Region Seven was 20 acres in 2014, a 4.76 percent decrease from 2013.

• Average price per acre for Region Seven was $7,764 per acre in 2014. This is a 12.51 percent increase compared to 2013. Adjusted for inflation, this equates to $1,379* per acre.

• Region Seven had the second-highest price per acre in the state in 2014.

• Region Seven comprised 32.6 percent of all small land sales in Texas in 2014.

*Adjusted figures are in 1966 dollars.

See Texas Association of Realtors full report at 2015 Texas Small Land Sales Report with counties (PDF) pages 17 and 18.

Transwestern: Austin apartment Market Watch May 2015  

(6/12/2015 9:45:00 AM)

AUSTIN - Transwestern's Apartment Market Watch was released in May 2015. Below are some statistics from first quarter 2015 that were included in the report.

Austin Apartment Statistics 1Q 2015
Submarket Units Occ. Avg.
Rent/SF
Bastrop 734 97.7% $0.98
Central 9,922 89.3% $1.79
CBD 3,133 89.1% $2.52
Cedar Park/Leander 4,951 95.9% $1.13
Far North 20,300 94.8% $1.21
Far Northwest 5,198 91.1% $1.06
North 10,770 96.6% $1.15
Northeast 9,831 94.6% $1.24
Northwest 17,381 94.3% $1.15
Northwest Hills 13,561 93.7% $1.27
Round Rock 10,752 94.4% $1.09
South 14,380 94.8% $1.33
Southeast 14,832 94.4% $1.26
San Marcos 6,369 95.6% $1.16
Southwest 13,820 90.5% $1.36
Williamson Co. 2,888 91.8% $1.13
Travis Co. only 122,608 93.5% $1.33
Austin MSA total 158,822 93.8% $1.28


See Transwestern for the current data and previous Market Watch reports.

tag: Multifamily under Austin-Round Rock Market Research, Austin NewsTalk multifamily

Austin's 323-unit Talavera sold to Griffis 

(6/12/2015)

AUSTIN - The 323-unit Talavera Apartments located in the northwest area of Austin has been acquired by Denver-based Griffis Residential.

Talavera Apartments has been renamed Griffis Lakeline Station, underscoring Griffis Residential’s commitment to bringing the community up to the company’s high resident experience standards.

Built in 2001, Griffis Lakeline Station is a Class A apartment community located on a highly visible 12-acre site in the SH-45 employment corridor of Northwest Austin.

The property has direct access from the SH-45 frontage Rd. and is located near the Lakeline MetroRail station and the 1.1 million-sf Lakeline Mall.

The garden-style property offers eight floor plans, from one to three bedrooms, ranging in size from 692 to 1,436 sf.

Read more at PR Web, Griffis Lakeline Station.

tag: Austin-Round Rock Market Research, Austin-Round Rock NewsTalk

ABoR: Austin area home sales May 2015 

(6/11/2015 7:00:00 AM)

AUSTIN - The Austin Board of Realtors has released home sales facts for May. Below is a sample of the entire report released June 10, 2015.

  • The median price of existing single-family homes increased to $269,900, up 0.0 percent from April 2015.
  • Existing single-family home sales increased 4.5 percent, from April 2015 with 2,317 units sold.
  • Condos decreased in price to $220,000, down -2.2 percent from April 2015.
  • Existing condo sales increased 6.7 percent in May 2015 over April 2015 with 270 units sold.

Austin Region Sales and Price Activity by Units Sold
MLS Wide Units Sold
  May 15
Median Price
May 15
Price Chg.
Apr. 15
Sale Chg.
Apr. 15
ACTRIS* (single-
family)
2,317 $269,900 0.00% 4.50%
ACTRIS (condo) 270 $220,000 -2.20% 6.70%
Region Cities**        
Austin 963 $355,000 3.30% 1.30%
Round Rock 229 $239,900 1.10% -6.90%
Georgetown 134 $279,512 5.50% -2.20%
Pflugerville 131 $217,000 -3.60% 15.90%
Cedar Park 115 $270,000 -2.00% 0.90%
Leander 103 $218,000 2.50% 3.00%
Kyle 64 $178,500 6.70% -5.90%
Hutto 53 $180,000 2.90% 17.80%


*Austin/Central Texas Realty Information Service
**Data include single-family only and represent select region cities that sold 50 or more units during May 2015.

See the full report from the Austin Board of Realtors.

tag: Austin-Round Rock Market Research, Austin-Round Rock NewsTalk

Startup Umbel grabs 20,000 SF in Seaholm 

(6/11/2015)

AUSTIN - A rapidly growing Austin-based software development company has subleased 20,000 sf in the iconic Seaholm Power Plant from anchor tenant Athenahealth.

Umbel Corp. is moving into the lower level of the redeveloped Art Deco industrial building in southwest downtown Austin, which Athenahealth completed as part of its 103,000-sf build-out.

Umbel’s 60 employees will move later this month from 4,000 sf the company currently occupies at 901 W. Ninth St.

The Seaholm LLC mixed-use development includes retail, such as Trader Joe’s specialty grocery store, and high-rise residences that will deliver soon.

Read more at the Austin Business Journal.

tag: Austin-Round Rock Market Research, Austin-Round Rock NewsTalk

Austin: 59-unit SoCo sold 

(6/11/2015)

AUSTIN - SoCo I and II, a 59-unit boutique apartment complex, has been sold. SoCo I & II is located at 3504 and 3508 Alpine Circle between South Congress and South 1st St. in the South Austin submarket.

 The property is in in close proximity to downtown Austin and St. Edwards University.

Most recently renovated in 2014, the community consists of a pair of two-story buildings situated on 1.4 acres and was 98 percent occupied at closing.

Read more at RE Business Online and HFF.

tag: Austin-Round Rock Market Research, Austin-Round Rock NewsTalk

Austin: Hopper hops to site for single-family community 

(6/11/2015)

AUSTIN - CBRE announced the sale of 42.1 acres in Northeast Austin to Charlotte, N.C.-based Hopper Communities.

The regional residential developer purchased the tract from Sealy & Company.

John Swanson, Hopper Communities Texas Partner, saw an opportunity for single-family residential at the site and rezoned the property from industrial use.

Heatherwilde Blvd. and Wells Branch Pkwy. border the site, connecting travelers to several major Austin arterials, including Parmer Lane, Farm to Market 1825, I-35 and SH 130.

Read more at Realty News Report.

tag: Austin-Round Rock Market Research, Austin-Round Rock NewsTalk

A DoubleTree grows in NW Austin, with 194 'treehouses' 

(6/11/2015)

AUSTIN - The 194-room DoubleTree by Hilton Austin Northwest-Arboretum is open.

Located less than one mile from the Arboretum shopping mall and one block from the MoPac Expressway and I-183 intersection, the hotel was formerly branded a Holiday Inn.

A multimillion dollar transformation includes a redesigned lobby, updated guest rooms, new furniture throughout the hotel, a new restaurant and bar and expanded meeting and event space.

“With its beautiful redesign and convenience to the area’s key business and leisure destinations, DoubleTree by Hilton Austin Northwest-Arboretum is a wonderful addition to our expanding portfolio, which now includes four hotels in the thriving Austin area," said John Greenleaf, global head, DoubleTree by Hilton.

Read more at GlobeSt.com and DoubleTree Hilton Austin Northwest Arboretum.

tag: Hotel stats at Austin-Round Rock Market Research; Hotel news at Austin-Round Rock NewsTalk

Austin: 1Q 2015 M&M multifamily market report 

(6/11/2015)

AUSTIN - According to data provided by Marcus & Millichap, employers created 7,000 job openings in 1Q 2015, while more than 29,000 people were hired in the past 12 months — a 3.3 percent increase from the previous year.

By the end of 2015, 30,500 new jobs are estimated to be created in the metro.

Nearly 4,400 apartments were delivered in 1Q 2015, and most units were located in the submarkets to the north and northwest, including Round Rock/Georgetown and Arboretum area.

High demand in rental housing has impacted vacancy, bringing it down to 5 percent, even though absorption reached nearly 12,800 units.

With vacancy clocking in at historical low and favorable demographics, average rents grew 5.9 percent in the last four quarters, reaching $1,088 per month.

Read more at Multi-Housing News.

See Marcus & Millichap Austin Apartment Market Report 1Q 2015 (PDF) for the full report.

See Austin Market Research for more Employment, Housing and Multifamily news.

The Domain in Austin…what's lined up? 

(6/10/2015 7:15:00 AM)

AUSTIN - The Domain continues to draw new development — as 1 million sf of office, multifamily and retail projects are lined up.

Here’s a look at what’s in play:

  • Restoration Hardware is building a 48,000-sf store at 11720 Domain Blvd. The project is valued at $11.2 million. The RH Gallery stores include art collections, cafe and wine bars — which likely will be in queue at The Domain location.
     
  • Endeavor Real Estate Group — the master developer of 300-acre mixed use project — announced the creation of Rock Rose, about 100,000 sf of retail development along Rock Rose Ave., which will include a variety of restaurants and local retailers.

    East Side King, Salvation Pizza, Birds Barbershop, Viva Day Spa, Lavaca St. Bar-Turf N’ Surf Kitchen, Kung Fu Saloon and Acres Brew Coffee House are among the stores under contract.
     
  • In partnership with San Francisco-based Shorenstein Partners, Endeavor has long planned to build Domain 8, a 265,000-sf office building on about four acres at 11601 Alterra Parkway.
     
  • Another local company — HPI Real Estate also plans an 11-story office building along with a seven-story parking garage at 10725 Domain Dr.
     
  • Austin-based Stonelake Capital also appears to have a large multifamily project in the works named the Flatiron District. The project is valued at nearly $45.6 million, records show, and will include 371 units in three buildings at 11400 Burnet Rd.
     
  • The Residence Inn at The Domain — a Marriott brand — is slated for an 88,712-sf, 119-room hotel on a 2.3-acre tract at 11305 Burnet Rd.


Read more at the Austin Business Journal.

'No-ad' or interruptions at Austin NewsTalk. Look up retail.

Austin: REIT buys 129,000-SF Davenport Village 

(6/5/2015 9:15:00 AM)

AUSTIN - Houston-based Whitestone REIT purchased the 129,000-sf Davenport Village retail center in an affluent area of West Austin near Pennybacker Bridge.

The center is 87 percent leased with 34 tenants, including restaurants Opal Divine’s, Maudie’s and 360 Uno Trattorio.Based on information from the Travis Central Appraisal District, the property includes two parcels — collectively about 15 acres.

Buildings and land were most recently appraised at approximately $30 million.

Read more at the Austin Business Journal.

Austin: Aspen Lake Two full; no worry, Three on the way 

(6/5/2015)

AUSTIN - Aspen Lake Two, a Class A office building located at 13785 Research Blvd., is 100 percent preleased, Crimson Real Estate Fund LP and USAA Real Estate Co. have announced.

Q2 Holdings Inc., a virtual-banking solutions company, will occupy the full 129,000-sf building, which broke ground in December and is scheduled for completion this fall.

GlobeSt.com

Colliers: Austin industrial report 1Q 2015 

(6/5/2015)

AUSTIN - Colliers International has released its first quarter 2015 Austin Industrial Market Research Report.

Austin’s industrial market rental rates have risen after nearly a decade of stagnant rates.

Though vacancy increased slightly over the quarter from 8.4 percent to 8.8 percent, likely due to the high amount of industrial product delivered last year, Austin’s citywide vacancy rate has been steadily decreasing since 1Q 2010.

Austin’s average industrial vacancy rate rose by 40 basis points over the quarter from 8.4 percent to 8.8 percent. However, since 1Q 2014, vacancy has decreased from 9.6 percent.

Austin’s industrial market posted 19,898 sf of negative net absorption in first quarter. Austin’s industrial leasing activity, which includes renewals, reached 228,000 sf in first quarter.

Austin Industrial Market Summary
Market Rentable
Area
Total
Vacant SF
Total
Vacancy
Rate
1Q 2015
Net
Absorption
4Q 2014
Net
Absorption
North 15,242,940 1,244,821  8.2% 39,268 228,652
Southeast 12,801,662 1,255,720 9.8% -387,327 -29,678
Northeast 12,603,385 1,364,576 10.8% 38,253 248,520
East 4,788,283 200,917 4.2% -20,458 25,193
Northwest 4,750,169 216,201 4.6% -23,978 -13,453
Southwest 3,007,078 50,044 1.7% -12,310 36,696
Austin total 67,272,810 5,910,120 8.8% -19,898 598,933


*ranked by rentable area

See the full Collier's International Austin Industrial 1Q 2015 report. Don't miss out! Austin NewsTalk, Austin Market Research

Moody acquiring Homewood Suites Austin for $14M 

(6/4/2015 9:30:00 AM)

AUSTIN - Moody National REIT I is under contract to purchase the Homewood Suites Austin for $14.25 million excluding acquisition costs.

The Homewood Suites Austin is a 96-room select-service hotel located approximately six miles from Austin-Bergstrom International Airport and is just minutes from downtown Austin.

"The Austin economy is experiencing vigorous growth, and we think that the diversified economic demand base - including high-tech, medical, state government and education - favor continued robust growth in the long-term," said Brett Moody, CEO and Chairman of the REIT.

Read more at PRNewswire.

Austin: Presidium buys 160-unit Hunterwood Apartments 

(6/4/2015 7:30:00 AM)

AUSTIN - Presidium Group LLC in partnership with St. Croix Capital Advisory Service Group purchased the 160-unit Hunterwood Apartments, 4901 E. William Cannon Dr.

The property was built in 1983 and will be upgraded. Dallas-based Presidium owns six properties in Austin and is in the process of developing several land parcels.

Read more about this story at the Austin Business Journal.

What's not slowing down? Austin hospitality market 

(6/3/2015 7:00:00 AM)

AUSTIN - New hotels and upgrades to existing ones are keeping Austin’s hospitality market in high gear.

Homes2 Suites, a Hilton Hotel brand, is the latest to open a 135-room hotel near the Domain at 2800 Esperanza Crossing. Added demand in the extended-stay sector prompted the development of Homes2 Suites.

Highland Group reported that the extended stay lodging market is posting occupancy levels at the highest level in 13 years.

The Hyatt Regency in downtown Austin has announced it has started a $12 million renovation to its 448 rooms. The hotel, located at 208 Barton Springs Rd., recently completed a $20 million meeting and event space renovation and expansion.

The owners of the Hyatt Regency are preparing for the added competition in the downtown market in the wake of the opening of the JW Marriott earlier this year and the pending openings of the Westin Austin Downtown and Hotel Van Zandt.

Read more at the Austin Business Journal.

Austin Market Research (see the Hotel category), Austin Hotel NewsTalk

Austin construction? UT projects rank in Top 20 by ENR 

(6/3/2015)

AUSTIN - The just released ENR Texas & Louisiana publication ranked the “Top Starts in Texas and Louisiana in 2014” based on total construction cost, and three of them are in Austin.

Austin projects are University of Texas projects.

• The Dell Medical School's teaching hospital ranked No. 12, valued at $355 million.

• The Engineering Education & Research Center logged in at No. 14, valued at $311 million.

• Robert B. Rowling Hall is ranked No. 19, valued at $176 million.

By far, most construction capital is being expended on energy-related projects in Texas and Louisiana.

Read more at the Austin Business Journal.

See all 25 "Top Starts in Texas and Louisiana."

Austin Market Research, Austin NewsTalk

Frontier changes for 456-bed Outpost San Marcos near TSU 

(6/2/2015)

SAN MARCOS - The Preiss Company has expanded its footprint in Texas with the acquisition of the 486-bed Outpost San Marcos student housing complex serving Texas State University.

The Outpost in San Marcos is located at 1647 Post Rd. within walking distance to the football stadium and approximately seven minutes from the Texas State campus.

Situated on 11.2 acres, the complex consists of six-, three-story buildings and a stand-alone clubhouse.

Read more about this story at the MultifamilyBiz.com.

REOC: Austin office market 1Q 2015 

(6/2/2015)

AUSTIN - New construction delivered three major projects totaling more than 560,000 sf of office space in first quarter 2015, yet the citywide vacancy rate remained stable.

Preleasing achieved in newly completed buildings actually exceeded the total amount of positive net absorption recorded in 1Q 2015 for the market as a whole.

Local office properties are on track for another very strong year and will likely top a million sf of absorption again this year.

There are currently 13 major office building projects rolling through the development pipeline totaling nearly 2.4 million sf. More than 1.7 million sf of that total is expected to come online before the end of 2015.

Additional strength is demonstrated by the notable increase in rental rates.

Austin’s thriving tech sector and overall healthy job market will continue to drive demand for office space.

Austin 1Q 2015 Office Report
Submarket Total
Inventory
Vacancy YTD SF
Absorp.
Avg. Quoted
Rent Rate
CBD 9,058,508 8.0% 563,087 $38.98
Central 2,285,947 14.2% -3,837 $25.00
North 1,621,681 13.3% 16,701 $21.07
Northwest 13,251,685 11.8% -21,418 $28.64
Far Northwest 3,532,896 14.8% -218,995 $24.72
Northeast 1,855,269 12.2% 6,238 $18.28
South 1,688,035 3.4% 14,520 $27.92
Southeast 915,462 10.3% 22,695 $20.01
Southwest 8,463,667 6.4% 92,220 $29.92
Round Rock 884,716 11.4% 5,586 $23.22
Totals 43,557,866 10.0% 476,797 $28.20


Source: REOC Austin

Or see REOC's full report here, including previous quarters.

For other commercial reports, see Austin Market Research.

See Austin NewsTalk Texas for everyday scoops of all sizes.

Leander Legacy at Crystal Falls shimmers in spotlight 

(6/1/2015)

LEANDER - Legacy at Crystal Falls, a senior-living development of 82-unit for assisted-living and memory care, has been completed.

Occupying a 5.1-acre site on the northwest corner of Lakeline Blvd. and Crystal Falls Pkwy, the development offers residential units serving 140 individuals with assisted-living and memory-care requirements.

Legacy at Crystal Falls was designed and constructed around a “main street and neighborhood” concept.

The complex centers around a centralized community amenity area that features a restaurant, convenience store, movie theater, spa, fitness center and sports bar.

Read more GlobeSt.com.

Austin’s Four Seasons hotel sells for $197M 

(5/31/2015)

AUSTIN - Strategic Hotels and Resorts paid $197 million for the Four Seasons at 98 San Jacinto Blvd.

The sale of the 291-room luxury hotel — which will continue to remain affiliated with the Four Seasons brand — is expected to close this month.

“With spectacular views of Lady Bird Lake and easy access to Austin’s central business district, convention center and popular annual events, the Four Seasons Austin is well-positioned under our ownership to deliver the city’s most distinctive luxury hotel experience” said Strategic Hotels and Resorts chairman and CEO Raymond Gellein.

Strategic Hotels and Resorts owns about 20 hotels worldwide, specializing in “desirable and high-barrier-to-entry urban and resort markets.”

The Four Seasons Austin Hotel will be the company’s first hotel in Texas. Lodging Capital Partners and Prudential are the sellers.

Read more at the SEC filings and the previous article from the Austin American Statesman.

Austin: 279-unit The Kenzie picks up $42M 

(5/29/2015 10:00:00 AM)

AUSTIN - The Kenzie at The Domain, a 279-unit, six-story multifamily asset located in North Austin has sold for $42.3 million, according to Yardi Matrix data.

Austin’s average per unit price in 2015 ($107,409) is still climbing over the $104,801 average achieved in 2014. You can also expect rents to rise about 6 percent this calendar according to Yardi Matrix.

The asset is located at 3201 Esperanza Crossing in The Domain, a master-planned community with more than 1 million sf of retail, dining and entertainment, and more than 2.5 million sf of office space.

Heitman acquired the property from Street Lights Residential. 

So it is no wonder Heitman was interested in this trophy property, which IPA said is surrounded by more than 90,000 jobs within a three-mile radius.

Read more at Multi-Housing News.

Austin Market Research, Austin NewsTalk multifamily

REOC: Austin industrial market 1Q 2015 

(5/29/2015 9:00:00 AM)

AUSTIN - Following the solid performance in fourth quarter 2014, Austin-area industrial lease properties recorded another positive quarter to start the year.

Strong investment activity speaks to investor confidence in Austin’s economic strength and long-term positive outlook.

According to the survey of more than 38 million sf of industrial lease space, new leases and expansions inked in the first three months of the year translated into 270,783 sf of positive net absorption.

Aware of the opportunity to provide new warehouse inventory to accommodate tenant expansion and attract new business to the area, developers are in the process of delivering new space to the market.

Looking ahead, there are roughly 1 million sf of projects in various stages moving through the development pipeline.

Austin Industrial Market 1Q 2015
  Office/Bulk/
Manufacturing/Warehouse
Flex/R&D
Sector Existing
SF
Current
Vacancy
Under
Const.*
Existing
SF
Current
Vacancy
Under
Const.*
Round Rock 2,498,932 11.9% 240,000 663,446 3.5% 55,000
North 10,205,343 9.3% 0 5,001,854 5.3% 0
Northeast 4,115,363 6.8% 153,000 3,016,576 32.8% 0
East 1,283,071 4.1% 0 0 0.0% 0
Southeast 4,896,894 5.2% 404,805 4,259,656 14.0% 232,000
South 1,945,884 1.0% 0 131,848 0.0% 0
Total 24,945,487 7.4% 797,805 13,073,380 14.3% 287,000


*Expected to deliver within six months

Source: REOC Austin

See REOC Austin's full Industrial Market Report 1Q 2015, including previous quarters.

More data? See Austin Market Research

Amazon leases 75,000 SF of Austin’s Domain 7  

(5/28/2015)

AUSTIN - Amazon.com has leased two contiguous floors totaling close to 75,000 sf of office space in the newly developed Domain 7, located at 11501 Alterra Pky. off Mopac Blvd.

The E-commerce giant is expected to occupy the six-story mid-rise 221,973-sf space in June 2015.

Amazon will be providing job opportunities for an estimated 250 employees ranging from office administrative staff to software developers and hardware engineers with this new office.

Read more at CoStar Group.

Austin Market Research, Austin NewsTalk office

Austin: sales up, price up; time to build? 

(5/27/2015)

AUSTIN - Good news for home builders in Austin and maybe for the economy as a whole as sales of new homes increased nearly 7 percent in April to a seasonally adjusted annual rate of 517,000, according to the U.S. Census Bureau.

While it is still a below-average rate historically, it is up 26 percent compared with April 2014. The median sales price for a new home rose to $297,300 in April, up from $285,500 in March 2015.

This supply shortage, plus higher home prices, could spur demand for more home construction.

Read more at the Austin Business Journal.

The List: Austin top 25 residential developments 

(5/26/2015 7:00:00 AM)

AUSTIN - The List of the top 25 residential developments tracks neighborhoods by number of housing starts during 2014 in Austin's five-county area.

The Austin Business Journal partners with Metrostudy Inc., which has a team of surveyors that physically count lots on a regular basis.

Here's a sample of the top five.

Austin Top Five Residential Developments by
Home Starts*
Rank Neighborhood City New Home
Starts
1 Sun City Texas
by Del Webb
Georgetown 294
2 Crystal Falls Leander 261
3 Teravista Round Rock 246
4 Paloma Lake Round Rock 199
5 Harris Branch Manor 189


*Only the top five of the top 25 are listed.

See Austin's List of Top 25 Developments with price range and starts. 

Also see Austin Market Data Sources.

Source: The Austin Business Journal Book of Lists (published March 2015).

Round Rock reaches top of affordability hill 

(5/26/2015 5:45:00 AM)

ROUND ROCK - Round Rock has been dubbed the third most-affordable place in America when comparing median household income to the average cost of living, in a study from personal finance website NerdWallet.

Several Texas cities, including several in Central Texas, made the list of The 100 Most Affordable Places in America. Plano, part of the Dallas-Fort Worth Metroplex, took the top spot.

•  No. 17: Austin

•  No. 20: Temple

•  No. 49: San Antonio

•  No. 100: Houston

Here’s a look at the top five cities and how they rank:

Top 5 Affordable Places U.S.

Rank
Location Median
household
income
Income
index
Cost of
living
index
Housing
index
1 Plano, Tex. $81,800 157 99 90
2 Edmond, Okla $71,607 137 96 94
3 Round Rock, Tex. $68,959 132 94 89
4 Juneau, Ala. $84,415 162 132 158
5 Midland, Tex. $63,819 122 97 97


Read more at the Austin Business Journal or see NerdWallet for the full report.

Austin unemployment rate at low point since 2001 

(5/26/2015)

AUSTIN - Austin’s metro jobless rate dropped to 3.0 percent in April, down from 3.3 percent in March, the area’s lowest rate since January 2001, according to the Texas Workforce Commission.

The seasonally adjusted unemployment rate in Texas held steady at 4.2 percent in April, the national rate dropped to 5.4 percent from 5.5 percent in April 2015.

All told, local employers added about 9,500 jobs during April, roughly double the average job-creation rate for the month since 2000, according to commission data.

Read more at the Austin American-Statesman.

See more data on Employment under Austin Market Research.

Only Time will tell concerning $55B deal with Charter 

(5/26/2015)

AUSTIN - Charter Communications Inc. has agreed to buy Time Warner Cable Inc. — one of Austin's largest telecommunications providers — in a $55 billion deal that will bring together two of the nation’s largest cable companies.

Charter also said it will buy Bright House Networks for about $10.4 billion, rolling that smaller operation into the merged company.

The combined entity would have 23 million subscribers, second only to Comcast’s 27.2 million customers, according to CNBC.

Read more at the Austin Business Journal.

Chaparral Ice Center skates to college in Austin 

(5/26/2015)

AUSTIN - Virginia College has moved its Austin campus into the former Chaparral Ice Center on I-35 in North Austin.

Birmingham, Alabama-based Education Corporation of America (ECA) owns Virginia College and finished renovating the ice rink in 2012.

ECA chose to use the space for the Austin campus of Virginia College when its lease ended at 6301 E. Hwy. 290, campus President Harvey Giblin said.

The campus moved in April to the new site, which uses mostly solar panels and wind turbines to power the 43,375-sf campus.

The campus will host a grand opening celebration June 4.

For more information visit www.vc.edu.

Read more at the Community Impact Newspaper.

Austin sun now sets with Total Wine & More in Sunset Valley  

(5/26/2015)

AUSTIN - Wine enthusiasts in Southwest Austin can now explore a 26,000-plus-sf Total Wine & More location, which opened at 5601 Brodie Lane in Sunset Valley.

The wine superstore carries “thousands of labels” of wine, said Karrie Shehan, a wine supervisor at Total Wine in Sunset Valley. The wine selection accommodates almost any price point, as bottles can go as low as $5 and as high as $80.

The Sunset Valley store is Total Wine's first foray into the Austin market. The chain plans to open a second location in the summer in Lakeline Mall Plaza at 11066 Pecan Park Blvd., Ste. 117.

More background information? See Total Wine & More swinging in on vines in Austin.

Read more at the Community Impact Newspaper.

Georgetown: second-fastest growing city in U.S. 

(5/26/2015)

GEORGETOWN - Georgetown is the second-fastest growing city in the nation with a population of 50,000 or more, according to data from the U.S. Census Bureau.

The census estimates the city added 4,168 residents between July 1, 2013, and July 1, 2014, which is a 7.6 percent increase for that year.

More than 1,200 single-family homes have been platted and more than 1,100 multifamily units have been completed or are near completion, according to the city’s Planning Department.

Another 7,855 single-family homes are planned in the city and are expected to be built out in five to 20 years.

Based on an average household size of 2.46 according to the census, the city expects to add 25,055 residents in the next ten to 20 years, according to the news release.

Read more at the Community Impact Newspaper or check out the data at the U.S. Census Bureau.

South Austin sale: 160-unit Hunterwood 

(5/26/2015)

AUSTIN - Dallas-based Presidium Group teamed up with St. Croix Capital Advisory Services Group to acquire the 160-unit Hunterwood Apts. from Westdale Real Estate Investment and Management.

Hunterwood Apts. was constructed in 1984 on a 7.4-acre site at 409 William Cannon Dr. E in South Austin's outer south multifamily submarket.

Renovated in 2005, the community consists of one- and two-bedroom floorplans with on-site amenities that include a pool, laundry facilities and leasing center.

Read more at CoStar Group.

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