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Feb 28

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2014 Austin Forecast from 360 Real Estate Analytics

Rude, Eldon 2008 Metrostudy 304The following 2014 commercial real estate related items are from an Austin 360 Analytics Real Estate Forecast provided by Eldon Rude.

• About 1.2 million square feet of office space was absorbed in Austin in 2013. Companies are growing and some are relocating here. The commercial market looks healthy.

• 17,736 apartments are under construction in the Austin market with nearly 4,500 of those in the Central Business District and Central Austin. Occupany across the market is averaging 95.8 percent and rents have steadily been on the rise.

 

• With so many apartments being delivered downtown, there may be an extended lease up period, given the high rental rates approaching $3 per square foot. The market average in the third quarter of 2013 was just $1.18 per square foot.

 

• Micro apartments might be the next building trend in Austin. Those units, which are growing in popularity in New York, Los Angeles and San Francisco, are about 300 square feet in size, but usually have large common areas for socializing. They are popular with a young demographic.

 

• There are a few areas of concern: inadequate transportation infrastructure and the possibility of more drought could take the shine off Austin’s reputation. Sufficient, affordable housing for the average income wage earner also is a critical issue.

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