Investing is an attractive prospect for many business professionals who are interested in real estate. But breaking into commercial real estate can seem daunting, especially if you haven’t dabbled in any type of real estate …
Absorption in retail continued its slide registering a negative 162,000 SF in the fourth quarter of 2020. Occupancy remains steady at 95%. Average asking rent increased from $20.25 to $20.50/SF quarter over quarter. Projects under …
Austin and Dallas are currently the only two major markets with positive office using employment growth year over year. These markets have however seen available sublease space increase significantly since April. The asking Average Full …
Tips on choosing the right office space for your Austin-based business Going through the overwhelming process of choosing the right office space for your Austin-based business can be challenging. With the COVID-19 outbreak affecting the …
Investing is an attractive prospect for many business professionals who are interested in real estate. But breaking into commercial real estate can seem daunting, especially if you haven’t dabbled in any type of real estate before.
For an introduction to everything you need to know about commercial RE development, check out these FAQs fromATX Real Estate.
Q1: How do I get started in commercial real estate development?
A1: You must earn a real estate agent or broker license to sell real estate where you live, plus organizational paperwork to establish your company.
Q2: How do I know if a commercial property is a good investment?
A2: Determining commercial property values can be complicated. Looking at the location and amenities is a solid start, but you’ll also want to calculate whether the property offers a good return on your investment and ensure you have a solid lease agreement.
Investing in commercial real estate may be a lucrative way to develop your own business. By exploring these resources, and other content fromATX Real Estate, you can learn everything you need to know to decide whether commercial RE is the best move for your professional future.
Austin and Dallas are currently the only two major markets with positive office using employment growth year over year. These markets have however seen available sublease space increase significantly since April.
The asking Average Full Service Listing rate for Austin was $42.63/SF/Year as compared to the National average of $38.11/SF/Year
The asking Average Full Listing rate has increased 5% over the last 12 months, compared to the national average of .6%.
Total vacancy in Austin is at 11% compared to a national average of 13.4%.
Compared to Dallas that currently has a $27.80/SF/Year Average Full Service Listing rate, down -3.4% over the last year and with a vacancy rate of 17.4%.
Over 7 million square feet of office space are currently under construction in Austin, almost 10% of the total stock.
Tips on choosing the right office space for your Austin-based business
Going through the overwhelming process of choosing the right office space for your Austin-based business can be challenging. With the COVID-19 outbreak affecting the real estate market, there is no room for error. With that in mind, let’s see how to make an informed decision that will benefit your business in the long run.
Why are Austin-based commercial properties highly valued?
Austin is known as the tech hub in the US. However, the city is such a good place for a business because no industry holds the market. Everything from government services to health care and beyond is well developed. The array of industries that operate in Austin is wide.
Buying a property on your own is formidable. However, it is not something you should do at the moment. With so many companies closing and the real estate market going through fluctuations every day, you have to think about the best approach.
Nevertheless, understanding how to choose the best office space for your needs is vital. In the end, you are the one who has to decide whether to purchase or not.
Know what you want
The first thing you should do is sit down and talk with your real estate agent. They need to know you, your company, brand, and your employees. The more they know about the business, the better.
Commercial real estate agents work with companies all the time, and they already have a pretty good guess about what your needs might be. You will save yourself a lot of trouble if you have entirely transparent communication.
Talk about your location preferences, the size of the property, your budget, and your short-term and long-term goals.
Searching for the property
Once your broker analyzes the situation and the discovery stage is over, he will have enough information to find the best office space for you.
Searching for a property can be a long process, so be patient. The goal is to find the perfect office space.
A broker’s job is to do extensive research, do surveys, scheduling tours, and find multiple options. After that, you will get a shortlist of possible options, with floor plans, property flyers, and everything else. The final step in this stage is visiting all the properties. Your realtor will arrange tours, and after seeing them all, you will narrow down the options to what you like the best. Your broker will contact the landlords and provide their proposals for you to review, based on your choices.
How to know what property to buy?
Even though you are getting all the information about the properties you are considering, you still have to decide which one to purchase in the end. A seasonal real estate agent who understands the market and the demand will provide detailed analysis and comparison of all properties and be there for you as a consultant. They usually know what features to look for and what makes a property suitable for your line of work.
Research the construction agreement
Choosing the right office space for your Austin-based business does not only mean looking for a nice looking property. Some offers have a better deal than others.
Another important step is to get construction estimates. Usually, the landlord hires an architect to layout a mockup of the floorplan and get the estimate for you. The pricing will tell you if the property is worth investing in or if it will be too expensive for you. This is crucial to establish before the negotiations start.
The negotiation phase
The negotiation process happens between your company, landlord, and lawyer, organized by the real estate agent. There will be a series of offers and counteroffers, all in hopes you can improve the terms of the contract. When both parties come to an agreement, your real estate agent will prepare the Letter of Intent, which outlines all terms and conditions, and it represents a sign of good faith between both parties.
Hot office trends for renting in Austin
Let’s take a few minutes to look at office space for rent in Austin. The two most popular options include:
core office – This type of office space is considered “stable.” Companies usually rent this type of office space for many years in advance and use it to build a headquarters or established markets.
flexible office – Flexible space is rented for a shorter time frame, and it includes daily, monthly, and in some cases, yearly rent. The usual use is for expansion, employee mobility, satellite office, etc.
Moving to your office after the completion of construction
It is a lengthy process, but you need to start moving in after the construction is over. This is a massive project, so you need someone to guide you every step of the way. The best approach is to reach out to professional commercial movers. Experience in this line of work can make a huge difference and help you avoid delays. The most crucial part is that your business does not suffer while all of this is happening.
Tips on choosing the right office space for your Austin-based business – delivered!
As you can see, finding help for choosing the right office space for your Austin-based business is vital. You cannot go alone into this endeavor and hope to finish it quickly and efficiently. You need professional assistance to avoid making mistakes and wasting your money, energy, and time. Good like finding the best property for your business!
GUEST BLOGGER’S bio
Jordan Hewitt is a freelance writer and an aspiring small business owner. He has contributed to a number of publications, and hopes that his guidance can help other struggling business owners.
Highway 71 East in Cedar Creek, TX (14 miles east of Tesla and the Austin Airport). Two sites, One site is 36 acres, and other is 9 acres. Each with Hwy 71 East Frontage.
Jurisdiction: Bastrop ETJ
Waste Water: Corex is currently located 1600’ west of the 36 acre parcel
Water: Aqua Water along property frontage
Hwy 71 Frontage: 36 acre parcel has 1600 LF and 9 acre parcel has 400 LF
Parcels are +/- 1,000’ deep
Location: Across street from LCRA McKinney Roughs Nature Park and the Hyatt Regency Lost Pines Resort. 14 miles east of Austin Airport, 14 miles east of new Tesla facility, 24 miles east of Austin, and 10 miles west of Bastrop.
Access: For 36 acre parcel, Hwy 71 East past Cedar Creek High School, second right after school at Still Forest Drive Exit, property on the right. 9 acre parcel is accessible at Hwy 71 East, second exit past Still Forest Drive to the right.
Possible Uses: Industrial, Corporate Campus, Tesla related industry, Multifamily.
CALL ME AT 512-970-8359 with questions or for more information or email me at firstname.lastname@example.org
Finding employment in Austin, TX, can be overwhelming, but the options are ample. The city has a reputation as one of the best places to live in the US. The job market is strong, and the business environment is progressive and entrepreneurial. Several tech companies have more than 5,000 employees, and new companies are opening in Austin every year.
Hence, if Austin is your new address, focus on finding a home, and explore some expert real estate negotiating tips. We will provide you with professional advice on how to find employment and pursue a career here.
Set a clear job target
Knowing what you want and expect from a job is the basis of every job search. These factors will rule and steer all your decisions throughout the process. Take some time to contemplate on these points and make a definite list of the criteria your ideal job has to meet. Make sure the goals you set are attainable and manageable to avoid disappointment. If you succeed in your intentions, it will be easy for you to move here from any part of the state and build a career that will bring personal and professional satisfaction.
Create a plan for finding employment in Austin TX
A random job search is rarely a good strategy. It is vital to make a detailed plan, as it leads to commitment, diligence, and success in finding a job.
Firstly, you need to define a time frame. How much time do you need to see some progress while looking for employment? Then, explore job listings and list the companies that have attracted your attention and that you would like to work for in Austin. You will need to work on your criteria list and occasionally prioritize and narrow it, as job opportunities here are countless. Finally, once you create a list of potential employers, you will have to work on your resume and cover letter to adapt them to the hiring criteria.
Identify the best job listings
When you decide what you want and create a plan for finding employment in Austin TX, you can start looking for the best job listings. Job banks, networking sites as well as company websites, and niche sites are also helpful. One viable solution that can provide you with favorable and fast results is working with a recruiter. These are all the options that will maximize your odds of finding employment as soon as possible.
Brand yourself properly
The digital era we live in has considerably changed our approach to various tasks. The practices we apply when looking for a job are, thus, no exception. Nowadays, finding employment is impossible without branding yourself properly in the digital medium. Only then will your actual qualities and competence, combined with networking strategies, bring results.
Thus, in the initial phase of your job search, create profiles on LinkedIn or any other networking site. Your professional brand should leave a positive impression on potential employers, recruiters, and even contacts. This guarantees success in convincing potential employers that you are a candidate that the company can benefit from.
Combine offline and online efforts
While it is true that the Internet offers a genuine wealth of information to its users on job vacancies, salaries, companies’ and employers’ reviews, relying solely on the online environment is not a smart move. Although you will be applying for a job online, you should continue working on the best offline strategies. There is always a chance someone you know might help you with your job search. In other words, try to remember whether you know anyone at the companies you are considering that you can network with. When you connect to a company both online and offline, you stand out among other candidates, become a real person, and someone who has just gained an advantage among competitors.
List the companies you would like to work for
Having a list of target companies helps you stay focused on your job search. To stay well informed on relevant matters, sign up for email notifications for new job openings, and act promptly when the time comes. Revise the list occasionally, as your interests and priorities might change.
Improve your resume and create a compelling career story
Sending generic resumes is one of the most common mistakes inexperienced job seekers make. Instead, you should tailor the resume and your career story to contain the information relevant to the hiring criteria. Do your best to explain why your previous experience and the skills you possess make you qualified. Provide the details of what you have done so far, how it is impactful, and, finally, how a company can benefit from hiring you.
Prepare for the interview
Proper preparation before a job interview is imperative. Firstly, find out as much as you can about the company. Secondly, try to predict the interviewer’s questions and practice answering them confidently. Make a list of questions you would want to ask regarding the company or the post you are applying for. Use your best to show expertise and knowledge to impress the decision-makers. Finally, dress smartly for the occasion.
Due to the favorable business environment, finding employment in Austin, Texas, is significantly less demanding than in other US cities. Understandably, proper preparation is always necessary if you expect to reach your business goals. The city is not only the right choice for your career but for raising a family as well. With over 25% of top-rated schools, Austin is a frequent choice for many families.
Author: Allison Greenberg is a full-time office manager and a part-time blogger. While working at a medium-sized company, she has learned a lot about the process that potential candidates go through. In her articles, Allison hopes to provide helpful insight into the business world.
Nationally apartment construction is at 5 year low, down 12% from 2019
Texas cities are the most active in apartment completion to date in 2020
Austin is leading this category nationwide
Texas dominates with three more cities – Houston, Dallas, and Farmers Branch
The Austin metro is fifth from the top for new construction projected through the end of the year. Austin has added 62,000 residents from 2018 to 2019. Over 50,000 new apartments have been built in the area since 2016.
Year over year home statistics in the Austin MSA improved in June.
Median Sales Price up to $340,000, up 4%.
Closed sales at 3,969 are an increase of 9%, which helped hold sales to only a 5.2 % decline during the first half of the year.
Homes were on the market for 4 fewer days, down to 44 days.
New listings are down 5% to 4,170.
Active listings are down 32% to 5,300.
Pending sales are up 33% to 4,737.
Total Sales Dollar Volume is at $1.67 billion which is up 13%.
Months of housing inventory is down .9 months to 1.8 months.
Rising prices, and low inventory are causing the local market to be very competitive and tight.
“There are plenty of unknowns in the months ahead, but June home sales across the MSA being up 9.3% year over year was tremendous when considering the strength of 2019”, said James Gaines, chief economist at the Texas A&M Real Estate Center.
Address: 2819 North Bagdad Rd also known as 4150 CR 279
+/- 11,451 SF of Building Improvements
2 Houses for use as Office and 1 Bedroom Apt (4,775 SF)
Swimming Pool with beautiful grounds / would work for Wedding Venue.
2 large garages, a workshop building, 2 storage containers (6,676 SF)
Outside Storage Yard
DESCRIPTION: Currently zoned Single Family Suburban at front of lot and Single Family Rural at back of lot. On north edge of City of Leander. Residences with garages, workshops, storage yards, room to expand. 2 Houses, 1 Apartment, 2 large Garages, 1 carport, 1 Workshop and outside storage Yard. Extra deep well, heated pool, new A/C in apartment and bedroom side of house. Also hookups on site for a mobile home / trailer. Would make excellent office / industrial / yard work space with zoning change. Great Owner/User location.
DIRECTIONS: Take US Highway 183 North, west on San Gabriel Parkway, Right on Bagdad Rd N / CR 279, and property is on your left, 1.27 miles.
Contact Mark Pustka at 512-970-8359 or email@example.com for more information or a tour.
Move in tomorrow to Suite 150. July 1st move in, for Suite 310. Rare availability, don’t wait. Building stays full. Great opportunity for office near downtown and in midst of S Lamar scene. 3 miles south of downtown Austin. Four story glass curtain wall office building on South Lamar. Pristinely maintained and serviced.
Property Manager on Site
Energy Star Labeled
On Site Property Management
Vibrant South Lamar location near new restaurants, apartments, condominiums and night life
On Site US Postal, UPS, Fed Ex and Lonestar Overnight
Governor Abbott’s Tuesday Executive Order clears the way for contractors in Austin to get back on the job. Mayor Adler agreed late Thursday after initially banning construction in Austin on March 24th.
The previous ban on construction by Austin was in contrast to other metro areas in the state where construction work was deemed essential. The mayor’s back to work guidelines include “numerous employer requirements for all construction work. Those include social distancing guidelines and healthy work practice requirements, including pre-screening the “general health” of workers, limiting crew sizes and rotating shifts for sites with more than 10 workers on the job a time.”
ECONOMY – Austin job growth has continued to outpace national averages and our unemployment rate is one of the lowest in the country at 2.5% Major tech expansion included companies such as Facebook, Google, Amazon and Indeed. The growth trend is likely to continue as more companies look to expand their operations in Austin.
CONSTRUCTION – Over 2.1 million square feet of new office space was delivered during 2019. Another 6.1 million square feet is still under construction. Office development is at an all time high. Class A downtown lease space remains in high demand with vacancies below 6 % and pre-leasing of new construction at 70%+.
RENTAL RATES – The overall asking rate increased to $39.21 / square foot up $2.95 per square foot compared to the last quarter of 2018. Class A space is at $44.14/ square foot a year over year increase of 7.4%. As demand continues and more companies move to Austin, asking rates are forecasted to maintain the rental rate increases.
In December the Austin Board of Realtors released their monthly report and home prices and sales have hit another historic high. Based upon November sales numbers it appears that 2019 sales will surpass the total number of homes sold last year. Last month sales rose 4.5% to 670 sales totaling 30,561 sales. This is just 300 less than 2018’s total sales volume. By looking at trends it appears that Austin will surpass 300 sales in December and thus exceed 2018 numbers.
Austin’s November median home price for a single family home rose 10.6% year over year to $405,000 an all time high for November. The Austin/Round Rock metro rose by a modest 1.7% increase to $305,000 while Travis County rose .6% to $355,000.
Land in Austin continues to be severely constrained and so home builders are moving outward in search of lower land costs and development opportunities according to Vaike O’Grady, Austin regional director for Metrostudy.
In November Williamson County home sales increased 13.2% while Hays County increased 17.8%.
“Limited and pricey housing within the urban core is driving residents to relocate to the suburbs”, according to Kevin P Scanlan, Austin Board of Realtor’s 2019 president.
Rent decreased and vacancy increased in the third quarter of 2019 Austin office market with a total of 1,250,402 square feet of negative net absorption registering in the Class A market. Class B had 180,000 square feet of positive net absorption while Class C properties had 46,670 square feet of negative net absorption. This resulted in citywide vacancy of 11.5% up from 9.3% in Q2 of 2019. Class A CBD vacancy was up from 5.7 to 5.8%.
There is currently 5,000,000 + square feet of office space
under construction with about 45% pre leased.
The fourth quarter of 2019 is forecasted to deliver over one million square
feet of office space with 800,000+ pre leased.
The average rental rate decreased over the quarter compared
to Q2 of 2019 from $35.72/sf to $35.38/sf.
Rent for Class A lease space dropped by 6.2% to $49.47/sf from $52.78 in
Q2 of 2019.
Home sales and median sales prices hit an all time high for
the month of September according to a recent Austin Board of Realtors report. In the Austin metro area, sales increased by
13.4% with 2,654 homes sold resulting in the busiest September ever. The median sales price for September was
$320,000, a 7% year over year increase and the highest September median sales
price ever. Pending sales were up as
well which suggests October will be another strong month.
Looking at the Austin market alone, 798 houses were sold which is a 15% increase over September 2018. The median sales price totaled $406,000, an all time high for September. Housing inventory decreased by ½ month year over year to leave it at 18 months of inventory currently. Home prices continue to rise in the area because of these strong sales and the limited amount of inventory.
Retail development is booming in Austin metro area with 1.28 million square feet of new space under construction in the area. 890,000 of the total is located outside the city in the suburbs. Occupancy remains steady at 96% although the average asking rate has dropped to $20.50/square foot.
Location: One block east of Mopac at NE corner of Steck Avenue and Shoal Creek.
Description: Traditional office condominium design with atrium elevator lobby, abundant natural light and updated modern restrooms serving each floor. Suite 200 includes 9 offices, an open work area, break room, IT closet, and conference room. 4 parking spaces in first floor parking garage and 11 in parking lot.