Austin, Texas – Hot Commercial Market
Texas has been very attractive in terms of real estate for years. That is why investors are rushing to set up their companies and branches in large Texas cities. But, some cities are naturally better than others for commercial real estate. In addition, inadequate commercial space can noticeably slow down your company’s growth. That is why we will discuss the hottest markets for commercial real estate in Texas.
Austin has been at the forefront of quality commercial real estate in Texas and beyond. Even the Covid-19 pandemic has not been able to damage the activity and reputation of this market. In fact, the national report has ranked Austin as the second-best city for commercial real estate investors. This means this city has managed to put behind ‘big-shot’ places such as Boston, Washington, and Nashville. Consequently, Austin is one of the cities with the fastest growth rate in the US, positioning itself among economic strongholds such as Seattle and Miami.
All of this makes Austin one of the most attractive destinations for people seeking attractive employment opportunities. In fact, a record number of 10,000 new job seekers have moved to the city in 2021 alone. This means many highly skilled and experienced professionals from various industrial and commercial sectors have been flocking the city. And where you have a plethora of experts, you also have a booming economy.
Austin’s population is growing as well
Not surprisingly, some estimates show that Austin is the quickest growing metro area in the US. With a 3% increase in population in its metro area, which amounts to a whopping 1 million new residents moving into the city, Austin’s investment potential also drives the commercial real estate economy forward.
Industry giants based in Austin drive up commercial real estate
Commercial properties in Austin are the perfect foundation for the rapid and promising development of large companies and SMEs alike. It is no surprise then that industry giants such as Tesla, SpaceX, Facebook, Apple, Dell, GM, and Wholefoods have their outposts in Austin. In fact, Austin’s all-around beneficial corporate climate has instigated the software giant Oracle to relocate to Austin permanently.
Hence, relocating your business to Austin also means you will be able to position your company as a leader and trend-setter in your line of work. So, a new location can help you grow your operations and set yourself apart from the competition.
Investment opportunities are aplenty in Austin
It is no surprise that Austin has been recognized as the topmost US market in 2021 regarding investment opportunities. Another big advantage Austin brings to the table is the fact that the city’s projected growth goes hand in hand with a strong labor market.
In other words, business and investment opportunities give way to a highly-skilled workforce flocking into the city and vice versa. The noted advances are thus contributing to an already very active corporate climate.
The Covid-19 pandemic has also influenced investors to shift their attention from large metros to smaller markets. As a result, large capital investors (i.e., investors worth $50 billion or more) have their sights set on markets like Austin, thus driving up the area’s rental, leasing, and building activity.
All of the mentioned factors give rise to unprecedented growth in the supply and demand of quality real estate in Austin, TX. Add to that the high standard of living, an exciting cultural scene, a tech-forward economy, and top industry professionals residing in the city, the investment and building prospects in the sphere of commercial real estate have never been more beneficial.
In sum, there are many reasons why Austin is regarded as one of the hottest markets for commercial real estate in Texas. Hopefully, this short guide has helped you deepen your understanding of commercial real estate market trends that have brought about this trend.
Article courtesy of Regina Altman, Austin, TX. She frequently collaborates with State to State Move