Austin Office Market Forcast, Austin Office Market Status
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Monday we attended the Real Estate Council of Austin’s annual economic forecast. Mark Dotzour, the chief economist and director of research at the Texas A&M Real Estate Center spoke. Here were the major take aways from his talk:
- Austin job growth in 2007 was less than predicted (2.1% instead of 3.5%)
- Job growth in 2008 expected to continue to slow to around 1.1% or +8,500 jobs
- Business is in a “wait and see” phase until after the election and is putting off making decisions
- We may see a rebound in the economy around April 2009 after the new president starts and business get off the sidelines and start making decisions they have postponed
- More new office space has been delivered to the market in 2007 & 2008 than is being absorbed
- Office projects currently under construction will finish up but no new projects will be financed or built until mid to late 2010
- Excess new inventory and slower job growth should lead to a $1.40 drop in office rates in 2008
- If the economy picks up the growth should adsorb excess supply and cause office rates to go back up significantly in 2010 and 2011
- If capital gains rate is increased, all commercial buildings values would drop by 11% overnight
chadjewell @ August 20, 2008
office space for lease austin
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Interesting article that is most applicable to Retail but office tenants could learn something too. The cheapest location could cost you in employee recruitment, retention, satisfaction– impacting your bottom line.
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Follow the Sound of Bulldozers
and the Smell of Fresh Paint
Commercially speaking, where are things happening in your town? Move to where the action is. Follow Best […]
chadjewell @ August 4, 2008
office space for lease austin
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I think may new business owners think that leasing an office space is similar to leasing an apartment.
Step 1. Look at apartments
Step 2. Decide which one you like best
Step 3. Write a deposit check and sign the 2 page lease
I wish it was that easy! Here are some of the ways leasing an office space […]
chadjewell @ July 1, 2008
Austin Texas Economy
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COLLEGE STATION (Real Estate Center) - Texas nonfarm employment rose 2.3
percent from February 2007 to February 2008 compared with the less than 1
percent annual growth rate of nonfarm employment for the United States as a
whole.
The state’s seasonally adjusted unemployment rate fell from 4.5 percent in
February 2007 to 4.1 percent in February 2008.
Higher oil prices continue […]
chadjewell @ April 7, 2008
Austin Office Vacancy Rate
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Here is a blurb about the office market that originally appeared in the Austin American-Statesman. This article accurately tells what is going on.
AUSTIN (Austin American-Statesman) - Vacancies are rising in the Austin
office market and are expected to continue ticking up amid a glut of new
space and heightened caution among tenants who are wary of the […]
chadjewell @ April 7, 2008
Austin Office Lease Rates
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The new rate quoted by Austin’s premier Class A building downtown, Frost Bank Tower, is $27 + $15.90 NNN = $42.90 per square foot per year! Just to bring this into perspective… you would spending about $12,870 per person per year on rent and that doesn’t even include parking!
The average B Class suburban office building […]
chadjewell @ March 4, 2008
Location: Austin Office Space
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I just read a E-mail newsletter that was talking about business blind spots and ran across this one: “4. location.
Yesterday’s right location is tomorrow’s wrong one. Has the future arrived and left you behind in a weird part of town? Or did you fall into the happy trap of cheap rent only to find yourself […]
chadjewell @ March 3, 2008
Austin Office Market Status
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It has started! We just got wind of the first price drop in one newly constructed, speculative office development in northwest Austin. The project is dropping their quoted price $2.00. All the brokers here at Austin Office Space have been expecting this drop to happen for a while now. With all the new projects […]
chadjewell @ February 18, 2008
office space for lease austin
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1. Market Knowledge
An experienced office tenant rep. broker knows the market rates, trends, landlords and can guide you to the best deal.
2. Experience
Knowing how the lease process works can save a lot of time and headaches. A good office broker will know what deals can be made and how to avoid potential pitfalls during the […]
chadjewell @ February 10, 2008
office space for lease austin
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The residential market in Austin is certainly not something we are involved with but it often is one of the indicators that people watch in regards to the economy.
January 27-February 2, 2008
This week there are 10,185 active residential listings compared to 7,640 in the same week a year ago. (33% increase)
New listings up 57%
Pending sales […]
chadjewell @ February 10, 2008
