Austin has lost a bit of its luster on an annual list of the country’s hottest commercial real estate markets.
The latest Emerging Trends in Real Estate report from professional services firm PwC and the nonprofit Urban Land Institute puts Austin at No. 4 among the U.S. commercial real estate markets to watch in 2022. Austin ranked second in last year’s report and first in the 2019 report. Since 2010, Austin has appeared at No. 7 or above in the closely watched Emerging Trends report.
The report, released October 14, bases its rankings on interviews with hundreds of commercial real estate professionals.
The report groups Austin with four other metro areas in a first-time category called “supernovas.” The four others are Nashville; Raleigh-Durham, North Carolina; Boise, Idaho; and Jacksonville, Florida.
“In astronomy, a supernova is the explosion of a star that creates unusual brilliance, but more generally the term refers to things that explode into prominence or popularity. So it is with the five metro areas in this new category,” according to the report.
“Austin has long been among the brightest stars in the constellation and a darling for investors and developers alike, first breaking into the [top 10] markets to watch in 2009,” the report adds. Click to read more at www.austin.culturemap.com.
The city of Austin is one step closer to redeveloping land near the Austin American-Statesman building, an area where many Austinites watch the South Congress Avenue Bridge bats fly, following the approval of a planned unit development, or PUD.
The applicant, Richard Suttle, is proposing an 18.86-acre PUD located at 305 S. Congress Ave., Austin, on the corner of South Congress and Lady Bird Lake, near the Austin American-Statesman building. The PUD will add trails, lawn space, a pier and a boardwalk area close to the shoreline of Lady Bird Lake.
Staff from the Austin Watershed Protection Department did not recommend the approval of the original PUD, citing multiple environmental concerns. The Austin Environmental Commission approved an amended version of the PUD that meets multiple environmental requirements and addresses those concerns. The PUD now moves to the Austin Planning Commission.
A PUD is a type of zoning that alters code requirements in exchange for other construction opportunities. PUDs are required to preserve the natural environment, provide high-quality development and innovative design, and ensure adequate public facilities and services, Environmental Program Manager Atha Phillips said.
A debate sparked between Phillips and Suttle led to the amended version of the PUD. Phillips said the original proposed lawn areas of the PUD would add and remove certain vegetation, causing additional erosion. Click to read more at www.communityimpact.com.
SAN MATEO, Calif.–(BUSINESS WIRE)–Oct 7, 2021–
Clarion Partners Real Estate Income Fund Inc. (CPREIF) has strategically expanded its property portfolio with three diversifying acquisitions: a multifamily property in Charlotte, N.C.; an industrial property in North Las Vegas, NV; and a multi-use property in a high-traffic area of downtown Austin, TX. Clarion Partners, LLC (“Clarion Partners”), a leading U.S. real estate investment manager, is one of Franklin Templeton’s specialist investment managers.
The three properties, all ideally situated within their growing markets, include:
Anker Haus (Charlotte, N.C.)
A 49-unit, build-for-rent townhome community located in the heart of the city’s Plaza Midwood neighborhood, less than four miles east of downtown. Resilient net migration, high barriers to new supply and strong employment growth have positioned East Charlotte as a high-growth sub-market. The project was designed as a “pocket neighborhood,” modeled after a European village. Its units feature modern finishes, with common amenities including a pool with adjoining cabana, fitness center, grilling area and dog park.
Congress Commons (Austin, TX)
A mixed-use asset that is 100% leased to Accenture, one medical tenant and three service-oriented retail tenants located along downtown Austin’s iconic Congress Avenue. The building’s interior features high-end, Class A finishes, and the location provides tenants excellent walkability to dining, entertainment and retail options. Click to read more at www.valdostadailytimes.com.
Don Quick (center) is seen with his team in 2019 after winning a lifetime achievement award from the Round Rock Chamber. (Photos courtesy Don Quick & Associates)
Don Quick & Associates has served the Round Rock area and beyond since 1970, offering real estate and brokerage services to the community.
Founded by Don Quick, whose family has a long history in the city of Round Rock, the firm offers client-focused commercial real estate services such as landlord representation and leasing, tenant representation, real estate consulting and property management.
In 2018, Quick celebrated his 50th year as a Realtor followed in 2020 by the 50th anniversary of Don Quick & Associates. However, in late June and early July 2021, he and his wife, Eugenia “Jeanie” Quick, died after long battles with non-Hodgkins Lymphoma and cancer, respectively.
The company is now headed by their son, Darren Quick, who has worked with the firm since 1996.
“Don left a legacy of operating with integrity while servicing the commercial real estate needs of the Central Texas community,” Darren said. “We are thankful for the business relationships that Don created that we have continued to grow and flourish.” Click to read more at www.communityimpact.com.
New numbers from the 2020 U.S. Census reveal what so many of us in Texas knew already: More people are moving here than any other state in the country. The appeal is clear. Texas offers a business-friendly environment, along with an affordable cost of living, making it ideal for corporations and their employees. Bringing businesses to the Lone Star State is the easy part. Choosing which community to call home base can be a challenge. That’s where economic development organizations, like the Dallas Regional Chamber, come in.
“The DRC works closely with regional cities and the business community to attract significant corporate locations and expansions to the region,” says Mike Rosa, DRC’s senior vice president of economic development. “Six Fortune 500 headquarters have relocated here in the past six years, along with many other headquarters, office, and industrial projects.” Two of the most recent relocations are financial services giant Charles Schwab and infrastructure firm AECOM. “The Dallas region continues to lead the nation in population and job growth, providing fuel for the commercial real estate market,” Rosa says. “There’s no place you’d rather be in business today or in the future than Dallas.” To continue that success, the DRC also works on education, workforce, transportation, quality of life and other fundamental issues important to all the people who live in the region, as well as to existing and future companies. “We are targeting corporate headquarters and technology companies,” says Rosa. “DFW is attractive to lots of sector and project types, so we’re not limited in our range of possibilities.”
At the other tip of Texas, the Rio Grande Valley Partnership drives collaboration and investment across its four-county region, which include Starr, Hidalgo, Willacy and Cameron counties. “We engage with economic development corporations by bringing investors, developers and bankers into each one of our communities to highlight the opportunities there,” says RGV Partnership president Sergio Contreras. “That way, investors can have a clear picture of the local incentives and targeted industries by the local communities.” The opportunities in the Valley are many, according to Conteras. Click to read more at www.rednews.com.
Everything’s bigger in Austin, including demand for commercial real estate space.
Texas’s fourth-most populous city is a hotspot for many industries, and retail is no different: 22,000+ jobs were added to Austin from companies expanding or moving into the city in 2020, compared with 13,562 in 2019, according to the Austin Chamber of Commerce.
The city overtook Los Angeles as the No. 1 commercial real estate market for potential deals, according to an investor survey from CBRE Group earlier this year.
“By the end of 2020, we were pretty busy, but we hadn’t returned to the same level of activity that we were at prior to the pandemic beginning,“ John Heffington, a retail service broker at CBRE’s Austin office, told Retail Brew. “What we saw in February or March of this year was just an explosion of activity and new retailers looking to enter the market along with current retailers who are looking to expand within our market.”
Deals that were put on hold because of the pandemic were pushed over the finish line once retailers were confident in reopening, Heffington said.
Retail Brew spoke with retailers in the Austin area to discuss the market’s strengths and how their stores have performed during the pandemic. Click to read more at www.morningbrew.com.