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Kim_Gatley
Kim Gatley
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enior Vice President & Director of Research at REOC Austin

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New $45 Million Home for Travis County Prosecutors

Named after the longstanding district attorney, the Ronald Earle Building is under construction at 416 W. 11th St. Austin DA building construction 2017

The seven-story, 125,007-sf structure, which includes underground parking, is scheduled to be finished in spring 2018. The total cost of the project is $45 million. The building will primarily serve county prosecutors. …Read Entire Post

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Whole Foods’ new 365 concept set to make Central Texas debut

365_WF_Logo_COLORThe 30,000-square-foot store – the first 365 location in Texas and the first 365 store anywhere to be built from the ground up – is set to open its doors at 9 a.m. Wednesday. It’s in The Parke, a new shopping center at 5001 183A toll road. …Read Entire Post

Bebe plans to shutter stores, including in Austin area

bebe_logoBebe Stores Inc. is planning to shutter its locations and become an online-centric retailer, according to Bloomberg.

Citing unnamed sources, the report says the Brisbane, California-based women’s retailer is trying to close the stores without filing for bankruptcy. Bloomberg’s sources say, however, that a Chapter 11 filing will be necessary if landlords aren’t willing to negotiate. …Read Entire Post

St. David's selects general contractor for $58M hospital expansion

St. David’s HealthCare has upped the price tag for the expansion of its South Austin hospital and selected a general contractor for the job.

It now expects the major renovations at St. David’s South Austin Medical Center to cost $58 million, the Austin American-Statesman reports. DPR Construction Inc. will oversee the project, with work expected to start in mid-2017 and finish in early 2019. …Read Entire Post

Yeti Coolers unveils first store

YetiYeti Coolers LLC is ready to pull the veil off its first retail store at 220 S. Congress Ave. — a major step for the company to directly reach consumers, and a promising development for a long-vacant property at the gateway between downtown and trendy shopping to the south. …Read Entire Post

REOC Releases 4Q 2016 Office Market Report

The Austin office market finished strong in the final quarter of the year with plenty of momentum heading into the New Year. New leases and expansions generated 567,035 square feet of positive net absorption in the fourth quarter.

No new office space was delivered in the fourth quarter keeping the year-end total at nearly 779,000 square feet. As a result, new leases and expansions tightened the citywide vacancy rate from 8.7% last quarter to 8.0% at the end of the fourth quarter.

Strong demand has propelled rental rates to an all-time high. At the close of the fourth quarter, the citywide average rental rate reached $34.83 per square foot on an annual basis which marks a healthy 3.5% annual increase over the same period last year. At the top of the market, Class A buildings in the CBD command an average quoted rental rate of nearly $53 per square foot. (To adjust for buildings which quote rents on a triple net basis, operating expense figures have been added into the equation to arrive at an average equivalent full-service rate.) …Read Entire Post

REOC Releases 4Q 2016 Industrial Market Report

The Austin industrial market ended 2016 on a strong note with marked improvement in the citywide vacancy rate tightening to 5.2%. The current citywide vacancy rate is down compared to the 6.1% recorded in the third quarter and 6.9% in the previous year.

At the close the fourth quarter only 193,600 square feet of new space was delivered which included Met Center II 13 (57,600 sf) and Expo Business Park 13 located at 6301 East Stassney. Both are located on the Southeast sector.

While new projects continue to reach the planning and construction stages, it’s estimated that there is already over 1.9 million square feet of potential industrial space coming through the development pipeline. In a market with such high demand for new space, the vacancy rate is expected to stay somewhat consistent going forward leaving much of the pressure on developers to provide the supply needed. …Read Entire Post

As Austin economy cools, fewer apartments in pipeline

AustinCityLimitSignThough Austin’s economic growth continues to slow, the foundations of the regional economy remain strong, according to the Federal Reserve Bank of Dallas. But the report also noted a sharp decline in the number of apartment permits issued in 2016 compared to a year earlier.

“Despite the low vacancy, permits for multifamily construction slowed notably in the second half of last year, and 2016 permits were down 18 percent compared with 2015,” reads the report. …Read Entire Post

RD Management Acquires Shops at Tech Ridge

techridge_mixed-use

Tech Ridge mixed-use property.

RD Management has acquired Shops at Tech Ridge, for an undisclosed price. Excluding the recently vacated Target store, the 504,153-square-foot property is 96 percent occupied. Since purchasing the property, RD Management has signed a lease with Floor & Décor for 77,958 square feet of space in the former Target store. …Read Entire Post

CSW Development Sells Office Property

2711 w anderson

Linda Scott-MyStatesman.com

CSW Development has completed the disposition of an office property located at 2711 W. Anderson Lane in Austin. Paydar Properties Inc. acquired the two-story, 29,000-square-foot property for an undisclosed price. The buyer plans to redevelop the property into 27 Eleven, a mid-rise multifamily and mixed-use development in the near future.

Click here to read the full article: CSW Development Sells Office Property REBusiness 01-18-2017