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

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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

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Events company plans to rehab 70-year-old North Austin building

red-velvet-events

Red Velvet Events relocating headquarters into old Austin building.

Red Velvet Events plans to breathe new life into a 70-year-old, 11,579-square-foot building at 7121 N. Lamar Blvd., and is planning a major renovation project to transform the space into the company’s new headquarters. …Read Entire Post

New office tower underway at Austin’s Domain

domainauDevelopers have started work on Domain Tower, an 11-story building that will bring 310,000 square feet of space to market when it opens in early 2018.

Domain Tower will be the first office building at the Domain, which will be at 10721 Domain Drive from. Initial interest is coming from prospective tenants in the technology and financial services industries, say the developers. …Read Entire Post

Lost Creek’s Marshall tract sold

Lost Creek’s Marshall tract—a 36-acre parcel bordered by Lost Creek Boulevard, Quaker Ridge Drive and Capital of Texas Highway in the Westlake area—has been sold by Dan Marshall to development company Riverside Resources. Before the sale, Marshall personally created a proposal with architect L.M. Holder III to build two office buildings and a parking structure on the land, Marshall’s representative Paul Schumann said.

According to the most recent plan presented to the Lost Creek Neighborhood Association, the office buildings would be three stories tall and total 350,000 square feet, and the parking lot could be as high as five stories tall. If the project moves forward, the Marshall tract—currently zoned for single-family use—would have to be rezoned for commercial use.

Click here to read the full article: Lost Creek’s Marshall tract sold Community Impact Newspaper 12-9-2016

Engineering firm to build $12M HQ in Round Rock

performance_serviceslogoPerformance Services, an Indianapolis-based engineering firm, plans to build a $12 million regional headquarters in Round Rock. The company — which has a track record of working on hospitals, K-12 schools, local government buildings and university facilities — said Nov. 21 it has purchased 16 acres on East Old Settlers Boulevard, near Greenhill Drive, for its 60,000-square-foot building. …Read Entire Post

Diamond Building at Mueller is not your typical commercial space

muelleraustin_planThe first spec office building at Austin’s master-planned, mixed-used Mueller neighborhood, The Diamond Building is in some ways an ode to bohemia with its unconventional zigs and zags. None of the 37,198-square-feet has been pre-leased but that might change overnight — once would-be tenants realize that the views and location are outstanding.

Mueller includes 140 acres of parks and open space that mitigate heat islands created by asphalt and concrete. USGBC has ranked Mueller as gold certified for neighborhood development under a pilot program. It’s one of the largest communities under development in the world to earn the honor and the first in Texas to receive the designation in the Neighborhood Development category.

Click here to read the full article: Diamond Building at Mueller is not your typical commercial space Austin Business Journal 11-28-2016

SXSW affiliate plans 12-story office tower for corporate HQ

sxsw_logoPlans have been submitted for an office tower at 1400 Lavaca St. and public documents show that the developer is affiliated with South By Southwest. The property is described as a “corporate headquarters” in public records.

According to city documents, CZ Properties, an affiliate of South By Southwest, intends to demolish this building at 1400 Lavaca St. and build a 12-story corporate headquarters. …Read Entire Post

Trusource Labs Signs 32,500 SF Office Lease at Parmer 3.2 in Austin

Karlin Real Estate has signed Trusource Labs, a technical support services company, to a long-term lease for 32,500 square feet at Parmer 3.2. The 192,500-square-foot, Class A office building is located within Parmer, a 300-acre technology and life science park in north-central Austin.

The lease at Parmer 3.2 allows Trusource Labs to consolidate 250 employees working from the offices of two of its local clients. The company will continue to maintain its south Austin corporate headquarters. Trusource will occupy the property next February.

Click here to read the full article: Trusource Labs Signs 32,500 SF Office Lease at Parmer 3.2 in Austin Rebusiness Online 10-21-2016

New office building Walsh Tarlton Overlook under construction

Walsh Tarlton Overlook, a 55,000-square-foot office building with three office floors and five below-building parking garage floors, is in construction from local developer JTM Development. The office building will be located at 2530 Walsh Tarlton Lane, Austin.

Click here for more information: New office building Walsh Tarlton Overlook under construction Community Impact Newspaper 10-6-2016

 

JTM Development to Break Ground on Walsh Tarlton Overlook in Austin

Austin-based JTM Development will break ground next week on Walsh Tarlton Overlook, a 55,000-square-foot office building in southwest Austin. Located just north of Capital of Texas Highway (Loop 360) and west of the Barton Creek Square Mall the three-story building is located at 2530 Walsh Tarlton Lane. …Read Entire Post