Source: REOC Austin
Job growth continues to translate into new tenant leases and expansions in the Austin office market. According to the survey of nearly 41.6 million square feet of office space, gross leasing activity generated 303,810 square feet of positive net absorption in the third quarter led by the expansion of Pay Pal (66,000 sf) at 7700 W Parmer, Building D in the Far Northwest sector.
Activity in the suburban areas accounted for the lion’s share of activity in the third quarter. While office buildings in the CBD experienced a rather quiet 34,240 square feet of positive net absorption, suburban buildings experienced 269,570 square feet. Year-to-date, the greater office market has experienced a total net absorption of 760,944 square feet with the CBD and suburban markets accounting for 83,685 and 677,259 square feet, respectively. …Read Entire Post
REOC Austin recently facilitated the sale of Arrington Ridge, a 15.956 acre tract of land located at 599 University Boulevard in Round Rock, Texas. REOC Austin’s Kurt VanderMeulen, Senior Vice President, Commercial Property Specialist, represented the buyer, an affiliate of Greensboro, North Carolina-based Carroll Capital Investments. Jerry Winetroub of the Jerald Winetroub Company represented the seller, Chandler Road Properties. …Read Entire Post
San Antonio-based grocery retailer H-E-B recently opened its fifth Round Rock store – a new 125,000-square-foot location in the University Commons Shopping Center situated at 250 University Blvd.
H-E-B expects to hire more than 300 employees to staff the new store. …Read Entire Post
Source: REOC Austin
The Austin industrial market closed the third quarter with a citywide vacancy rate of 10.8% – the lowest recorded since mid-2007.
Area industrial properties experienced a healthy 492,996 square feet of positive net absorption in the third quarter led by a rebound of activity within Warehouse spaces. Year-to-date, the citywide industrial market experienced a total of 708,307 square feet of positive net gain which was fairly equally divided between Warehouse properties with 389,900 square feet and Flex properties with 318,407 square feet.
Recent activity shows the diversity of businesses locating to or expanding into the Central Texas region – including a healthy mix of both technology firms as well as suppliers and logistics companies. …Read Entire Post
Dallas-based Spire Realty Group recently acquired the multi-building Austin Oaks office complex situated on 38 acres located at MoPac Expressway and Spicewood Springs Rd. Spire also owns Chase Tower, the 21-story downtown office building located at 221 W. Sixth Street.
Spire purchased Austin Oaks from 2011 Austin Oaks Ltd., an affiliate entity of Austin-based Riverside Resources Inc. …Read Entire Post
Expanding their presence in the Austin area, Dallas-based Velocis Fund recently purchased the majority interest in two large office buildings – Arboretum Atrium and Las Cimas. The buildings were purchased from Alabama-based Alfa Insurance Co. Moore & Associates will retain a minority interest.
Arboretum Atrium (91,083 sf), located in the Northwest sector at 9737 Great Hills Trail, is 100 percent leased.
Las Cimas I (82,787 sf), located in the Southwest sector at 804 Las Cimas Blvd., is part of a four-building complex. …Read Entire Post
Texas, known for its open spaces and cheap property, is experiencing the types of real estate bidding frenzies seen in tightly built markets from New York to San Francisco as job gains generate a suburban land rush. Existing-home prices in Dallas and Houston are rising faster than at any time since the oil boom of the 1980s. Homebuilders, caught off guard by the ferocity of buyer demand, are exhausting construction-ready lots as they struggle to recruit workers to complete houses quickly.
The boom shows that the U.S. real estate market’s rebound is extending beyond areas such as Arizona, Florida, California and Nevada, where prices are soaring after being hardest-hit by the crash that started in 2006. Texas, which largely avoided the collapse, is benefiting from employment growth and an expanding population, the more traditional forces of housing demand. …Read Entire Post
New ABOR HQ
The Austin Board of Realtors (ABOR) will build a new headquarters on a bluff overlooking the Great Hills neighborhood in Northwest Austin.
The building, tentatively planned at between 30,000 and 33,000 square feet, will be nestled into the hillside on a 5.2-acre tract at 4800 Spicewood Springs Road. …Read Entire Post
Arise Capital’s Manor MOB
Arise Capital Investments LLC, an Austin-based company that develops medical office space, recently broke ground on a new three-story medical office building in Manor. Situated at US 290 and Shadow Glen Blvd., the 36,000-square-foot building will cost a reported $3.4 million to construct.
The building is reportedly 75% pre-leased to a tenant roster that includes Austin Pain Associates/Advanced Rehabilitation, Texan Urgent Care, Arise Medical Center, Cardiovascular Associates, Texas Family Physicians and a wound care facility. …Read Entire Post
In 2015, Bass Pro Shops plans to open its seventh Texas store in Round Rock. The store will be located near the Round Rock Premium Outlets on Teravista Parkway just off Interstate 35 between County Road 111 and east Chandler Rd. Spanning 104,000 square feet, the store will feature Uncle Buck’s Fishbowl and Grill. …Read Entire Post