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Commercial Real Estate Since 1975

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Kim Gatley
Senior Vice President &
Director of Research
REOC Austin
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ABOR finalizes plans for new HQ in Great Hills

New ABOR HQ

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

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State Farm sells Amber Oaks facility to WP Carey

State Farm Operations Center 8900 Amberglen Blvd.

State Farm Operations Center
8900 Amberglen Blvd.

State Farm Mutual Automobile Insurance Company recently sold its office facility (448,898sf) located at 8900 Amberglen Blvd. near Parmer Ln. and SH 45 in the 263-acre master-planned Amber Oaks Corporate Center.  New York-based W. P. Carey Inc., a real estate investment trust (REIT), purchased the property for $110 million.  The transaction includes an agreement for State Farm to lease the property back for 15 years, with two five-year renewal options.

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Investors bullish on Austin office market

Notable sales tracked by NAI REOC Austin

Notable sales tracked by NAI REOC Austin

Investment activity of Austin-area office buildings remains strong in the first half of 2013, with twice as many buildings changing hands compared with mid-year 2012. …Read Entire Post

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NAI REOC Austin releases 2Q 2013 office market update

Source: NAI REOC Austin /  Xceligent

Source: NAI REOC Austin / Xceligent

It’s no wonder that Bloomberg’s April report named Austin the top Boomtown in America – more than 25,000 new residents flocked to Austin last year, according to data released by the Census Bureau in May.  At latest count, Austin moved into eleventh spot on the list of Largest U.S. Metros, up from thirteenth the previous year.  More importantly, in the midst of soaring population, the success and growth of local businesses continue to support job creation.

According to the Texas Workforce Commission, the Austin-Round Rock-San Marcos MSA added 28,700 new jobs over the past twelve months ending June 2013 for an annual growth rate of 3.5%.  A decidedly strong 8.2% growth rate within the Professional & Business Services sector is of particular significance to the local office market due to the close correlation between job growth and demand for office space. 

Dynamic job growth translated into new tenant leases and expansions which generated 384,727 square feet of positive net absorption in the local office market, according to the second quarter report released by NAI REOC Austin.  …Read Entire Post

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Gladstone buys 717 E Parmer for $57M

717EParmer

717 E Parmer

Parmer at Tech Ridge (320,500 sf), located at 717 E. Parmer Lane, was recently purchased by Gladstone Commercial Corporation for a reported $57.5 million, according to the SEC.  The seller, Los Angeles-based Karlin Real Estate, flipped the property after buying the empty building only a year ago from Dell. …Read Entire Post

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Two office buildings slated for The Domain

Domain 7 Rendering courtesy Endeavor

Domain 7 Rendering courtesy Endeavor

The Domain, a growing North Austin mixed-use development located off MoPac and Burnet Road, is slated to add two new office buildings totaling 362,000 square feet in Domain 2 (140,000 sf) and Domain 7 (222,000 sf). 

Austin-based HomeAway Inc. has reportedly committed to 115,000 square feet in the planned five-story Domain 2 building.  The space is expected to accommodate 750 employees for the online vacation rental service.  HomeAway plans to take occupancy of the building in September 2014.    …Read Entire Post

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Haverwood partners with OakPoint to purchase two Austin office buildings

Continental & Briarcroft

Continental & Briarcroft

Two Class B Austin office buildings were recently purchased by locally-based Haverwood Management in partnership with Nashville, Tennessee-based OakPoint Properties.  The Continental Building (58,700 sf), located at 9101 Burnet Road, was reportedly 85% occupied at the time of sale.  Likewise, the Briarcroft Building (63,825 sf), located at 12710 Research Blvd, was also 85% occupied.  …Read Entire Post

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SolarWinds to join AMD at Lone Star campus

solarwinds-inc-logoSolarWinds, Inc. will soon join AMD at its Lone Star campus located at 7171 Southwest Parkway.  Earlier this year, AMD sold its Lone Star campus and then leased space back from the property’s new owners, Spear Street Capital.  

Austin-based SolarWinds Inc., currently located at 3711 S. MoPac, Bldg. 2, recently signed a 13-year lease for approximately 230,000 square feet with options to expand. …Read Entire Post

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NAI REOC Austin releases 1Q 2013 office market update

Source: NAI REOC Austin/Xceligent

Source: NAI REOC Austin/Xceligent

The substantial gains exhibited in the Austin office market in 2012 served as a solid springboard for continued improvement and growth in 2013.  Maintaining leasing velocity, new leases and expansions commenced in the first three months of the year generated 223,653 square feet of positive net absorption. 

Citywide, area office properties closed the first quarter with a vacancy rate of 12.6%.  Tenants looking for space will likely encounter a more competitive environment than they remember just a couple of years ago and users may find fewer space alternatives due to Austin’s growing business base and tightening market. …Read Entire Post

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Two new office towers underway in downtown Austin

 

Colorado Tower

Colorado Tower

Cousins Properties Inc., the Atlanta-based developer that built Austin’s Frost Bank Tower, recently broke ground on a Colorado Tower – a 29-story office building that will span roughly 371,000 square feet at Third and Colorado streets.  Construction is expected to be completed November 2014. 

According to Cousins’ press release, pre-leasing activity includes two high-profile companies – DuBois, Bryant & Campbell LLP and Scott, Douglass & McConnico LLP.

Also underway is IBC Bank Plaza – a 13-story, 194,794-square-foot office tower which broke ground in April at 500 W. Fifth St. and scheduled to open in Spring 2014.    …Read Entire Post

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