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
Trader Joe’s recently opened its doors in the specialty grocer’s Austin-area debut, muscling in on the ultra-competitive Central Texas retail market.
The store, located at 2805 Bee Cave Road in Rollingwood, will pack some 4,000 products into a space that is only 11,000 square feet, quite small in comparison to the new breed of big-box chain grocery stores. …Read Entire Post
CRAVE, selected as one of the Hot Concepts! award winners in 2011 by Nation’s Restaurant News, is opening a new location in the former Roy’s restaurant space at 340 E. Second Street in Austin’s Convention Center District. The space sat vacant for over three years while the landlord worked patiently to identify the best tenant to occupy the space.
Currin J. Van Eman, Vice President, NAI REOC Austin and Jack Breard, President, UCR Urban co-brokered and represented CRAVE in their lease of 8,500 square feet. …Read Entire Post
Chandler Creek Business Park
Houston-based ClearCorrect, manufacturer of removable dental braces, is relocating its facilities to Round Rock. ClearCorrect will occupy 23,000 square feet of space in the Chandler Creek Business Park located behind IKEA at 21 Cypress Blvd., Ste. 1010. …Read Entire Post
SolarWinds, 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
St. Paul, Minn.-based retailer Gander Mountain recently announced plans to add four new stores in Texas including one in Round Rock. The outdoor retailer plans to remodel and move into the former Sportsman’s Warehouse at 3203 S. I-35 in the Round Rock Crossing shopping center. …Read Entire Post
Searsucker will open its third U.S. restaurant in downtown Austin in the former Maria Maria space at 5th & Colorado St. The 7,500 square-foot restaurant is scheduled to open in May.
Searsucker was represented by Restaurant Real Estate Specialists Currin J. Van Eman – Vice President NAI Austin and Hannah Douglas. The Landlord, DOROT, LP, was self-represented. …Read Entire Post
Visa Inc. recently confirmed plans to create a major global information technology center in North Austin at the former Emerson Process Management building located at 12301 Research Blvd. The work to retrofit and equip the 175,000 square-foot building is expected to start soon and is estimated to cost $27.2 million. The center is projected to employ nearly 800 full-time workers by 2017.
Click to read: Visa confirms plans for Austin offices (Austin American-Statesman, 12-11-12)
Austin Rackers have a new home. Rackspace Hosting Inc., one of Austin’s top workplaces, now operates out of an 87,000 square-foot factility along I-35 in North Austin. The site, located next to Chevrolet dealership, may not be the most glitzy address but it provides adequate space for 500 workers with the opportunity to expand. Rackspace plans to hire 50 employees this year.
Click to read Rackspace Hosting expands in Austin (Silicon Hills News, 12-3-12) and Austin expansion continues for Rackspace (Austin American-Statesman (11-23 -12).
River Place Corporate Park
VMware Inc. leased 50,000 square feet at River Place Corporate Park, 6500 River Place Blvd., for a second location. Other tenants of River Place include Motorola, ShoreTel and Edge of Reality. Headquartered in Palo Alto, Calif., VMware Inc. opened its first Austin office in 2006 and employs about 500 workers.
Click to read entire article: Real estate roundup (Austin Business Journal, 11-21-12)