Austin Market Update: Sales Activity Remains Slow
The volume of sales was somewhat similar to that from February, when the market recorded 240,000 square feet in transactions.
In March, office activity in Austin, Texas, recorded a single transaction, totaling 162,000 square feet, according to CommercialEdge. The volume of sales was somewhat similar to that from February, when the market saw 240,000 square feet in transactions. Office sales in the metro also saw a year-over-year decrease in total transacted space, by approximately 47,000 square feet.
In March, Montana Capital Partners acquired an office building called Frontera Crossing from Harbert Management Corp. Located at 101 W. Louis Henna Blvd., on 14 acres, the property is just off Interstate 35. According to CommercialEdge, JLL’s Kevin Kimbrough, Brent Powdrill and Madeline Smith are handling leasing at the building.
While the sales volume is down in the market, Austin’s continuous growth is driven by multiple major developments. Apple’s upcoming $1 billion campus, located in Northwest Austin, the metro’s booming tech area, is expected to house approximately 15,000 employees. Completion of the 3 million-square-foot business park is expected in the second quarter of 2022.
The metro also continues to be a magnet for companies looking to open or relocate offices. Recently, structural engineering firm L.A. Fuess Partners, which specializes in designing commercial, residential and institutional buildings selected the Texas capital as the location of its third office.
CommercialEdge covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report here. We included properties of 25,000+ square feet in our research.
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