Austin has become a haven for young workers and entrepreneurs enamored with the prospect of living an urban lifestyle in the heart of a burgeoning city. As a result, local real estate continues to climb in value, putting landlords who own commercial real estate in Austin in a position to benefit.
YNN-TV recently spoke to local real estate experts, who noted significant gains in local property values as individuals from around the country migrate to Austin for job opportunities and to take advantage of its amenable downtown lifestyle.
As a result, local real estate prices have climbed roughly 50 percent in just two years, the report said. The average price for a one-bedroom apartment in the area now approaches $2,000 per month in some areas of the city, roughly double what that same unit would cost in 2010.
Growth in the city's downtown area was spurred not only by migration, but also by local efforts to increase the appeal and ramp up the development of real estate in Austin, the report added. Most of all, young workers simply want to be close to the action, real estate agents told YNN.
"Most of my clients that are looking to live downtown are either immediately transplanted here or within the last two years," one agent told the source. "They get into Austin and they move up north and they say 'Hey, this isn't where the action is. I want to be downtown.'"
Commercial real estate investors or landlords in Austin may be able to take advantage of these migratory trends by investing in Austin commercial real estate. Whether they seek to rent out multifamily properties or desire office space in Austin, individuals and businesses may have plenty to gain by searching for commercial real estate in this city.