Austin's bustling downtown area sits in the cusp of another significant expansion following news that the area's Market District - near Sixth Street and North Lamar Boulevard - would soon become home to attractive Austin commercial real estate.
Much of Texas's sizable growth has been buoyed in Austin, where that development will provide local businesses with access to 70,000 square feet of retail space and almost 500,000 square feet of office space. The Austin Business Journal reported on April 13 that four buildings will house that space, pending approval from city officials.
These new spaces will be a welcomed sight for many business owners in search of office space in Austin, as new commercial buildings have not been built in nine years, which has pushed up the occupancy rate for these spaces significantly.
Austin is not the only Texas city boasting this type of growth, as a recent NAIOP Research Foundation report ranked Texas the nation's leader in the development of new commercial space throughout 2011. Last year marked the first time since 2007 that commercial real estate development increased.
"2011 was a transition year for the U.S. economy and the construction sector," George Mason University's Stephen Fuller, who was the study's lead author, told the news source on May 7. "The U.S. economy shifted from a federal-stimulus to private-sector driven growth pattern and construction spending grew accordingly."
As these new retail, office and warehouse spaces continue to expand, business owners in Texas should turn to an experienced provider of commercial real estate listings, which can help them to find the right downtown location or Rosedale warehouse space directly to the north.