AUSTIN, Texas (May 4, 2016) – Record-setting office market performance and the
increasing adoption of co-working spaces are just two of the six trends transforming
Austin, Texas, into an 18-hour city, according to a new report from CBRE. Over
the past decade, Austin has evolved from its ‘college town’ attitude into a
dynamic metro with a dense urban core. In its new report, CBRE identifies key
trends helping the Texas capital join the ranks of America’s major cities.
Office: due to robust employment growth, Austin’s office market is setting
record highs in absorption and rents, while reaching new post-recession vacancy
Co-working: co-working space has emerged as a desirable office type in Austin with
nearly two dozen now in operation and a half dozen coming to market this year
Industrial: the industrial market has seen falling vacancies and escalating asking
rents in recent years, yet has not experienced an industrial development boom. There
are indications industrial development could change soon.
Patents: Austin is a metropolitan leader in patent production, earning nearly 20
times as many patents as the U.S. national average since 2000.
Multifamily: the city's ever strengthening workforce and the influx of millennials
willing to pay for access to the central city’s cultural offerings has changed
the face of multifamily, which has added 5,824 multifamily units to its urban
core since the beginning of 2015.
Life sciences: the life sciences industry is quickly imbedding itself in Austin’s tech DNA;
the top 10 life sciences employers in Austin occupy 1.1 million sq. ft. of
office, flex and manufacturing space.
“An urban renaissance is happening in Austin, a city once almost
exclusively driven by the public sector. The new era of technology is
supporting job and population growth, real estate development and sector
diversity, along with a wealth of homegrown retailers that are elevating
Austin’s brand outside the city limits,” said Robert Kramp, Director of Research &
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.