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Market News and Trends

More firms vote “yes” for Austin


I wrote last week (Austin Commercial Real Estate On The Way To Recovery) about several positive developments in the Austin commercial real estate market.  I just added two new articles to www.AustinMarketInfo.com today:

Hanger Orthopedics confirms move to Austin

Westin and W hotels to hire 436 in Austin

Both of these corporate decisions are strong votes of confidence in the future strength of Austin.

In fairness, it’s not all good news:  Hill Country Galleria set to get new owner.  Austin’s newest mall opened in October 2007, just as the recession was becoming apparent.  I don’t study retail occupancy the way I do residential real estate, but my impression is that the mall itself was popular and reasonably successful.  The Galleria has been operating under bankruptcy supervision since May 2009, largely owing to difficulty in leasing 144,000 SF of office space above the retail operation.  It will either be auctioned or foreclosed later this month.

Austin continues to grow, even as the recession drags on.  I could be wrong, but I don’t expect to see shutters and chains on the mall.  Somebody will buy it at a price that allows operational economics to work.  As I said in an earlier post, when one investor falters another sees opportunity.  This should become an excellent example.

About Bill Morris, Realtor

Many years of business experience (high tech, client service, business organization and start-up, including 18 years in real estate) tell me that service is the key to success and I look forward to serving you. I represent both buyers and sellers throughout the Austin metropolitan area, which means first-hand market knowledge is brought to bear on serving your needs. Learn more about my background and experience, my commitment to my clients, my profession, and to the real estate industry at CentralTexasHomeSearch.com.

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