Austin’s retail market remains at the top of its game. Already at cycle-high levels, occupancy has managed to inch even higher, hitting 96.4% this quarter. High demand prompts high rents, with some prime locations now demanding $40 and even $50 per square foot.
Pflugerville welcomes massive new retail outlet
Already home to stores in San Diego, Los Angeles, the Bay Area, Nevada and Arizona, California-based Living Spaces opened its first Texas store in May. The 500,000-square-foot facility is located near the corner of State Highway 45 and Heatherwilde Blvd, just west of the Texas 130 toll road. Its fully leased delivery has pushed absorption from what would have been flat to a sizable, positive amount.
Austin Unemployment Falls to 2.8%
Austin’s thriving technology sector and its cachet as an entertainment haven have jet-fueled the local economy, with monthly unemployment in May dipping to 2.8 percent. This marks its lowest May rate in nearly two decades, last near the height of the dot-com boom.
St. Elmo Public Market begins construction In South Austin
St. Elmo Public Market, set to be the city's first true artisan food retail marketplace, has begun construction and is anticipated to open during spring 2019. When completed, the project will be home to a 40,000-square-foot public market, 108,000 square feet of creative office space, 385 apartment units, and a boutique hotel.