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Tag(s): Texas Digest
The Austin real estate market has experienced a boom as of late, benefitting from several years of steady population and job growth. According to CrowdStreet, the city is positioned as the #1 market for commercial real estate investment this year. New development plans reflect this trend, as Austin experiences increased demand for build-to-rent office, retail, and multifamily developments.
Cousins Properties plans to develop a 26-story office high-rise known as Domain Central 1. The project, located in the North Austin mixed-use district Domain Central, offers 456,000 square feet of rentable space and has the potential to initiate the development of several other high-rise buildings in the area.
MFB Real Estate has plans to develop an office building in Oak Hill. However, according to VP Jay Legg, the team may shift gears and turn it into a larger multifamily development. Nationwide, several factors have contributed to a growing number of office-to-multifamily conversions, although these are likely unrelated to MFB’s potential pivot.
Generational Commercial Properties has started work on a seven-story office project south of downtown called Zilker Point. Upon completion, the development will include 192,00 square feet of office space and 15,000 square feet of retail space.