Capital of Texas Hwy. office space snagged

Dec 12, 2014
Impact News

Recent commercial property construction along Capital of Texas Hwy. is one indication West Austin is no longer just a collection of wooded Hill Country neighborhoods


The commercial property vacancy rate in southwestern Austin—including along Capital of Texas Hwy., also known as Loop 360, between the Colorado River and Hwy. 290—is only 9 percent


HPI is developing San Clemente at Davenport, 3700 N. Capital of Texas Hwy., Austin, one of three remaining undeveloped available Class A office sites in the region


According to the CoStar Group, Southwest Austin’s local commercial property vacancy rate beats the national vacancy rate for office space that stands at 11.2 percent for the third quarter 


of 2014


Transwestern, a real estate firm specializing in agency leasing and property management, reported July 31 the average Austin buyer pays $269 per square foot for commercial property, 


slightly more than a similar purchaser in Los Angeles who spends $262 per square foot on average for commercial property or a Miami buyer who forks over $231 per square foot for commercial 


property


During the past five to seven years, a number of commercial developments have sprouted up near RR 620 and Hwy. 183 in Northwest Austin

 

This location seems primed for continued growth in office space. However, given its close proximity to retail, amenities and a top school district— Lakeway, Bee Cave and Hwy. 71—may be the 


next attraction for commercial real estate growth


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