Austin’s Population Growth And Strong Economy Leads To A Healthy Retail Market
CBRE releases Austin’s 3rd quarter 2018 Retail Market and state the market remains strong: Austin’s population growth and strong economy leads to a healthy retail market…
CBRE releases Austin’s 3rd quarter 2018 Retail Market report. According to CBRE the market remains strong: Austin’s population growth and strong economy leads to a healthy retail market.
Austin’s Retail Market Remains Strong
Austin’s retail market remains strong, as a result of a consistently strong local job market and rapid population growth. The market should remain tight with vacancies rates below 4 percent and new construction in control. The outlook for the market will continue to climb, with rising median household income and populations gains.
Rebuilding South Congress: Signs of Change
South Austin, once the cities red light district is experiencing a renaissance. Today you will see cranes and construction crews up ad down South Congress Avenue as a number of new development projects have begun. The newcomers include the new flagship store for Kendra Scott jewelry, a new concept that will replace uncommon objects, and a mixed-use project.
Austin Records The Fourth Lowest Job Rates In Texas
Austin’s unemployment rate for August was 3 percent, making it the fourth lowest jobless rate in Texas. These historically lower jobless rate numbers have put stress on recruiters, who are seeing differently in finding and retaining employers in this job-seekers market.
Building Downtown Market Seeing Boom
The downtown restaurant/entertainment scene is experiencing a surge that it has not seen in its existence. Additions to the market include, True Food Kitchen, Flower Child, North Italia. Arlo Grey, and the Fareground food hall. Just north of Second Street is seeing an expansion as well, with half a dozen new restaurant/entertainment concepts that have recently opened or are beginning construction soon.
AUSTIN’S RETAIL MARKET REMAINS STRONG
Source: CBRE
Source: CBRE | *The Retail dataset includes properties 10,000 -sq. -ft. and up.
