Currently there is an inventory of over 4,000,000 sf of East Austin Retail Space with average quoting based lease rates ranging from $19 to $22 SF.
Over the last few years East Austin retail construction and revitalization projects such as new bars, restaurants, boutiques, condo’s and apartments have changed the face of the area. Critics have been concerned that the rising property taxes and gentrification would harm East Austin’s history and cultural diversity; however the changes are actually having a positive impact.
The result is a mix of old and new and these projects are an indication that development has taken hold and will continue to bridge the gap between East and West Austin. The diversity of East Austin makes it unique and the challenge will be to keep the character and multi culturally diversity of this area as well as working with the city government to make good on their promises.
There is a lot of underutilized property that is ripe for development and as this area continues to heat up there will be more and more demand for businesses looking to lease East Austin retail space. While the growth and development has been slower do to unforeseen challenges, this area will continue to grow. It’s not a matter of it – it is when.
Photo source: ewrealestate.org