It is no doubt Austin’s real estate market both commercial and residential is booming since last year. Based from Austin Business journal on the first week of 2014, it looks like there is more good to come this 2014 for Austin’s real estate industry. Here are some of the things to look forward to this year for Austin’s real estate market:
According to the state director of information capital Independence Title Co , Mark Sprague, financing will be the biggest problem of startups and other major companies. Most small businesses might have some challenges in growing their business. Most of them will be greatly impacted negatively in this trend because some small businesses need to result in putting licensed workers on payrolls instead of doing some subcontract deals. Labor costs would go up and might become a factor in the growth for some.
According to Jim Young, broker at KW commercial said that there will be tight competition among buyers of commercial properties in Austin. Many international companies and businessmen are very interested in acquiring commercial properties in Austin, TX.
Mike Kennedy, President & CEO of commercial Texas LLC predicted that mobility and traffic might become an issue because larger and dense office occupiers will look for office space in the far northwest of Austin. Startups in the creative space will continue to populate in the Central Business District.
Chris Ellis, founding principal at Endeavor Real estate predicted that this year be the start of shopping malls and commercial retail stores development.
Charles Heimstat foresees a resurgence of interest in new condominium development. Heimstat is the president of Capital Market Research.
These are just some predictions of people in the field of commercial real estate.