The Formula 1 races put on back in November 2012 have put Austin’s commercial real estate market under the microscope. Before this time there were not very many foreign investors interested in the market, however all that has changed now.
For the first time in a while the demand for investment properties has outpaced supply. Frankfurt Germany’s, Union Investment recently purchased the 360,000 sf Research Park Plaza office buildings in NW Austin for approximately $103 million. Munich’s GLL Real Estate purchased the 313,000 sf Las Cimas office buildings in SW Austin for $88 million.
As Austin’s Formula 1 Circuit of The Americas continues to grow and attract foreign fans, you can bet you will see more foreign investors in the near future.