At this point, there’s nationwide awareness of the ridiculous rates at which the Austin population and correlated real estate markets are growing. And as you probably know, Downtown Austin is a hub for office and retail tenants. But did you know there’s something special brewing over on Rainey Street? No, it’s not the number of bars frequented by young Austinites--it’s something much bigger. I’m talking about the absurd number of flex (mixed-use property type that typically consists of more office space than industrial) developments currently in the works, projects nearing completion, and recently built skyscrapers. Many of these developments are already in leasing stages, and, if you have the capital at hand, these developments are prime real estate.
The Big Players
The reason these developments and proposed developments are so interesting is because several of them are MASSIVE. We’re talking over 1 million sq. ft. of commercial space in the works--just in a small subset of Downtown! Right off the bat, you have Rainey Market, 90-92 Rainey St., The Quincy, 70 Rainey, Villas on Town Lake, Waller Park Place, 44 East Avenue, 48 East Avenue, and 50/56 East Avenue.
Here’s a list of the developments that will have commercial space available:
- Rainey Market (78-84 Rainey Street) - a proposed mixed-use building with 70,000 sq. ft. of ground floor restaurant space, upper-level office space, and an open air market--CURRENTLY LEASING***
- The Quincy - a mixed-use, 30-story high-rise, currently under construction; will consist of stacked parking, office space, and 347 apartments (scheduled opening in early 2021)
- Waller Park Place - a proposed three-tower development totaling 1.4 million sq. ft., including 300,000 sq. ft. of office space, 473 residential units, and 135,000 sq. ft. of hotel space
- 44 East Avenue - a proposed 51-story condo complex that will have 3,000 sq. ft. of ground floor retail; 500+ space tenant/public use parking structure on site (scheduled opening in Fall 2022)
- 50/56 East Avenue - a proposed high-rise office tower with 400,000+ sq. ft. of space (data from Austin Business Journal, Towers.net, Community Impact)
So what’s the takeaway?
Be on the lookout for the leasing stages of these developments--this is a prime area, and when these spaces do come onto the market, they’re going to be snatched up quickly. Luckily, here at Tenavox, we’ll be on the lookout so that you don’t have to do so. If you have a retail business, these new and upcoming spaces offer you a presence in one of the most affluent neighborhoods in the state of Texas. This area is home to a variety of upper-middle class, millennial business professionals who live in this area in order to be close to work and the variety of amenities that the Rainey Street Historic District offers. These new storefront retail spaces are can’t-miss, but make sure to perform a marketing analysis before you make a move. Figure out your target customer base, and, if your criteria match this market, then you might want to move out to Rainey.
If your business needs an office, the reasoning for a move is a little different. Setting up shop in the Rainey District would mean access to a variety of amenities for your employees, thereby keeping them happy and (hopefully) increasing workplace productivity.
In addition to retail and office spaces, a large part of the Rainey Street Historic District is multi-family housing in the form of large-scale apartment and condominium complexes. This could be a great spot for your employees to lay down some roots, walking distance from your potential space.
This model of brand new skyscrapers and smaller developments potentially holds some great opportunities for your business—provided you’re able to break the price barrier.
At Tenavox, we have the right tenant representative relationships and know the right people you need to make the right move. We can help you navigate this hot market to find the best location tailored to your needs.
At the end of the day, it’s important to know what’s out there and what you can afford. We can take care of the rest.