Welcome to the Tenavox Weekly News Roundup!
We're posting a weekly collection of great articles and newsworthy content in the commercial real estate industry with a special-tilt towards businesses and tenants.
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In Austin, Spec Development Increases as Demand for Space Rises
This week, more news on the red-hot Austin retail market. Local retailers and national chains have a strong desire to expand in the area, but they’re struggling to find the space they need. The Austin area’s retail occupancy rate sits at 95.4 percent, the highest rate in Texas, and new development simply isn’t catching up with the current level of demand. Austin’s office market is very hot as well—increased demand has sharply driven up office rents in the area.
Strong demand for retail and office space has led to a rise in spec development, which occurs when development companies start construction without confirmed tenants. If you are looking for office or retail space in Austin, lease negotiations may favor the landlord, especially in areas like downtown, East Austin, and The Domain. Visit the Tenavox website to learn more about the conditions for your desired market.
Latest Development News
This week, we have some major news out of the Houston co-working office market. Construction officially broke ground at the Ion, a 270K SF facility that will hold collaborative spaces and programs for businesses at all stages of the innovation life cycle. The Cannon, another entrepreneurial co-working campus in Houston, is now officially open. The 120,000 square-foot facility will accommodate more than 150 companies and startups that are currently moving into the new building. In other news, a JV secured two prominent tracts in downtown Dallas, and plans on developing 750K SF of office space and 50K SF of retail space.
Latest Leases Signed
This week, Burns & McDonnell, an engineering, architecture, and construction firm, signed a 218,000 square feet lease at 1700 West Loop South in Houston, which increases their existing footprint in the building by about 38 percent. In Austin, law firm Baker Botts will be the first tenant at the upcoming RiverSouth development at 401 S. First St., and law firm DLA Piper will lease the top four floors of the future office tower at 405 Colorado St.
How to Get Access to Incentives and Abatements as a Commercial Tenant
All tenants, regardless of their size, have to worry about their rent. But there are many other factors to consider when leasing space, because your business and its budget can be affected by lots of other circumstances. Local governments (and sometimes federal ones) can make things easier on your business by offering incentives and abatements—as long as you relocate to the right areas. Read more here.
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