More retailers and builders are getting comfortable with smaller markets outside Austin, with an emphases on Georgetown.
The Commercial real estate company CBRE reports the Austin Round Rock metro saw more than 376K square feet of completed retail construction projects in the 4th quarter of 2019, and Georgetown made up for more than half of that growth.
CBRE’s Bradley Bailey said developers are looking to the metro’s outskirts just the workforce expands in number and east and out of Austin for home and work. “There’s a bunch of new properties being built or planned out there for the growth that Georgetown continues to see and I think that’s a good example of what’s happened in the 4th quarter and what will continue to happen moving forward.”
Baily said the 4th Quarter showed strong numbers as more people migrate here and jobs grow in the area. But notes there are a few problems with growing property taxes.Occupancy for retail space held above 95{15c2ce8669a1ed2f74ebf6ef168f05679f17d95790f1cbb6a225857870a08390}. And per square foot cost rose to $21.50.
(Photo:shutterstock/Kunal Mehta)
