Austin Office Transaction Volume Increases YOY

Real Estate

Offer volume about tripled considering the fact that the to start with 5 months of 2021.

Yr-to-day by means of Might, Austin’s business office transaction quantity amounted to an estimated $417 million, according to CommercialEdge details. On a 12 months-about-calendar year basis, transaction quantity in the Texas capital’s metro elevated by 202.2 percent.

Nationally, $35.3 billion value of workplace product experienced traded up until the stop of Could in 2022, at an common profits cost of $274 for every square foot. Austin’s place of work selling price in the 1st 5 months of the 12 months surpassed the countrywide average and clocked in at $287 for every square foot, generating it one of the a lot more high priced Sunlight Belt metropolitan areas this calendar year, alongside with Charlotte ($405 per square foot), Phoenix ($283 per square foot), Atlanta ($280 for each sq. foot) and Nashville ($234 for every sq. foot).

Austin’s business office transaction volume in the to start with 5 months of the 12 months fell at the rear of that of other metros’ in the Sun Belt location, which surpassed the $1 billion mark: Dallas ($1.9 billion), Houston ($1.5 billion), Phoenix ($1.1 billion) and Atlanta ($1. billion).

In Could, Arc Funds Partners ordered a 100,166-sq.-foot Course A resourceful business complex, dubbed Westview. The buyer backed the transaction with a $39 million loan originated by Grant Road Funding. Prescott Group bought the six-story assets, which appraised for $53.9 million and final traded in early 2016. At the time of the sale, coworking large WeWork occupied 46,410 sq. ft at the spot.

CommercialEdge covers 8M+ assets documents in the United States. Perspective the most recent CommercialEdge countrywide regular office environment report right here.

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