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Cousins Gets Moving on 525,000-SF CBD Office Project

AUSTIN-Cousins Properties has turned demolition crews loose on a CBD site. Cranes should be on the job in mid-February for the long-awaited 525,000-sf Congress at Fourth. Identifying the turnaround was key to the decision to start.

By Tim Green | Updated on November 01, 2001

AUSTIN-The office crane hasn’t abandoned its habitat in Austin’s CBD. It’s just taking a break before returning to work on Atlanta-based Cousins Properties Inc.’s 33-story, 525,000-sf Congress at Fourth office project. Work began this week with interior demolition of buildings on the site. Cranes should be on the job by mid-February.

The project, the first on Congress Avenue since 1987, begins as Austin’s office vacancy rates are tracking higher. Another big office building, CarrAmerica’s 448,870-sf 300 West Sixth is nearing completion with the first tenants poised to move in by the end of the year. Other class A buildings in the CBD have sizeable space available.

The city’s overall vacancy rate was 16.1% at the end of the third quarter. Downtown, the direct vacancy rate is 8.8%, but balloons to 13.9% when sublease space is counted. Cousin’s is eyeing that 8.8% figure, Tim Hendricks, the company’s senior vice president of development in Austin, tells GlobeSt.com.

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