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Workers, Offices Raise Outside Interest

AUSTIN-This high-tech area has seen unemployment and office vacancy rates rise recently, but so has interest lately from biotechnology companies, says John Breier of the Greater Austin Chamber of Commerce.

By Tim Green | Updated on November 29, 2001

AUSTIN-John Breier, the Greater Austin Chamber of Commerce’s vice president of economic development, was speaking to an audience interested in biotechnology, but his words would be music to the ears of the real estate community. Talking about business recruiting trips the chamber has scheduled for 2002, Breier says East Coast companies are showing interest in Austin’s labor force and office space.

Workers without jobs and offices without tenants have grown throughout the year. The Austin area’s’ unemployment rate grew from 2.2% in January to 4.5% in October. The office vacancy rate was 16.1% at the end of September.

“The unemployment increase is a double-edged sword,” Breier says. “All of a sudden there are other areas that are now looking at us saying, ‘I can get quality intellectual capital in Austin now.’ Where, when you’re at 1.8% (unemployment rate), they wouldn’t even look at us.

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