AUSTIN, TX-While most retail developers across the US are still twiddling their thumbs, developers in the Lone Star State’s capital city are once again hard at work.
“Like other cities, Austin saw a slowdown in retail development during the recession because people were concerned with demand,” says Michael Watson, regional manager of Marcus & Millichap’s local office. “But we’re starting to see more confidence from developers as the market improves and Austin adds jobs.”
In fact, less than 100,000 square feet of new retail space came online over the past 12 months, according to a recent report from Marcus & Millichap. The 410,000-square foot second phase of The Domain, which was finished in early 2010, was the last significant addition to inventory.
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