Work Beyond Office Spurs Revamp of Common Areas

Part park, part eatery hall, Fareground will feature a food court with local vendors.

AUSTIN, TX—Austin’s office sector is booming with activity with no signs of deaccelerating anytime soon. Not surprisingly, technology is playing a significant role in office projects planned or underway. And, experienced out-of-town buyers and traditional local investors are fueling this office activity and experts in the tech sector are transforming the category altogether. In preparation for the panel discussing unorthodox office space at RealShare Austin coming up this week, Mike Fransen , senior vice president, Parkway Properties Inc. , tells GlobeSt.com: “The healthy and robust economic conditions that have been with Austin for a while have resulted in very sporty sales numbers which means that all buyer types must be vigilant and proactive in their actions on an asset to maintain and grow that value and that is helpful in fueling future activity. If you look up and down Congress Avenue, virtually every office building has had something done or contemplated recently to ensure value is preserved.” Quite simply, there is more activity and work being done outside of office space and in common areas. Fransen says creative users, including many technology companies, are helping to blur the lines between live, work, play and those blurred lines lead to more interesting and purposeful building amenities. “Just a more active and vibrant look and feel in downtown as these users vary their work schedule. But this also influences the behaviors of other more traditional users of office space who have some of the same demographics and face the same employee recruitment and retention challenges,” Fransen tells GlobeSt.com. Fareground at 111 Congress was birthed out of a careful study of all of these dynamics and Parkway’s quick realization that it risked functional obsolescence as an owner without the recognition of these evolving trends in office use. This realization led to Parkway Properties’ decision to transform the plaza and lobby of One Eleven Congress , a downtown Austin office building owned by Parkway, into an urban park, civic space and food marketplace that will attract Austinites and out-of-towners alike. Located at the corner of Congress Avenue and Second Street, Fareground is inspired by the idea that to make a place everyone wants to go, there must be something for everyone. Part park, part eatery hall, Fareground will feature a food court with local vendors, outdoor eating areas, green space and a small amphitheater under heritage oak trees for live music and events. Austin development is abundant. What are the active markets? Who are the key players? Join us at RealShare Austin for market intelligence and the best networking in the biz.