AUSTIN-Building owners are getting the drift about today's office market, bringing rent down an average $1per sf to $26.15 per sf citywide. Overall vacancy is at its highest, 16.1%, in nine years in the state capital, says Colliers Oxford Commercial
SAN ANTONIO-Spec, a 30-store building materials supplier, takes possession of a 44,000-sf warehouse in the northwest submarket. The former beer distribution center became surplus property as a result of a merger.
AUSTIN-Jon Andrus, a 10-year veteran of the retail sector, has joined Trammell Crow's Austin retail team as a senior vice president. That's one down and another to go in filling slots vacated by leading brokers Charlie Northington and Kelly Shaw.
AUSTIN-The city's highest sublease corridor, the northwest submarket, pulls 12,465 sf from its docket with the signing of Austin-based Bluecurrent. The information technology manager had offices in the state capital's CBD.
AUSTIN-Schlotzsky's cuts the ribbon on its 30th company-owned store, selecting Northcross Mall for its newest location. The 3,200-sf, freestanding eatery makes four for the state capital in the 700-store chain spanning 32 states.
AUSTIN-A University of Texas committee gives its blessing to an $83.5-million design for the Blanton Museum of Art. A one-building project is now two and the cost is $25 million higher. The board of regents decide in November if the design's a go.
AUSTIN-Southwestern Bell is pushing dirt to double the size of its central switching office. The project is coming out of the ground on a 3.28-acre tract along Bee Caves Road on land of several failed restaurants.
AUSTIN-Area companies are content to "wait and see" what happens with the economy before locking into lease changes. The mindset is driving month-to-month deals, signing incentives and lower rent.
AUSTIN-The US unit of Hong Kong-based ASAT Holdings launches a 4,000-sf chip testing center in the 202,500-sf Barton Creek Plaza in Austin's south submarket. The division gets to neighbor with one of its primary clients in the region.
AUSTIN-A new report is singing the blues over the impact of rising commercial and residential rent on Austin's music industry. The industry pumps about $616 million into the economy and generates $11 million in city taxes. Creativity is at stake, says the report.