Austin, tech, and 18 hours

​​​AUSTIN - Record-setting office market performance and the increasing adoption of co-working spaces are just two of the six trends transforming Austin, Texas, into an 18-hour city, according to a new report from CBRE. ​

Over the past decade, Austin has evolved from its ‘college town’ attitude into a dynamic metro with a dense urban core. In its new report, CBRE identifies key trends helping the Texas capital join the ranks of America’s major cities. 

Office: due to robust employment growth, Austin’s office market is setting record highs in absorption and rents, while reaching new post-recession vacancy lows.

Multifamily: the city’s ever strengthening workforce and the influx of millennials willing to pay for access to the central city’s cultural offerings has changed the face of multifamily, which has added 5,824 multifamily units to its urban core since the beginning of 2015.

“An urban renaissance is happening in Austin, a city once almost exclusively driven by the public sector. The new era of technology is supporting job and population growth, real estate development and sector diversity, along with a wealth of homegrown retailers that are elevating Austin’s brand outside the city limits,” said Robert Kramp, Director of Research & Analysis, CBRE.​