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Commercial Texas represents Univar USA

Univar USA leased 4,580 square feet at Echelon IV, 9430 Research Boulevard.

Burke Kennedy and Mike Kennedy of Commercial Texas represented the tenant.

 

123,000 square foot former Dell Outlet Sold!

The Greater Austin Merchants Association purchased the 123,000-square-foot former Dell outlet building at 8801 Research Boulevard.

Benita Dryden with Commercial Texas represented the seller.

 

Commercial Texas represents Auto-Chlor Systems

Auto-Chlor Systems expanded its lease by 3,625 square feet for a total lease of 8,625 square feet at Forest Commons Business Park, 2105 Howard Lane.

Dan Meyer and Lee Ellison with Commercial Texas represented the tenant.


February 2009

 

Make 2009 a Better Year Than Anyone is Expecting
By Michael Kennedy, SIOR, President, Commercial Texas

Happy New Year 2009!

Today is the first day to make 2009 a better year than anyone is expecting!

Looking at 2008 here in Austin is to recognize that supply and demand do matter – and that no market is immune to economic conditions in a global economy.

The market has changed from a Landlord to a Tenant’s market.

In 2008, Austin added significant supply to the Industrial and Office supply while below average absorption demonstrated the lack of demand. Sublease space is over 1 million square feet in the office market.

Job growth in Austin has stalled. By Austin standards, 2009 projections of 15% job growth over 2008 is like going backwards.

Austin is experiencing all the symptoms that have occurred around the nation and now the world. It’s a lack of clarity and confidence in the future. Until confidence returns, no one wants to commit.

Positives are that Austin continues to have an employment base of government and education. This provides a certain “floor” to employment. Austin still enjoys a quality of life that appeals to all Texans and many others around the nation and globe.

Texas remains an attractive place to be for business and welcomes investment.

For those far-sighted enough to look 5 years down the road, Austin in particular and Texas in general is “THE” place to be.

In the meantime, things will be tough everywhere and Austin is no exception.

Looking for the bright side? See Carl Condon’s article about Tenant opportunities in this newsletter.

Then get out and make something happen to put yourself in a better position to weather the storm!
New Associate

Commercial Texas recently promoted Christine R. Cornelius to Associate. As an Associate, Ms. Cornelius specializes in office tenant representation services and is responsible for securing assignments and providing marketing, research and customer service to tenants and owners. Ms. Cornelius previously held the title of Broker Assistant supporting the Agency Leasing, Tenant Representation, Financial Services and the Industrial and Land Services Groups. Congratulations Christine.
Opportunities Abound
By Carl Condon, Vice President, Commercial Texas

Real Estate, just like every other market, is controlled by supply and demand. Austin, Texas is no different than other markets across the country. Despite the economic downturn, Texas, but more importantly, Austin remains strong. Austin’s sound fundamentals coupled with the national recession, has created an environment ripe with opportunity, specifically in the office leasing market.

Demand in the office market is measured by the absorption of leased space. Austin experienced approximately 871,466 SF of absorption in both 2007 and 2008 combined. During that same period, supply (or the total inventory of office space) increased by approximately 2.8 million SF. With the close of 2008, these two changes brought the overall vacancy level to approximately 17 %, up 13.7 % from year end 2007.

Click here for the full article

more articles by Carl Condon

 

Austin ranks 10th in the U.S. in job creation
Reprinted from the Austin Business Journal – January 6, 2009

The Austin area added 6,200 private-sector jobs in the 12-month period between November 2007 and November 2008—the 10th biggest gain in metro employment in the country—according to figures released Tuesday by the U.S. Bureau of Labor Statistics.

Texas is showing considerable resilience amid a crippled national economy. The two largest markets in the state—Houston and Dallas- Fort Worth—registered the nation’s biggest private-sector employment gains.

The Houston area added 42,400 jobs between November 2007 and November 2008, and Dallas-Fort Worth picked up 35,100. No other U.S. market gained more than 15,600 private-sector jobs during the 12-month period.

All four of Texas’ major metro areas ranked among the top 10 in job creation in the last year. San Antonio was No. 4 with 11,700 new jobs.

Click here for the full article


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