The leading entertainment publishers renews lease in South Austin
Aspyr Media renewed its lease of 20,867 square feet at 1221 S. MoPac Blvd. (Loop 1)
Russell Young and Carl Condon of Commercial Texas represented the tenant. Ralph Bistline with Brandywine represented the Landlord.
An Austin-based technology firm moves in near the Arboretum
Neuric Technologies has recently leased 4,225 square feet of office space at Stonelake One.
Dan Meyer and Michael Kennedy of Commercial Texas represented Neuric Technologies in the transaction. Anne Perry of Live-Oak Gottesman Group represented the Landlord.
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 Who Really Knows?
By Michael Kennedy, SIOR, President, Commercial Texas
The Austin market is doing better than Texas; the Texas market is doing better than the national market.
How long is a piece of string? It’s that kind of world right now. Looking for a firm piece of information to build on: to make decisions, to trust and go forward confidently?
We’re seeing national companies pull back a bit due to their economic issues elsewhere. New office and industrial product is being delivered in Austin, but there are few takers with the fortitude to commit to 7 to 10 years.
However, we continue to see local companies adding a few more people and even start-ups receiving venture capital funding. Regional unemployment is at a low 3.8 percent, with job growth for 2008 projected to be 2.6 percent, according to the Capital Area Council of Governments. Professional and business services are expected to see 4,000 new jobs, with manufacturing losing 1,200 jobs by year end.
Moral of the story? It’s still a supply and demand world – Austin’s story is unfolding, but it’s better than the rest of the U.S.
Stay tuned.
More articles by Michael Kennedy
ECONOMY: Credit crunch hits commercial real estate
Availability of loans dries up, report says
By ZACH FOX - Staff Writer
 A credit crunch that has severely limited the ability of banks to make loans struck the nation's commercial real estate market in the first quarter, slashing the number of loan originations, according to a report released Tuesday by an industry association.
An index measuring the number of loans for builders of office and retail space fell by 53 percent from a year earlier, according to the report by the Mortgage Bankers Association, a group based in Washington, D.C., that tracks loan activity.
The biggest decrease in loans came in the office sector, where loans fell by 75 percent from a year ago, the association reported.
"What we've seen is that the credit crunch has had an impact on the demand for commercial-backed securities," said Jamie Woodwell, director of commercial research for the association. "That's then spilled over and reduced the availability of loans to borrowers."
Major banks across the nation tightened lending standards or eliminated products after a surge in the number of home foreclosures and unpaid mortgages.
While troubles with residential debt is making commercial loans harder to come by, commercial real estate overall has remained strong, with very few delinquent loans, Woodwell said.
That means the lack of loans will not have much of an effect on the overall economy, he said.
Companies building in Carlsbad and Rancho Bernardo will be most heavily affected by the lack of loans because the two cities have led North County in new office construction, according to an earlier report by Grubb and Ellis, a commercial real estate data tracking firm based in San Diego.
The increase of new offices in Carlsbad and Rancho Bernardo is expected to result in higher vacancy rates, reported Grubb and Ellis.
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