Downtown Austin housing, office markets surpass pre-pandemic levels, new report says

AUSTIN, Texas — The Downtown Austin Alliance produced its 2022 Point out of Downtown financial effects report, indicating that the town has designed more workplace space downtown to entice gifted staff to Austin.

Gurus also say regular vacationer totals in Austin are just about back to pre-pandemic ranges.

Austin Mayor Steve Adler states our downtown region is a accumulating spot for the complete Central Texas location.

“It’s alive in approaches that metropolitan areas throughout the state are not alive, more of the day and in much more methods,” he stated. “We have a downtown that is developing art in all places in our metropolis.”

While downtown tends to make up only .5% of Austin’s land location, it accounts for:

• 13,648 residents
• 9,447 household units
• 5.1 million distinctive visitors every year
• 106,500 downtown staff members downtown

Leaders also acknowledged lease costs are at an all-time superior downtown, with flats in the area costing about $3 per sq. foot.

But the Metropolis is doing work on additional housing developments downtown to meet demand from customers.

“Downtown Austin is growing and evolving, and as stewards of downtown, we are fully commited not only to the economic and cultural prosperity of our community, but also to bringing the community’s eyesight for a vibrant, resilient and inclusive downtown to life,” Dewitt Peart, president and CEO of the Downtown Austin Alliance, reported. “Supplied the latest influx of inhabitants and corporations into our location, the State of Downtown report is vital to comprehension the way our downtown is headed. It also informs procedures for preserving our exclusive character and retaining a welcoming, dynamic downtown for years to occur.”

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