The Projects Shaping Real Estate in Austin
By Space Coast Daily // November 3, 2019
Austin is one of the hottest real estate markets in the US, according to Forbes. The capital of Texas has remained a stable and profitable property market for a considerable period.
Its real estate industry is being driven by a bustling economy, bulging population, local government incentives, quality education, and work opportunities.
Major companies are moving to Austin, and this is increasing the demand for commercial and residential space.
The city’s emergence as a tech hub has attracted big tech players, and these firms are setting up shop for the long haul. Here are some big projects fuelling real estate in Austin.
Apple’s New Austin Campus
Apple recently announced its plan to expand its presence in Austin. It wants to invest in a $1 billion new campus in North Austin.
The campus will sit on 133 acres near Apple’s current location. This facility will first accommodate 5000 employees and have a capacity of up to 15,000 workers. This big move will turn Apple into the largest private employer in Austin.
This sizeable investment will soon be looking for talent to fill the different positions. Although Austin has a high-quality workforce, professionals from other regions are projected to move into the area to try and fill the positions that will be created.
The people moving here will also be in search of housing, and this will put pressure on the real estate landscape. If you are a buyer, seller, or investor looking to tap into this opportunity, consider partnering with real estate agents in Austin.
Google isn’t being left behind when it comes to expanding in Austin. It has committed to renting all the office space of a 35-story building in downtown Austin. It aims to move in by 2023 once construction is complete.
The tech giant currently has about 1,000 workers in other Austin sites, but the new facility will need an additional 5,000 employees. It has also leased a 7-story building in Saltillo, which can house up to 700 employees.
These moves are monumental for Austin, and they have a massive impact on the real estate sector. When complete, these projects will accelerate the demand for housing.
An influx of people in Austin is projected to increase the price of homes and renting an apartment. Residential investors can get excited by this news as there will be a ready market for residential space.
Amazon has approximately 7,000 employees in Austin, and it still seeks a larger presence in the city’s tech scene.
A strong pool of technical talent in Austin has led Amazon to open a new office here. They will be looking to hire software engineers, research scientists, and cloud computing experts.
The tech titan is seeking to hire 800 new workers, and they will be working from a 145,000-square foot office. Real estate investors are excited at the opportunities that will arise from the increasing number of professionals looking for housing.
US Army’s Modernization Initiative
The thriving tech industry, and availability of space. The expansion of this command will employ more civilian personnel and draw major defense contractors to Austin. These firms will be looking for industrial and office space, thus benefiting the real estate sector.
Austin is not only a magnet for tech firms but also companies in other sectors.
The multiple development projects that are coming to Austin are propelling the population boom and increasing the demand for residential and commercial space.
If you are a real estate investor looking for an opportunity in Austin, now’s the best time to enter the market.