Volume Slows, Bats, Google’s Vacant Office Tower

Aug 20

Downtown Austin Newsletter - Aug 20

Jacob’s Downtown Update

Data Dive

The real estate market has seen less transactional volume over the past couple of years relative to pre-pandemic. Prior to 2020, the average volume was 233 transactions per year. If we continued on the pace that we have seen so far in 2024, we will finish this year at 166 transactions.

Downtown Market Biweekly Snapshot (Last Update)

201 Total Active Listings (206) -2%

14 New Listings (16) -13%

15 Pending (7) +53%

5 Closed (4) +20%

*new supply decrease while demand increases, continuing the movement from last update

Stay in the Loop

Interview with one of Austin’s skyline designers - Brett Rhode of local architecture firm, Rhode Partners, has designed The Independent, The Linden, and The Loren.
Google invests $1B in Texas this year - Mostly in data centers throughout the state. Employing 2,000 in Austin, they have yet to move into the “Sail Tower” downtown. If they leased the new office at the market rate, they would be sinking ~$145,000 per day or $53.2 million per year on vacant office space.
Labor Day Weekend is prime bat viewing season - The best time to witness the bats is around sunset, but the nightly show can take place anywhere from 7:30 to 9:45 p.m. It can take as long as 45 minutes for all of the bats to exit the bridge for the night.