Online real estate investing marketplace CrowdStreet Inc. is expanding its footprint by opening a second office and relocating its headquarters from Portland, Ore., to Austin, Texas. A representative for the company noted that while they have not yet chosen an office location, CrowdStreet is currently working with JLL to find one and is hoping to move in June.
The company will also continue to operate an office in Portland and expand its employee base. CrowdStreet recently adopted a hybrid work model in which employees could work where it was best for them and as a result, the company is consistently hiring across the country.
Texas is one of the top markets for investors active on CrowdStreet’s marketplace as well as sponsors and deals, reflecting the company’s growth and opportunity in the state.
According to a recent company report, Austin was listed as No. 2 in top real estate markets to invest in. This is due to the metro’s lower cost of living, technology scene, access to a major research university, strong job growth, presence of the state capital and that its location does not tax personal income.
Tore Steen, co-founder & CEO of CrowdStreet, said in prepared remarks that Austin has a number of benefits that help job-creating businesses thrive. The company is confident its expansion will help meet the needs of thousands of investors, added Steen.
Many companies are choosing the state of Texas in general to expand their footprint. According to a recent report from access control firm Kastle Systems, more than half of the cities measured by the Kastle Back to Work Barometer saw increases in building occupancy last week, increasing the national average to 24.8 percent. The Texas metros of Dallas, Houston and Austin all topped the list, with Austin increasing 2.4 percent to a 35.8 percent occupancy.