{"id":1004285981,"date":"2018-12-14T02:44:13","date_gmt":"2018-12-14T10:44:13","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004285981"},"modified":"2018-12-14T07:00:56","modified_gmt":"2018-12-14T15:00:56","slug":"how-will-the-1b-apple-campus-impact-austins-cre","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/how-will-the-1b-apple-campus-impact-austins-cre\/","title":{"rendered":"How Will the $1B Apple Campus Impact Austin&#8217;s CRE?"},"content":{"rendered":"<p>By Barbra Murray<\/p>\n<div id=\"attachment_1004285663\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Apple-build-new-campus-in-Austin-and-jobs-in-us-outside-Austin-campus-12132018.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004285663\" data-attachment-id=\"1004285663\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/apple-to-spend-1b-on-austin-expansion\/apple-build-new-campus-in-austin-and-jobs-in-us-outside-austin-campus-12132018\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Apple-build-new-campus-in-Austin-and-jobs-in-us-outside-Austin-campus-12132018.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Apple\u2019s current Austin facility\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Apple\u2019s current Austin facility&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Apple-build-new-campus-in-Austin-and-jobs-in-us-outside-Austin-campus-12132018.jpg?w=800\" class=\"wp-image-1004285663 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Apple-build-new-campus-in-Austin-and-jobs-in-us-outside-Austin-campus-12132018.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Apple-build-new-campus-in-Austin-and-jobs-in-us-outside-Austin-campus-12132018.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Apple-build-new-campus-in-Austin-and-jobs-in-us-outside-Austin-campus-12132018.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Apple-build-new-campus-in-Austin-and-jobs-in-us-outside-Austin-campus-12132018.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004285663\" class=\"wp-caption-text\">Apple\u2019s current Austin facility<\/p><\/div>\n<p>Change is coming to Austin, Texas&#8217;&nbsp;real estate market, courtesy of Apple Inc.\u2019s <a href=\"https:\/\/www.commercialsearch.com\/news\/apple-to-spend-1b-on-austin-expansion\/\">recently announced plans<\/a> for the development of a 133-acre campus. The tech giant will invest $1 billion to realize the project, which will spark new rental rate activity across major property sectors.<\/p>\n<p>Apple will erect its new campus within one mile of its existing location along Riata Vista Circle in North Austin. The development will consist of 3 million square feet on the Robinson Ranch property, according to <em>Austin Business Journal<\/em>, with 2 million square feet reserved for office space and the remaining 1 million square feet designated as ancillary space.<\/p>\n<p><em>\u201cThe local multifamily, retail and office submarkets will experience accelerated rent growth due to the limited new construction pipelines in the area that (currently) exist,\u201d<\/em> Craig Swanson, regional manager with real estate investment services firm Marcus &amp; Millichap, told <em>Commercial Property Executive<\/em>.<\/p>\n<h2>Rents by the numbers<\/h2>\n<p>With employers maintaining a steady hiring pace and low unemployment spurring the creation of households, apartment rental rates in Austin have been on the rise this year, according to Marcus &amp; Millichap research. In the third quarter, the market recorded a year-over-year increase in rents of 3.6 percent. In the retail sector, strong demand for space continued to yield a steady pace of rent growth at midyear, resulting in a 25 percent increase over the past five years. For office assets, the average office rent for the four-year period ending in 2017 grew at a rate of 5 percent or more each year.<\/p>\n<p>Apple\u2019s new campus, however, will trigger more than just rent hikes. <em>\u201cThe communities of Cedar Park, Round Rock and Leander will benefit from increased single-family home development and retail and service demand as Apple hires for the new campus,\u201d<\/em> Swanson added. Apple\u2019s new Austin campus will welcome 5,000 employees upon its completion and offer the option to house as many as 15,000.<\/p>\n<h2>Apple&#8217;s influence<\/h2>\n<p>The Apple name carries a great deal of weight in any market, so the company will likely be a magnet for businesses considering a footprint increase in the area or relocation to a new environment. With the combination of Apple\u2019s newsworthy expansion and <a href=\"https:\/\/www.commercialsearch.com\/news\/rising-rates-fuel-steady-growth-in-austin\/\">Austin\u2019s desirable fundamentals<\/a>, local commercial real estate is destined for growth.<\/p>\n<p><em>\u201cThis commitment from Apple is another resounding example of Austin\u2019s affordable cost of living, vibrant culture, and highly educated workforce being a magnet for Fortune 500 companies seeking talent,\u201d<\/em> said Swanson.<\/p>\n<p>As noted in the <em>ABJ<\/em> article, Apple expects to commence site preparation for its new Austin campus in 2019 and deliver the first building within the next 30 to 36 months.<\/p>\n<p><em>Image courtesy of Apple Inc.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The tech leader\u2019s planned 3 million-square-foot facility will have a significant influence on the local multifamily, retail and office markets. <\/p>\n","protected":false},"author":873,"featured_media":1004285663,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1578,21781,21782,21808,21742,21747,21749],"tags":[33752,34836],"class_list":["post-1004285981","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-austin","category-corporate-real-estate","category-development","category-featured","category-latest","category-office","category-retail","tag-apple","tag-marcus-millichap"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How Will the $1B Apple Campus Impact Austin&#039;s CRE? 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