{"id":1004550785,"date":"2021-09-27T06:58:35","date_gmt":"2021-09-27T14:58:35","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004550785"},"modified":"2022-12-07T00:50:11","modified_gmt":"2022-12-07T08:50:11","slug":"austin-market-update-office-transactions-riding-positive-momentum","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/austin-market-update-office-transactions-riding-positive-momentum\/","title":{"rendered":"Austin Market Update: Transactions Ride Positive Momentum"},"content":{"rendered":"<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004545005\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/phoenix-market-update-slow-and-steady-development-progress\/market-update-resized\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg\" data-orig-size=\"1200,930\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Patricia Todoran&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1497549143&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=\"Market-Update-resized\" data-image-description=\"&lt;p&gt;Office Sales Update Q2&lt;\/p&gt;\n\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg?w=1024\" class=\"alignright wp-image-1004545005 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg?w=300\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg?resize=768,595 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg?resize=1024,794 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>In July nearly 627,500 square feet of office space changed hands in Austin, according to CommercialEdge data. Although still robust, traded square footage was down, compared to <a href=\"https:\/\/www.commercialsearch.com\/news\/austin-market-update-office-transaction-volume-expands\/\">June\u2019s findings<\/a>.<\/p>\n<p>Year-to-date through July, the metro has seen an estimated $994 million in office transactions, at an average price of $497 per square foot, easily surpassing the national average of $288 per square foot. Apart from gateway markets, Austin and San Diego were the only two cities to command more than $400 per square foot.<\/p>\n<p>By comparison, in the first seven months of 2020, Austin office sales amounted to only $171 million, pointing towards a definite positive momentum. Prices are also up compared to last year\u2019s average of $356 per square foot recorded in the same period, representing a nearly 40 percent climb year-over-year.<\/p>\n<p>The largest Class A asset to have traded in July was a 204,000-square-foot building within the Parmer Innovation Center. Transwestern acquired the property dubbed Parmer 3.3 from PRP Real Estate Investment Management in a portfolio transaction that included 131,425 square feet of industrial space at Parmer 7.3. According to CommercialEdge, the total sale price amounted to $184 million.<\/p>\n<p>One of the notable transactions that month was <a href=\"https:\/\/www.commercialsearch.com\/news\/divcowest-picks-up-south-austin-office-property\/\">DivcoWest\u2019s acquisition of Bouldin Creek<\/a>, a 170,000-square-foot Class A property in South Austin. Developed by Seattle-based Unico Properties along with Manifold Real Estate and OakPoint Real Estate, the five-story asset came online earlier this year. The project marked Unico\u2019s first ground-up development in Austin.<\/p>\n<p><em>CommercialEdge covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report&nbsp;<a href=\"https:\/\/www.commercialedge.com\/blog\/national-office-report-2021-august\/\">here<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>After a big jump, office properties are commanding some of the nation\u2019s highest prices per square foot, the latest CommercialEdge data shows.<\/p>\n","protected":false},"author":739,"featured_media":1004545005,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1578,21783,21742,21747],"tags":[51047,50674],"class_list":["post-1004550785","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-austin","category-investment","category-latest","category-office","tag-marketupdate","tag-commercialedge"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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