{"id":1004557104,"date":"2021-11-17T01:53:11","date_gmt":"2021-11-17T09:53:11","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004557104"},"modified":"2022-12-07T00:23:15","modified_gmt":"2022-12-07T08:23:15","slug":"austin-market-update-transaction-activity-exceeds-2019-levels","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/austin-market-update-transaction-activity-exceeds-2019-levels\/","title":{"rendered":"Austin Market Update: Office Sales Top 2019"},"content":{"rendered":"<p><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\" \/>As of September, more than 313,800 square feet of office space changed hands in Austin, according to CommercialEdge data. Year-to-date through the same month, the market has seen an estimated of $1.4 billion in transactions, almost double the $787 million registered in the same period in 2019.<\/p>\n<p>In the first three quarters of the year, the national office transaction volume reached $53.3 billion, on the right track to outperform last year\u2019s deals, but falling short of pre-health crisis levels. The U.S. average price per square foot hit $295 between January and September. The Texas Capital\u2019s average sale price during the same interval clocked in at $496 per square foot, above 2019 levels\u2014when it reached merely $317 million. In 2020, the average price per square foot rose to $356.<\/p>\n<p>The largest office transaction and the single Class A deal that closed that month was the sale of Capital Ridge, a 216,000-square-foot building in Southwest Austin. Apple paid $140 million to GLL Real Estate Partners for the seven-story asset at 320 S. Capital of Texas Highway. The property last traded in 2017, when Germany-based GLL picked it up for $96 million, records show. Capital Ridge sold at a price of $648 per square foot, well above the metro\u2019s average.<\/p>\n<p>Also in September, <a href=\"https:\/\/www.commercialsearch.com\/news\/kkr-to-close-300m-austin-office-park-sale\/\">KKR agreed to sell Riata Corporate Park<\/a> to an affiliate of Starwood Capital Group, for more than $300 million. The deal is expected to close in the coming months. The asset includes eight buildings comprising a total of 688,100 square feet, along with a 56-acre development site that can accommodate a 64,000-square-foot office building.<\/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\/\">here<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Volume has nearly doubled compared to the same period two years ago, 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":[1578,21742,21747],"tags":[51047,50674],"class_list":["post-1004557104","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-austin","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) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Austin Market Update: Office Sales Top 2019 - 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