{"id":1004560196,"date":"2022-01-06T08:40:00","date_gmt":"2022-01-06T16:40:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004560196"},"modified":"2022-12-05T21:51:58","modified_gmt":"2022-12-06T05:51:58","slug":"austin-market-update-office-prices-up-in-2021","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/austin-market-update-office-prices-up-in-2021\/","title":{"rendered":"Austin Market Update: Office Gets Pricey"},"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>Last year through November, office transactions in Austin totaled $1.9 billion, according to CommercialEdge data.<\/p>\n<p>The market has seen a <a href=\"https:\/\/www.commercialsearch.com\/news\/austin-market-update-transaction-activity-exceeds-2019-levels\/\">robust recovery<\/a> since the initial pandemic-induced headwinds: In the same period of 2020, only an estimated $175 million worth of office product changed hands. The Texas capital outperformed pre-COVID-19 levels as well: by the end of November 2019, $1.2 billion square feet of office space traded.<\/p>\n<p>The metro is faring well among other similar Sun Belt growth markets in terms of price, reaching an average of $441 per square foot, the highest in the region and significantly outperforming the national average of $291 per square foot. Charlotte ($322) is trailing Austin, followed by Dallas ($237), Phoenix ($220) and Atlanta ($220). On a year-over-year basis, the metro registered a 151 percent growth compared to the first 11 months of 2020, when the average price hit $292 per square foot.<\/p>\n<p>In November, the Austin office market recorded two significant sales totaling roughly 340,200 square feet. AEW Capital Management picked up Domain Gateway, a 184,000-square-foot Class A asset from KBS Realty Advisors. Prudential Financial backed the deal with a $57.2 million, seven-year loan, according to CommercialEdge. KBS purchased the property in September 2011, for $48 million. Located at 2900 Esperanza Crossing in Northwest Austin, the five-story building came online in 2009 and is LEED Silver certified.<\/p>\n<p>The second sale was a 156,300-square-foot Class B asset known as Centennial Towers. Seamless Capital purchased the property from Boston-based Taurus Investment Holdings with a $25 million loan from Southside Bank. Taurus picked up the building in 2014, when it bore a 99 percent occupancy rate.<\/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>Texas\u2019 capital is commanding top dollar among Sun Belt cities.<\/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":[1578,22251,21783,21742,21747],"tags":[51047,50674],"class_list":["post-1004560196","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-austin","category-in-focus","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) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Austin Market Update: Office Gets Pricey - 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