{"id":1004584255,"date":"2022-06-13T23:45:27","date_gmt":"2022-06-14T07:45:27","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004584255"},"modified":"2022-12-08T09:49:00","modified_gmt":"2022-12-08T17:49:00","slug":"austin-investment-activity-still-slow","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/austin-investment-activity-still-slow\/","title":{"rendered":"Austin Investment Activity Still Slow"},"content":{"rendered":"

\"\"<\/a>Year-to-date through April, office sales in Austin amounted to an estimated $237 million, one of the lowest volumes across all U.S. markets, according to CommercialEdge<\/strong> data. At the same point in 2021 investment activity was even slower, with deals adding up to just $7 million.<\/p>\n

The market\u2019s average price per square foot in the first four months of 2022 reached an estimated $271 per square foot, one of the highest across Sun Belt cities, along with Phoenix ($322 per square foot), Charlotte ($259 per square foot) and Nashville ($254 per square foot). The national average price for office product in the same period reached $277 per square foot.<\/p>\n

Among the Sun Belt markets, two metros exceeded $1 billion in office sales year-to-date through April, namely Dallas\u2013Fort Worth ($1.3 billion) and Houston (1.2 billion). Charlotte recorded the lowest transaction volume, with a total of $143 million.<\/p>\n

One of the notable deals that closed in April was the sale of 823 Congress<\/a>, a 190,254-square-foot asset in Austin’s CBD. A partnership of DRA Advisors LLC <\/strong>and Pillar Commercial<\/strong> purchased the asset from New York-based Brickman<\/strong>. The transaction marks Pillar\u2019s first buy in the Texas capital through its discretionary vehicle dubbed Pillar Real Estate Fund I. The 16-story property comprises a six-story parking structure, as well as 10,000 square feet of retail.<\/p>\n

CommercialEdge<\/a> covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report here<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Office deals were scarce in the first four months of 2022, amid the market’s booming construction scene.<\/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-1004584255","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":"\nAustin Investment Activity Still Slow<\/title>\n<meta name=\"description\" content=\"Office investment in Austin was scarce in the first four months of 2022, while the metro's construction activity overperformed.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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