Austin Gold Rush
The real-estate market in Austin, Texas, has been on a roll. Apple Inc. announced in 2012 that it was planning a $304 million campus in the city, doubling its presence.
Now, a Cushman & Wakefield report said that in the past year Austin has seen office-building investment volume increase in percentage terms more than in any other U.S. city. The total value of the properties sold in the 12 months ended June 30 was $2.1 billion, a 304% increase over the previous year.
Demand for Austin office buildings is being fueled by the city's technology sector. The overall vacancy rate in the city fell in the second quarter to 11.6% from 15% a year before, according to Cushman & Wakefield. Rents rose to $27.60 a square foot on average, up 6.4% in the same span.
The Cushman report said New York was the leading city in office-building sales in terms of total volume, with $49.2 billion, up 39% for the 12-month period.