Austin, Texas, is a prime location for retail space, offering a unique blend of government employees, college students, musicians, high-tech workers, and blue-collar workers. With a population of over 960,000, Austin is part of a metropolitan area with approximately 5 million people. The city's economy has shifted from government and education to technology and business, attracting major companies like Google, Apple, and Tesla. This diverse economy creates a thriving environment for retail businesses, with a high demand for retail space for lease. The city's infrastructure, including the system of dams along the Colorado River and the Lower Colorado River Authority (LCRA), supports a variety of outdoor recreational activities, making it an attractive location for retail businesses. Additionally, the city's climate, which combines characteristics of the desert, the tropics, and a wetter climate, supports a rich variety of wildlife and plant species, making it an ideal location for businesses that cater to outdoor enthusiasts.
With 297 retail spaces for lease available, Austin offers a range of options for businesses looking to establish a presence in the city. The average annual rent per square foot is $30 USD, with an average size of 5,347 square feet and a maximum space size of 750,000 square feet. In addition to retail space, Austin also offers a range of other property types, including restaurants, medical offices, and office space. Restaurants in Austin can take advantage of the city's thriving food scene, with a variety of cuisines and dining options available. Medical offices can benefit from the city's strong healthcare industry, with major hospitals and medical centers located throughout the city. Office space in Austin is in high demand, with major companies like Dell, IBM, and Google establishing a presence in the city. Overall, Austin offers a unique blend of business, culture, and recreation, making it an attractive location for businesses of all types.
What is the average cost per square foot for retail space in Austin?
The average cost per square foot for retail space in Austin is $30 USD per square foot, with an average size of 5,347 square feet and a maximum space size of 750,000 square feet available among the 297 listings currently on the market.
How do anchor tenants affect surrounding retail space leases?
Anchor tenants, such as large department stores or grocery stores, can significantly impact surrounding retail space leases in Austin, Texas, as they attract a high volume of foot traffic, increasing the desirability of nearby retail spaces and potentially driving up lease rates, with currently 297 available listings of retail space for lease in Austin, averaging $30 USD per square foot and ranging in size from 5,347 square feet to 750,000 square feet.
