There is a development boom in Austin for retail product, and it is most prominently felt in the communities outside of Austin's urban core. Approximately 890,000 sq. ft. of new product is being developed in Cedar Park, Georgetown, and Hays County.
As the blistering summer heat begins to wane, the roar of hundreds of thousands of Longhorn fans can be heard throughout the city as football season kicks off. This time of year breaks the traditional slump in retail sales seen during the summer months due to the influx of returning students and spikes in tourism for football games, the Formula 1 race in October, and the Austin City Limits music festival.
Austin’s unemployment rate for July 2019 was 2.9%, the lowest unemployment rate in Texas and the 5th lowest rate nationwide for Large Metropolitan Areas. The state’s overall unemployment fell to 3.4%, while the national unemployment rate ticked up to 3.7%.
Market-wide occupancy held fast at 95.9% in Q3 2019 as the average asking rate fell to $20.50 per sq. ft. Absorption increased quarter-over-quarter, registering 173,812 sq. ft. of positive net demand.