Peter Barlin Examines Why Commercial Properties Are Seeing Record Breaking Rent Rates in Austin
Peter Barlin of Austin has become very well appreciated in the Austin community for his commercial real estate dealings. Barlin has helped rejuvenate a lot of the downtown area and continues to look for Austin, Texas investment areas to take advantage of. Fortunately, for Mr. Barlin, there’s never been more demand for commercial real estate in Austin. Austin office rents in Central Texas reached an all-time high earlier this year. It’s a great time to own investment commercial property in Austin. Today, Peter Barlin will examine the reason for these record numbers.
According to Peter Barlin, the biggest reason for the increased rent rates is the job growth in the region. More and more companies are looking to move to the thriving capital of Texas, so with the increased demand comes a limited amount of space that is available to companies. Top-tier office space currently averages $41.83 in rent per square foot per year. This is the record by quite a wide margin and jumped from $39.93 per square foot in 2018.
Peter Barlin understands that job growth in Austin is linked to a booming tech sector. Austin has slowly but surely turned into the Silicon Valley of the Southwest. As more companies look to establish themselves as leaders in the industry, they will need to have a presence in the Texas capital city. In fact, the biggest tech companies in the world are looking to move tenants to Austin these years. According to Peter Barlin, Google, Facebook and Indeed will all have a presence in Austin later this year.
Austin itself is unique because it’s got all the nightlife and amenities that young, employable people look for. The area has started a groundswell of momentum and because of that, there’s never been a better time to invest in commercial property. Contractors are building and their building big. The bigger the buildings, the bigger opportunities for commercial investors to make a splash.
Assets are there for retail properties, commercial office space, housing communities and more. With numbering hitting all-time highs, it may seem like commercial real estate investors missed their chance at getting in on great investment opportunities. However, Peter Barlin says that there’s no signs of economic growth slowing down in Austin. If you find a commercial property investment opportunity in Austin, there’s still plenty of reason to take advantage.