AUSTIN (Austin Business Journal) — Austin reached another milestone in 2019: record-high retail lease rates.
Some new retail spaces on South Congress Avenue are demanding rents topping $100 a square foot, according to brokers — rivaling major markets on the coasts. For comparison, The Domain is seeing lease rates at around $80 a square foot.
“Those are rents we haven’t seen in Austin prior to last year,” said Phil Morris, assistant vice president at Resolut RE, formerly Retail Solutions. He said rents are being driven up by a number of new mixed-use projects such as Music Lane and Hummingbird on heavily trafficked South Congress.
To read the full article, visit Austin Business Journal.