Here's how tight the market for retail space is in Austin
AUSTIN (ABJ) — Austin’s retail real estate market reigns as king among other major Texas cities with an occupancy rate of nearly 97%.
According to a report from Weitzman, Austin has maintained that retail occupancy rate for more than a year. The tight market could cause difficulties for entrepreneurs seeking real estate. Layne’s Chicken Fingers, for instance, just announced it's searching for up to 25 locations in the area.
The metro has nearly 53 million square feet of inventory to serve its 2.5 million residents. Second-generation space is one of the most desirable categories, especially with “exceptionally low new construction,” according to Weitzman. For example, restaurateurs typically seek second-generation space because it's easier to transition into and less costly to open.
Read the full story on the Austin Business Journal.