Downtown Austin housing, office markets surpass pre-pandemic levels, new report says

AUSTIN, Texas — The Downtown Austin Alliance released its 2022 State of Downtown economic impact report, indicating that the city has created more office environment area downtown to lure gifted staff to Austin.

Authorities also say monthly tourist totals in Austin are practically again to pre-pandemic concentrations.

Austin Mayor Steve Adler claims our downtown space is a accumulating spot for the full Central Texas area.

“It’s alive in techniques that towns across the country are not alive, far more of the day and in far more ways,” he reported. “We have a downtown that’s developing artwork almost everywhere in our city.”

While downtown helps make up only .5% of Austin’s land area, it accounts for:

• 13,648 residents
• 9,447 household models
• 5.1 million exceptional visitors each year
• 106,500 downtown workers downtown

Leaders also acknowledged rent costs are at an all-time large downtown, with flats in the space costing about $3 per sq. foot.

But the Metropolis is operating on additional housing developments downtown to meet up with desire.

“Downtown Austin is increasing and evolving, and as stewards of downtown, we are committed not only to the economic and cultural prosperity of our neighborhood, but also to bringing the community’s eyesight for a lively, resilient and inclusive downtown to existence,” Dewitt Peart, president and CEO of the Downtown Austin Alliance, reported. “Supplied the current influx of people and corporations into our location, the Condition of Downtown report is crucial to understanding the path our downtown is headed. It also informs methods for preserving our exceptional character and preserving a welcoming, dynamic downtown for decades to appear.”

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