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Downtown Development

Downtown currently has 63 million square feet of existing development. 7 million square feet are under construction and 9.5 million square feet have been planned. Based on current land development codes and entitlements, downtown has the potential to add another 48 million square feet to its skyline.

Office Market

There is undeniable demand for locating businesses downtown. Downtown has nearly 20% of the city’s office space, and office rents are higher on average than rents citywide, indicating that businesses are willing to pay a premium for downtown space. The office space inventory has grown 17% and first floor retail space has grown 4% since 2010.

Residential Market

As Austin has grown, so has our downtown residential population. We’ve also seen a boom in housing development that shows no signs of abating. Factoring in the housing units in the pipeline, the population of downtown could exceed 20,000 within the next few years.

As an example, the number of residential units more than doubled since 2010 to reach 10,882. The current downtown population is around 14,600 residents, a 92% increase since 2010. Developers continue to add new housing, with another 6,000 units either under construction or in planning.

Tourism

Downtown Austin hotels are bustling year-round with convention-goers, business travelers and vacationers. The number of hotel rooms have increased by 75% in the last 10 years. Occupancy remains very high even as new supply is added, resulting in a market for new hotel development that is stronger than ever.

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