Industry and business in Austin is on the rise as more commercial space continues to develop. This budding city has a 2.5% population growth rate and an economy that expanded 5.88% last year. 307 new companies moved here in the last decade alone. However in terms of under-utilized retail space, Austin has a number of properties of note. Local commercial space retailer, Latipac Commercial, Inc. eagerly encourages entrepreneurs to invest in this growing retail market.
According to the Daily Journal of Commerce, abandoned retail properties have long been the blight of the American landscape, particularly in Austin. It has been suggested that the average Big Box store will abandon a site every eight to ten years. A majority of this real estate is largely unusable, either because of poor quality design or because of the sheer size.
The average size of a Big Box store covers about 6-10 blocks. In Austin, that means 2,112 versus the typical Austin City block of 276 sq. ft. One of the most controversial of these sites has been the Highland Mall, closed since 2009. The Highland Mall in Central Austin however continues its makeover. Austin Community College took over the site in 2010,and has revitalized the space.
Latipac Commercial, Inc. has been hired to manage the vacant retail site located at 6501 Airport Rd, Austin, TX 78752. This property will be home to a new T-Mobile retail store and a TBD tenant. T Mobile should be open for business by the end of October 2014.
As the city of Austin continues to grow, these commercial spaces are waiting to be developed. Commerce and capital rental are a progressive market in Texas and keen investors trust the expert property managers at Latipac Commercial. To learn more about Austin's commercial retail spaces, call (512) 633.2825 for a free consultation.