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JANUARY 15, 2021
8VC SECURES SPACE ON SOUTH CONGRESS AFTER HQ MOVE IN BRIEF
RECA SCHEDULES KNOCKOUT NIGHT FOR OCTOBER
WAREHOUSE DEMAND REMAINS STRONG
Demand for distribution space in Austin remains high. An industrial market report for the fourth quarter of 2020 shows tenant demand for distribution space was a net positive for a 26th consecutive quarter or six and a half years. The average asking rate was up 29 cents per square foot, quarter over quarter, to $10.17 per square foot, according to the report from CBRE Group Inc. “Large block distribution space continues to attract the attention from users throughout the metro, and as available space continues to decrease, users will potentially need to adjust their space requirements to fit their needs,” the CBRE report stated. The area has 15 industrial projects under construction right now, totaling 1.56 million square feet of space, according to CBRE. Three deliveries were made during the fourth quarter. Georgetown had the highest availability rate (17.7%) for industrial space last quarter, followed by Hays County (16.3%), East Austin (15.2%) and Round Rock (11%). Hays County had the most industrial space under construction (534,058 square feet), followed by Southeast Austin (422,666) and Georgetown (331,030).
AVAILABILITY RATES
In 2021, one of the biggest annual fundraisers for Austin’s real estate sector — the Real Estate Council of Austin’s KnockOut Night — will be held at a different time of year than usual. This year’s black-tie event, which coincides with RECA’s 30-year anniversary, will be held Oct. 7 at the JW Marriott at 110 E Second St. RECA usually holds its annual networking event in February. KnockOut Night typically features a combination of private cocktail parties, a networking “main event,” dinner, amateur boxing matches and afterparties. Those fighting in the ring are RECA members and undergo training for months prior to the event. Other event highlights include casino- style gaming and entertainment. The annual event attracts the top players in Austin’s real estate scene. The rescheduling of KnockOut Night underscores how Austin business leaders are eying the resumption of large, in-person gatherings in the second half of 2021.
A prominent venture capital firm that relocated to Austin from San Francisco has signed an office space deal on South Congress Avenue, according to sources. One source familiar with the deal
17.75% Georgetown had the highest availability rate (17.7%) for industrial space in Q4 2020 16.3% Hays County 15.2%
Joe Lonsdale
said 8VC leased 10,000 square feet space at 1221 South Congress Ave. The building is just south of, but not part of, the Music Lane mixed-use campus. 8VC is a technology-focused venture capital firm. It was started in 2015 by Joe Lonsdale, known as one of the co-founders of software company Palantir Technologies. Some of the companies 8VC has invested in include The Boring Company, Deliverr, Hims, Hive, Oculus and Wish. The company’s website still lists its main office in San Francisco, but 8VC announced in November 2020 it would be relocating its headquarters to Austin.
East Austin 11% Round Rock
SOURCE: CBRE
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