The start of 2019 allowed the retail market in Austin to rebound from the plethora of deliveries brought online in Q4 2018 as occupancy held steady and absorption increased.
Austin added 27,100 net new jobs in the 12-month period preceding the end of January 2019. This movement equates to 2.6% annual growth, placing Austin as the ninth fastest growing major metro in the country.
For a crazy 10 days in March, the South by Southwest (SXSW) festival comes to the Austin metro, the most profitable event for the hospitality industry for the City of Austin. In 2018, SXSW brought 289,000 festival attendees an economic impact of $350.6 million to the Austin economy.
Austin’s unemployment rate for January 2019 was 3.2%, up from 2.9% in December 2018. This uptick was felt statewide as the other major metros in the state saw an uptick as well.
Six projects delivered in Q1 2019 spread out over 86,000 sq. ft., with 41 additional projects under construction, totaling 804,785 sq. ft.