AUSTIN (KXAN) — Downtown Austin has hit a “perfect storm” of factors that pushed commercial vacancies in the district to a historic high, according to a report from real estate brokerage firm Franklin Street.
Downtown, specifically the city’s Central Business District (CBD), extends from 3rd Street to Martin Luther King Jr. Boulevard, and from Congress Avenue to Lamar Boulevard.
The “perfect storm” is a mix of decreased venture capital deployment, decreased demand, compression of space needs due to work-from-home policies, and “an influx of poorly timed new supply,” according to the report.
Franklin Street Regional Managing Director Ryan Bohls explained to KXAN that a high vacancy rate is beneficial for prospective commercial tenants…