by Mark Daniel, Vice President of Partner Relations at RealMassive, A.B. Economics Stanford University
Using data available through the Travis Central Appraisal District we have created a map showing the distribution of “investable” office space in Austin by zip code. This excludes the category for small office and includes the following:
Office, Hi-rise, >= 6 floors
Office, Large, >35,000 sq. ft.
Office, Medium, 10,000 to 35,000 sq. ft.
The darker the zip code, the higher the total square footage. We will focus here on the three zip codes with the greatest amount of total square footage. First is the dark zip code to the west of downtown (78746), followed by the CBD (78701), then by the darkest zip code to the north (78759).
Maps courtesy of Project Atlas, a visualization platform designed specifically for commercial real estate research.
Data for the top 10 zip codes is as follows:
We can overlay each of the office types into zip code 78759 as seen below to get an even better idea of the distribution. Click Here if you would like to request free access to the interactive version of the map which will allow you to look into each area in more detail. Notation displays address, year built, square footage, and most recent appraised value as shown below.
If we break all 597 buildings into “year built” we can view some interesting trends.
The total square footage built pre-1970 was, as one would expect, concentrated in the CBD.
In the 70s there was still concentration in the CBD but with a little more activity northeast near the intersection of I35 and SH183.
The 80s saw a dramatic change in construction preferences and a new, very high peak in activity with the square footage spreading out into new areas of the market. That year there were 243 new office buildings (as defined previously). The decade before saw 72, the decade after was 66.
The animation below shows the explosion in office construction – the first image is the 1970s, the second is the 1980s. Click here to view the entire animation pre-1970 to 2015.
In the 90’s there was very little construction in the CBD compared to outlying areas to the north and to the west. The 2000s follow a similar pattern but with average project size ballooning to a peak not seen since of 114,971 square feet. Some of the largest projects included the AMD Lone Star Campus in 2006 at 881,499 sq. ft., the National Instruments campus in 2001 at 750,565, and the Dell Parmer Office complex in 2001 at 709,789 sq. ft. In all that decade saw 10 projects with 250,000 sq. ft. or more of space, including the iconic Frost Bank Tower.
2010 to 2015 has seen a resurgence in CBD activity – the map looking very similar to the very first heat map above with tremendous CBD activity dwarfing the balance of the MSA, but running at a pace nowhere near the number of projects in the 80s, or the size of the projects in the 2000 to 2010 period.
Click here to see an animation which includes all of the time periods pre-1970 to present.
Contact Project Atlas if you would like free access to interact with this visualization.
Contact me to let me know what market/property type you would like to see highlighted in a future post.
This data was compiled using data available through the Travis Central Appraisal District . Maps provided courtesy of Project Atlas. Project Atlas comes pre-loaded with historical construction activity and current appraised values for commercial property types in your markets. Click Here for more information on how you can use Project Atlas, or send an email to [email protected].