Austin Named #1 Boomtown by Forbes
More accolades for Austin come from Forbes Magazine this month: the publication named Austin as the number one city likely to grow and prosper over the next decade. In partnership with Praxis Strategy Group, Geographer Joel Kotkin of Forbes examined America’s largest cities. The report noted impressive two-year employment and population growth in Austin and Central Texas. The list included other Texas cities: San Antonio (No. 4), Houston (No. 5) and Dallas (No. 7).
Austin is the third-fastest growing city in the nation, attracting a young demographic of college graduates, families with young children, professionals, retirees and immigrants. While suburban growth is outpacing urban growth as a whole, of note is the growth that’s happening in Austin’s Central Business District. Four suburban condo communities offering a total of 721 units were built from 2009 to 2010: The Austonian, The Four Seasons Residences, The Spring, and the W Hotel and Residences. The addition of new condos to the downtown real estate market supports the growth that’s been happening downtown over the past decade and continues to happen today. From 2000 to 2009, the population in the downtown area increased by more than 20% to nearly 11,000, according to U.S. Census data. By 2014, downtown Austin is projected to grow by more than 2,200 residents.
Between 260 and 270 new condos are on the market today. With no new projects in the pipeline in the short term and an estimated 30,000 people moving to Austin each year, condos demand is expected to exceed supply over the next twelve months. Additionally, rental occupancy in the Austin metro area is expected to reach 96 percent.
Located on Congress Avenue, the “main street of Texas,” The Austonian is the tallest building in Austin and the tallest residential tower West of the Mississippi. The elliptical condo tower has sweeping 360-degree views of Austin and the Texas Hill Country. Views from residences perched above the city include the UT Tower, the Texas State Capitol, and Lady Bird Lake (the Colorado River). Over 40,000 square feet of amenities include a private entertainment facility on the 55th floor and a 10th-floor outdoor pet park.
(Photo credit JH Jackson Photography)