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Austin:
Sole U.S. City with Continued Job Growth
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For the 4th straight month, Austin was the only major U.S. city in the country to increase jobs (February thru May), according to a recent Labor Department report.
Of the 38 largest cities that the department tracks, only Austin had more jobs in May than a year earlier. The Central Texas job growth rate was 0.5 percent.
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Terri Seiler to Speak
on ICSC Panel:
Surviving the '80s |
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The year 2009 has been challenging at best, especially for those new in the business. On July 29, the local ICSC and Next Gen Austin Chapter is presenting a panel of experts who have managed to successfully navigate through this type of business cycle in the past. Watch for the panel of four local real estate professionals standing ready to discuss "Surviving the '80s" with a concentration on today's economic environment. The panel includes: Terri Seiler, SiteSource Real Estate Services; Gary Farmer, Heritage Title; Tom Terkel, Cencor; and Bryan Dabbs, Endeavor Real Estate Group.
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SXSW Immune to Economic Slump? |
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Early projections indicate that the 2009 South by Southwest Music Festival will have similar, if not better, numbers compared with 2008. More than 149,000 people attended the 10-day festival with an estimated economic impact of $103 million.
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Austin Business Journal Highlights
Click on following links for full articles:
More than Half of Texas Restaurants Report Same or Higher April Sales
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SiteSource Receives Nomination
for Lyons Gardens Project
Terri Seiler, owner of SiteSource Real Estate Services, was honored along with numerous others in the real estate community at a recent Austin Business Journal Best Real Estate Awards reception and dinner.
SiteSource Real Estate was nominated in two categories for its work on the Lyons Gardens project — a non-profit housing development created by Family Eldercare, whose mission is to provide essential services for elders, adults with disabilities, and those who care for them.
This project was a true collaborative effort and community event bringing local and national funding together to provide services for the city's elderly population. Terri guided the group from site selection through property acquisition. The project has won national acclaim for providing a beautiful setting with vegetable gardens, a playscape, and a community center.
SiteSource Real Estate considers it a great honor to be named among this group of real estate professionals.
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Case Study:
Corporate Relocation/New Market Entry
Client: Backwoods Outdoor Clothing Company
Assignment:
In 2007 Backwoods, a regional outdoor clothing company, decided to expand into the Austin market with a flagship store and the perfect location was imperative. SiteSource Real Estate Services engaged with the Backwood's developer who required a purchase transaction with strong retail co-tenancy.
Solution:
SiteSource approached the landlord of a new lifestyle center and presented a purchase scenario that would allow the landlord to sell a 10,000 sf end cap to Backwoods similar to a condo sale with the cross access and common area rights. The landlord agreed and SiteSource led Backwoods' developer through the negotiation process that resulted in a purchase price that saved the developer a $1,000,000 reduction from the asking price. During due diligence SiteSource assisted them in helping expedite permitting through the city and ultimately close the deal. During this process Backwoods Corporate decided to move their corporate headquarters to Austin. SiteSource initially secured a short term solution for their office space needs and later worked with the developer of an award winning multi-use project to convert from multi-family to office space with potential for retail, saving Backwoods approximately $75,000 per year in occupancy cost at their new location. SiteSource is dedicated to meeting clients' needs by using market knowledge to find the location that best fits and negotiation skills to rigorously represent the clients interest to save costs. |
Franchisees Emerge as Strong Players in Today's Market
Though many national retailers are slow to expand, conditions are bright on the franchise side, where growth is expected to continue, and this stability represents opportunity for shopping centers coping with vacancies. Franchises are estimated to absorb some 20 million square feet of retail space in 2009, which would be down from last year's roughly 30 million square feet, but still enough to make franchises a viable solution to a landlord's vacancy problem.
The International Franchise Association estimates that there are some 900,000 franchise establishments in the U.S., generating some $816 billion and nearly 10 million jobs annually. It is anticipated somewhere between 10,000 and 12,000 franchise units will open by the end of this year.
Corporate tenants are likely to return to the market slowly, but franchising has the ability and eagerness to move quickly. As financing thaws, this industry is going to start taking a lot of that surplus space and Landlords are beginning to see the opportunity that franchises represent, not only in the number of new units but the number of new brands. | |
Austin-Round Rock:
2nd Fastest Growing Metro Area
Austin-Round Rock, Texas, ranked second among the nation's fastest-growing metro areas, according to a population estimate for the nation's metropolitan and micropolitan statistical areas and counties released by the U.S. Census Bureau. Raleigh-Cary, N.C. metro area ranked first in the study.
Raleigh-Cary saw its population climb 4.3 percent between July 1, 2007, and July 1, 2008, to 1.1 million. Similarly, Austin-Round Rock experienced a 3.8 percent increase, to 1.7 million. These two large metro areas were among 47 of the 50 fastest-growing areas located entirely in the South or West. (Source: PR
Newswire) | | |
To
find out how we can help you with site selection, market
entry strategy and other real estate needs, contact us
at 512-391-6233.
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Copyright © 2009
SiteSource Real Estate, LLC | 1509 W. 6th Street, Suite B | Austin, TX 78703
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