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Report: Austin ranks among hot retail markets
Austin is one of the country's top 10 markets to watch in retail real estate, according to a report released Wednesday.
Austin ranks eighth on the list, produced by Sperry Van Ness. Austin boasts "exceptional job growth, robust population gains and overall market expansion," according to the Sperry Van Ness report.
The report says about 2.8 million square feet of retail space is set to open this year in the Austin area, or 6 percent of the region's total inventory.
Among the new projects are four CVS drugstores, two Wal-Mart stores and a Home Depot store, the report says. The report also cites the opening later this year of an outlet center in Round Rock and the opening next year of an IKEA home furnishings store in Round Rock.
According to the report, "solid demand" will enable retail property owners in the Austin area to lift rental rates by 3.2 percent this year to $19 per square foot.
Topping Sperry Van Ness' "Top 10 Markets To Watch" report is Los Angeles, followed by Orlando, Fla.; the Seattle area; West Palm Beach/Fort Lauderdale, Fla.; San Diego; Phoenix; San Francisco/Oakland; Austin; Denver; and San Jose, Calif.
Irvine, Calif.-based Sperry Van Ness is a commercial real estate investment brokerage firm. The company recently re-established a presence in Austin.