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Retail plays a significant role in the local Austin economy as evidenced by the numerous retail properties scattered throughout North/Central Austin. Parking in the office parks and buildings typically comes with the lease agreement at four to five spaces per 1,000 SF. Much of the changes coming to the area revolve around the mixed-use development and $250 million soccer stadium planned for the city-owned McKalla Place property at the heart of North/Central Austin. Retail outlets will continue to spread as mixed-use developments like Lantana Place provide additional shopping, entertainment, and dining options for the area’s workforce. Retail, restaurants, and creative office space dominate the South Congress market. Companies can expect to find commercial space below 5,000 SF with average rents at $30 SF or more. The high demand for space drives rents in the new developments and redevelopments above $40 SF. Music Lane is one of the largest planned of those developments and will house up-scale bars, fitness centers, hotels, offices, apartments, and many retailers. The development will also provide some much needed traditional office space to SoCo upon completion.
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