NAIPartners-Annual-2018-1

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NAI PARTNERS <strong>2018</strong> ANNUAL In Austin, small industrial space becoming near-impossible to find; legacy restaurants are being displaced; and the office market remains defiantly tight NAI Partners Austin recently held its inaugural Austin Press Luncheon at its home base at 701 Brazos Street, and featured a panel of the company’s experts—including David Dawkins, Troy Martin, Todd Mahler and Stephen Wentworth—holding forth on a variety of trends and topics in Austin real estate they are seeing across the company’s Office, Industrial, Landlord Services and Retail service offerings, respectively. Highlights from the Austin real estate luncheon include: Troy Martin on Industrial: “In the very big warehouse distribution space — the 20,000-sq.-ft.-plus level — there are actual spaces and availabilities for what feels like the first time in a long time. I feel like I have choices for my clients. Trying to find a small building, say 3,000 sq. ft. of industrial anywhere near downtown — is virtually impossible.” Stephen Wentworth on Retail: “One of the overarching trends in the retail space we’re seeing is the sheer volume of new developers coming in and kicking out long-established, neighborhood restaurants. Taxes continue to rise, rents continue to rise — it’s a challenging pill to swallow for many a smaller restaurateur and retailer.” David Dawkins on Office: “The office market in Austin remains tight. Five years ago if you had to put 500,000 sq. ft. on the ground, you’d wonder how long it would take to lease up. As Austin continues to increase its appeal for companies of all sizes — including names like Indeed and HomeAway—these types of spaces not only are filled very quickly, but are fewer and farther between.” 55
<strong>2018</strong> ANNUAL NAI Partners’ report on Houston Coworking featured in Forbes Our report on Houston Coworking has been featured in Forbes, in an article entitled Coworking Space Occupies Only 0.7% Of Houston Office Market, Report Finds. The story also quotes our own Dan Boyles on Houston Coworking heavily: A less anecdotal assessment, by NAI Partners’ office market study of coworking space in Houston, finds the trending concept “continues to be a hot topic but is less pervasive than expected.” The city’s current inventory of 115 coworking venues is dispersed around the metro area. Their combined space totals 1.5 million square feet, which the report ranks as “a mere” 0.7% of the 207 million square feet of office space in Houston’s 17 submarkets. Dan Boyles, partner in NAI’s office tenant group, says the report explored a real estate segment getting a lot of attention from the industry and investors but lacking metro level data to track historically. “The report dispels the myth,” he says. As defined by the study, coworking properties encompass a variety of workspace delivery and workspace-use experiences, from a strictly open floor plan and “hot desking” model with community-building culture, to more traditional executive suites with assigned offices. Coworking locations are starting to flourish near large employment centers around the city, especially where the urban density is increasing, Boyles notes. Ditto in the suburbs, which have a lot of office space—and room for more given the lack of physical barriers to growth, he says, something many large cities encounter. Houston’s outlying southwest and northwest submarkets, for example, weigh in with 2.7% and 2.3% of coworking space, the report shows, with a majority of submarkets hovering below 1%. The NASA/Clear Lake submarket located southeast of downtown hovers at just under 2%. Coworking properties appear to be attracting tenants at both ends of the scale spectrum, Boyles notes. Small users (such as startups, entrepreneurs and so-called “creatives”) are seeking short lease terms and synergy opportunities within collaborative environments. Larger companies are looking for turnkey office solutions, handy for getting satellite operations up and running. “It’s still a fairly fragmented business,” Boyles says. “The traditional office will continue to dominate the market for the foreseeable future.” 56
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NAIPartners-Annual-2018-1

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