The last big surge in commercial real estate construction in the Northwest Austin market occurred in late 2005 through early 2007, said Travis Dunaway, vice president of the office/industrial division at Endeavor Real Estate Group. Most construction occurred near the intersection of US 183 and RM 620. He said the Northwest Austin market will only continue to grow.
Endeavor plans to break ground in summer on Champion Office Park at FM 2222 and Capital of Texas Hwy., while another project, The Edge Office Condos at 1139 W. Braker Lane, will start construction this fall.
Overall office vacancy rates in Austin declined from 13.2 percent to 12.5 percent from the fourth quarter in 2012 to the first quarter in 2013, according to data from Austin-based real estate firm Oxford Commercial. In the same time frame, the Northwest Austin market had an increase in vacancy from 11.6 percent to 12.8 percent, while the Far Northwest Austin market saw vacancy drop from 15.7 percent to 15.4 percent.
Another office park in the works is Paloma Ridge on the north side of RM 620 between Parmer Lane and Lake Creek Parkway. The project is being developed by Koontz McCombs Construction, which declined to comment for this article. The firm is proposing to build 350,850 square feet of general office space, according to zoning documents filed through the city. City Council approved rezoning the land May 23 to allow for the campus.
Champion Office Park
The office park will sit on 27 acres with 63 percent of the land preserved as natural open space. Champion will have two four-story buildings totaling 222,000 square feet, and one parking garage. San Antonio–based architecture firm Overland Partners, which designed the Lady Bird Johnson Wildflower Center, designed the project. It will use existing landscaping and have a cistern for rainwater collection.
“There was a thoughtful approach that went into minimizing the impact on that site,” Dunaway said. “It needs to fit. We wanted to look back 20 years from now and be proud of what we created.”
The buildings feature 13-foot tall, floor-to-ceiling glass windows to let in more natural light, Dunaway said.
“Today, tenants are more sophisticated than ever,” he said. “They have choices, and they’ll gravitate toward options where they feel like their employees will have the greatest quality of life. That’s why you see a resurgence in energy downtown and at The Domain.”
The Edge Office Condos
Breaking ground this fall is a two-story office condo building with 12,100 square feet of space. The condos will be located across the street from the CommUnityCare Clinic. Tenants could purchase or lease space.
“It’s a niche we’re trying to hit,” said Jay Hull, a broker with sales, management and leasing firm Lee Properties. “There’s not a lot of opportunities for business owners to own [space].”