CNB Commercial Real Estate Quarterly Report - Q4 2023



CNB Commercial Real Estate Quarterly Report - Q4 2023

Get the latest insights on Central Texas' commercial real estate market straight from the source with our quarterly report.

We poured through nearly a dozen central Texas commercial real estate resources, so you don’t have to. Understanding the landscape of our local market is essential to staying ahead and making informed business decisions. That's why we've compiled all the recent statistics from Central Texas' commercial real estate markets into one comprehensive quarterly report. The CNB Central Texas Commercial Real Estate Quarterly report contains information tracking up-to-date trends on vacancy rates, sales prices, new construction projections, lease stats, and more that will give you a better view of both your current investments and where you could be looking for potential gains.

Key Takeaways

  • Heading into an election year, political uncertainty was cited as a primary concern for multiple industries.
  • DJIA and S&P 500 end 2023 near record levels.
  • Commercial real estate activity remains slow.
  • Apartments continue to show increasing vacancies and decreasing rent per square foot


While 2023 started out with recession predictions, a series of high-profile layoffs and significant economic uncertainty, new data shows job growth still outpaced job cuts in Texas. employers like Tesla Inc. have ramped up hiring efforts and have more planned as the Elon Musk-led company strives to employ 60,000 workers in the coming years. The Austin-based electric car maker currently has more than 20,000 people working daily from its factory in eastern Travis County, making it one of the region's largest employers in almost no time. H-E-B LP holds the top spot with 22,955 people employed in the metro, according to ABJ list research.

Projects Highlights

BASTROP (Austin Business Journal) – The city council has approved more than $1 million in incentives for Acutronic USA Inc.'s planned jet engine manufacturing facility, which would be Texas' first.

GEORGETOWN (Community Impact Newspaper) – A 100-acre, 255-home "boutique" community called The Retreat at San Gabriel is moving toward the finish line.

HUTTO (Community Impact Newspaper) – Fidelis is planning Huggins Crossing, a mixed-use development on 113 acres between SH 130 and Chris Kelly Blvd. Plans for the development include 600 multifamily units, 60,000 sf of restaurant and retail space, grocery store, hotel, medical facility, and three logistics buildings totaling 700,000 sf. Developers anticipate 800-1,000 jobs will be created. The development is expected to generate an estimated $9.8 million in property and sales tax revenue.

AUSTIN (Austin Business Journal) – Greystar Development and Toronto-based HGC Investment Management Inc. are planning a community called Big Valley that could bridge the gap between Austin and Buda. The community will house a reported 40 single-family homes, 280 multifamily units, 65,000 sf of office space, 6,000 sf of retail, a 90-room hotel, and 80,000 sf of warehouse space.

TAYLOR (Austin Business Journal) – Quannah Partners LLC is seeking to create a public improvement district to help fund the upcoming Park79 Commerce Center, a 69-acre industrial park. Quannah has proposed three buildings totaling about 357,000 sf that would have an estimated value of $75.4 million at buildout.

Also included in the report

  • Austin Market
  • Local projects
  • Notable leases, sales and statistics for office, retail, industrial, apartments
  • Housing / Construction & Demographics
  • Capital Markets
  • And more

See the full report 

At CNB we work diligently to provide you with quality, timely information and support services throughout your commercial real estate journey. We hope our latest report has equipped you with what you need to make smart investments for your business now and into the future. For further questions or inquiries about the market outlook or advice on specific projects, please contact a lender to discuss your needs.


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