ABOUT AUSTIN & CEDAR PARK
AUSTIN TX INFORMATION

AUSTIN RIDES HIGH IN RETAIL

 With a metro population of 1.5 million, Austin Texas  is the 16th largest city in the U.S.. That was in 2000. Since then the area has grown about 3%  per year.

The Austin Chamber of Commerce likes to boast that the local population doubles  every 20 years, about 3 times faster than the USA average. Retailers can barely catch their breaths. 

Even during the dark days after the tech crash, when Austin  was particularly hard hit, retailers kept coming in.

DEMOGRAPHICS

Total Metropolitan population: 1.4 million
Median Age: 29.6
Retail Occupancy rate: 95.5 percent
Expected population (2035): 3.2 million
New Retail in 2004: 1.5 million square feet
Unemployment rate: 4.9 percent
Total retail space (at the end of 2003): 27 million square feet
Round Rock, Cedar Park


Topographical Determinism

 “It's very hilly with a lot of lakes and rivers. …What it does is funnel retail in certain areas.Retail remains strong in Austin because supply is kept in check. “The challenge in Austin is topography,” says Roger Anderson, president of retail real estate company UCR. 

With more than 50,000 students, the university of Texas.  also adds a cultural vibrancy to the area.It is also a tech hot spot. IBM has a research laboratory there and Dell's headquarters are located north of the city.  

Strict environmental regulations limit development, especially retail, in the hill country west of Austin. Development is also tough in the city's southwestern corner due to the Edwards Aquifer, which is an underground source of drinking water for Texas.


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CEDAR PARK, TEXAS is one of the fastest growing cities in the nation with a rapidly growing population around 52,058. 
 
From a population of 5,161 in 1990, Cedar Park has exploded on the popularity scale, developing into an urban center of over 50,000 residents in a little more than 20 years. 
Cedar Park’s popularity as a place to live, work and raise families comes as no surprise to the citizens who helped the town grow. Located only 17 miles from the heart of downtown Austin (click here for a map at google.maps), the State Capitol and home of The University of Texas, Cedar Park offers all the amenities of a major metropolitan area but far enough away to offer the relaxed life style that is in keeping with a family oriented community. 
 
While Austin is known as the “Live Music Capital of the World” there is an abundance of cultural and recreational opportunities for families to enjoy. The Highland Lakes area, a system of five lakes created along the beautiful Colorado River, stretches from downtown Austin (Town Lake and Auditorium Shores) to Lake Buchanan some 60 miles away in Burnet. The largest of the lakes, Lake Travis, is the most popular recreational site among the lakes and can be easily accessed at numerous sites ranging from five miles to ten miles from Cedar Park. 
 
One of the advantages of living in Cedar Park and central Texas is that there is just so much to do and so much to enjoy.

 AUSTIN TX INFORMATION

Although barriers are high, retailers still find it attractive. The area's demographics explain why. Annual household income is $51,600, about $8,000 higher than the national average. The population is also well educated. According to the 2000 census, Austin is the 6th most educated metropolitan area in the United States, with almost 40 %of the inhabitants having a college degree.

Even during 2003, when unemployment reached 6.5 percent, retailers were loath to leave the Lone Star State's capital. “When people dump properties, Austin is one of the last markets people bail out of,” says Anderson. “Sales are average or above average and sites are hard to come by, so people hold on to them.”

Bialow says prime A space in Austin runs from the mid-to-high $30s a square foot; about equal to markets like Houston and Dallas, which are 4-5 times larger.

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The Main Players

Unlike those other cities however, Austin tends to have a few players. “The thing that characterizes Austin is that it's dominated by Simon,” says Martin.

Despite the waning popularity of enclosed malls among fickle shoppers, Highland still remains vibrant, says Monica Blackburn, retail marketing manager for the mall. Of course, having an average income of $51,000 in the immediate area and the main campus of the University of Texas nearby certainly helps

The Indianapolis Indiana -based REIT owns the Arboretum at Great Hills, which is the heart of the city's most popular trade area. At the intersection of 3 freeways in the city's northern center, the Arboretum is 3 million sf  of open air retail space. Built in the mid-'80s, the Arboretum was an open-air mixed-use center long before the concept became trendy. Saks Fifth Avenue, the Container Store, and Barnes & Noble all have stores here that rank among their top 10 in terms of sales.

Simon also owns two of the three enclosed malls in Austin, including No. 1 Barton Creek Square. The remaining mall, Highland, is owned by the Rouse Co., soon to be part of General Growth Properties. “Built in 1971, Highland Mall is the oldest mall in the city. With over 1 million square feet, it is anchored by JC Penney and Dillard's.

However, the real retail action lately has been north of the city in the fast-growing suburbs of Williamson County. The new hot market is Round Rock, especially around Dell Inc.'s headquarters.

 “La Frontera is the next major retail center Its growth is being precipitated by the expansion of major highways in the area.

One of of Round Rock's many new shopping centers is La Frontera, a 330-acre mixed-use development that will have 850 residential units and a Marriott 

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CEDAR PARK, TEXAS is one of the fastest growing cities in the nation with a rapidly growing population around 52,058. 
 
From a population of 5,161 in 1990, Cedar Park has exploded on the popularity scale, developing into an urban center of over 50,000 residents in a little more than 20 years. 
Cedar Park’s popularity as a place to live, work and raise families comes as no surprise to the citizens who helped the town grow. Located only 17 miles from the heart of downtown Austin (click here for a map at google.maps), the State Capitol and home of The University of Texas, Cedar Park offers all the amenities of a major metropolitan area but far enough away to offer the relaxed life style that is in keeping with a family oriented community. 
 
While Austin is known as the “Live Music Capital of the World” there is an abundance of cultural and recreational opportunities for families to enjoy. The Highland Lakes area, a system of five lakes created along the beautiful Colorado River, stretches from downtown Austin (Town Lake and Auditorium Shores) to Lake Buchanan some 60 miles away in Burnet. The largest of the lakes, Lake Travis, is the most popular recreational site among the lakes and can be easily accessed at numerous sites ranging from five miles to ten miles from Cedar Park. 
 
One of the advantages of living in Cedar Park and central Texas is that there is just so much to do and so much to enjoy. 

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