Real Estate Blog
Monday, August 25 2008
Jean Kwon published a report that highlights the statements of Mark Dotzour, chief economist at the Texas A & M University Real Estate Center, concerning the economic forecast for Austin into 2009.
The report made predictions regarding jobs, the housing market, residential leasing, commercial real estate, and retail profit margins.
The findings include:
- 8,500 new jobs by Aug 2009
- Austin area residential home sales will pick up much faster compared to other metropolitan markets
- Constructions in the new builder sectors will decline due to the inability of some to get new loans; should last until fall.
- Rental rates for apartments will be low. Occupancy rates will expected to be around 90.4%
- Commercial office construction will have little activity, so as the economy starts to improve mid-2009, there will be higher rental activity.
- Downtown big brands, such as REI and Whole Foods which have been successful will have a difficult time in 2009.
For more information, please visit the Austin Business Journal.