The ABJ reported that Austin had the second strongest job market in Texas for the year 2009. McAllen which is considerably smaller, was number one. Since job growth is the number one driver for real estate values, Austin’s ability to keep its workforce employed through the recession has allowed its real estate market to hold its value relatively well compared with the largest 50 metro areas in the US.
Orthopedics manufacturer Hanger recently announced it is planning to sign a 75,000 SF lease and grow it’s Austin area office. LegalZoom.com also just confirmed they are finalizing state and local tax incentives in exchange for opening an Austin office and bringing 600 jobs to our area over the next several years. These corporate relocations and expansions should serve the local real estate market well in the years ahead.
