Stream’s Ryan Ridgeway ranked #1 on Austin’s Heavy Hitter Top Retail Broker list — Austin Business Journal’s list of commercial real estate brokers who lease or sell more space than anyone else. In 2018, Ryan leased the most retail space in Austin, totaling 235,359 square feet and 38 transactions.
In a recent article, the Austin Business Journal collected insights from Ryan and other top real estate brokers on the state of the current market, the most desirable submarket in Austin, and advice for prospective executives who will need retail space in Austin.
Ryan’s key insights from the article are summarized below:
- Retail space is limited in Austin. The density of rooftops over the last several years has kept occupancy of Austin retail centers relatively high.
- To be a retail tenant or restaurant user in Austin, you have to be good to survive. Know your competition because the competition in Austin is fierce. The talent pool is at the top.
- Retail may evolve, but it will continue to be strong especially in Austin as more retailers enter the market. Expect to see a heavy entertainment push in older shopping centers.
- Rising operating expenses will continue to be an ongoing concern for retail tenants’ health ratio as properties are being reassessed.
- The most in-demand retail submarket is Southwest Austin, but really the entire city is strong for retail.