Excerpted from the Austin American-Statesman article entitled “Demand for office space continues to struggle, while downtown Austin living in high demand“:
The global pandemic that hit in 2020 left many employees working from home, and to this day many have not returned to an office full time. With the altered work patterns and other economic hardships, downtown Austin’s office market hit pause as many companies laid off workers and cut back on space.
But despite the lull in the office sector, downtown Austin and its desirable housing market continue to thrive.
Kevin Burns, an Austin real estate broker whose company specializes in downtown condo sales and development, said the condo market “hasn’t been materially affected by the downturn in the office market.”
Why not?
“Because people just want to live downtown,” Burns said.
With its many dining, arts and entertainment options, and access to the hugely popular hike-and-bike trail along Lady Bird Lake, “downtown Austin provides such a high quality of life,” he said.