The new year will bring new skyscrapers to downtown Austin.
In the past two decades, downtown has seen an unprecedented high-rise building boom that has transformed the city’s central business district with towering condominium, apartment and office buildings along with hotels and scores of new shopping, dining and entertainment options.
Even as downtown’s office market has languished as remote work has taken hold since the coronavirus pandemic, people still want to live in the center of the action, and that’s keeping downtown’s housing, retail and restaurant sectors bustling.
“With falling interest rates and strong population/job growth, I am quite optimistic that the downtown Austin condo market will see a solid year of sales and appreciation in 2024,” said Kevin Burns, a real estate broker who specializes in downtown condo sales and development. “This is following a subpar year of sales in 2023 due to global market issues and high interest rates.”
Burns is the developer of The Modern, a high-rise residential tower now under construction in the Rainey Street District on downtown’s eastern edge.
Burns’ tower is among multiple high-rise towers under construction, some of which are due to open in 2024. Those include: