The Domain in north Austin is expected to get denser and taller
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The Domain in north Austin is expected to get denser and taller


2-ROBERT: THE DOMAIN IN NORTH AUSTIN IS GOING TO KEEP GETTING TALLER AND DENSER. 2-SYDNEY: THAT WAS THE MAIN TAKEAWAY FROM TODA’S AUSTIN BOARD OF REALTOR’ PANEL DISCUSSION. RIGHT NOW, ONLY ABOUT ONE PERCENT OF THE DOMAI’S OFFICE SPACE IS AVAILABLE. THA’S *EXTREMELY* LOW COMPARED TO DOWNTOW’S 8 TO 9 PERCENT VACANCY RATE.KXA’S YOOJIN CHO FOUND OUT WHA’S MAKING THE DOMAIN SO POPULAR AND WHAT IT ALL MEANS FOR DEVELOPMENT. A SHORT COMMUTE, BUT STILL CLOSE TO SHOPS AND RESTAURANTS. SUSAN HORTON, OWNER/BROKER AT JOHN HORTON REALTY: “IF I HAD TO DRIVE DOWNTOWN EVERYDAY AND FIGHT THAT TRAFFIC, IT WOULD BE A NIGHTMARE.”SUSAN HORTON SAYS THA’S WHAT HOMEBUYERS WANT. SUSAN HORTON:”ABSOLUTELY. ABSOLUTELY.”AND ACCORDING TO THESE PANELISTS, THE DOMAIN HAS FIGURED THAT OUT.JON HOCKENYOS, PRESIDENT AT TXP, INC.:”MIXED USE HAS BEEN A KEY ELEMENT IN WHA’S MADE THE DOMAIN SUCCESSFUL I THINK SO MUCH SO THAT I’S KIND OF WHAT THE MARKET EXPECTS.”CHAD MARSH, MANAGING PRINCIPAL AT ENDEAVE REAL ESTATE GROUP:”I’S ABOUT PROVIDING MORE THAN JUST A DESK OR A CUBE OR AN OFFICE.” CHAD MARSH WITH ENDEAVOR SAYS THE DOMAIN IS SMALLER AND HAS FEWER BUILDINGS THAN DOWNTOWN, BUT STILL, TO HAVE A ONE-PERCENT VACANCY RATE? CHAD MARSH:”I DO’T THINK THER’S A SUBMARKET IN AUSTIN THAT HAS THAT.”RIGHT NOW, SEVERAL HIGH-RISES ARE UNDER CONSTRUCTION THERE. CHAD MARSH:”THE FIRST BUILDING, THE FIRST OFFICE BUILDING WE BUILT WAS 5 STORIES, AND WE THOUGHT ‘WOW’ AND HAD A DETACHED PARKING GARAGE, AND WE THOUGHT ‘WOW THA’S DENSE'”OVER THE YEARS, THE NEIGHBORHOOD AROUND IT HAS GROWN AS WELL. YOOJIN CHO: “THE DOMAIN IS IN THE 78758 ZIP CODE. IN THIS ZIP CODE, THE MEDIAN PRICE FOR A SINGLE FAMILY HOME HAS MORE THAN DOUBLED SINCE 2011.” HOWEVER, I’S STILL MORE AFFORDABLE THAN OTHER HOMES IN AUSTIN. MARSH SAYS THE SAME APPLIES TO APARTMENTS AND OFFICE SPACES. CHAD MARSH: “RATE FOR AN OFFICE TENANT AT THE DOMAIN IS ROUGHLY 2/3 OF WHAT I’LL COST TO BE IN A CLASS A BUILDILNG DOWNTOWN.”HE EXPECTS THE DOMAIN TO REMAIN CHEAPER THAN DOWNTOWN AS IT CONTINUES TO GROW.YOOJIN CHO KXAN SYDNEY:JUST ACROSS BURNET ROAD FROM THE DOMAIN, A BRAND NEW MIXED-USE DEVELOPMENT IS GOING TO BE BUILT. BRANDYWINE REALTY TRUST IS WORKING ON THE “BROADMOOR.”I’S GOING TO HAVE 6 MILLION SQUARE FEET OF OFFICE SPACE AND MULTIFAMILY HOMES… AS WELL AS HOTELS, GREEN SPACE AND A NEW METRO RAIL STATION. ROBERT: AT TODA’S PANEL DISCUSSION.. WE ALSO LEARNED HOW MUCH PROPERTY VALUES HAVE RISEN AT THE DOMAIN. CHAD MARSH WITH ENDEAVOR SAID TRAVIS COUNTY APPRAISAL DISTRIC’S VALUE OF THE DOMAIN SITE IN 2003 WAS 100 MILLION DOLLARS. 15 YEARS LATER IT IS NOW 2-POINT-75 BILLION!

One Comment

  • Allen Vestal

    Use it to house the homeless. The homeless will move to Austin and you can double and triple them up in the short run but eventually your leaders will grant NGO contracts to their cronies and your city will be as much of a shithole as LA, San Fransico and Seattle.

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