Big Offices Now White Elephants
Austin Business Journal reports: Arthur Jones, senior economist with Torto Wheaton Research in Boston, said office sales have been dwindling nationwide for two years, primarily because of the liquidity crunch. He added that data from research firm Real Capital Analytics shows office building investment sales nationwide are down 50 percent compared with this time last year.
In Austin, one prominent downtown building may be the first to break that trend. Kemp Management has reached an agreement with the Texas General Land Office to buy the 76,000-square-foot Starr Building at Sixth and Colorado streets. The deal will likely close in October or November, said Jim Suydam, press secretary for the General Land Office.
Meanwhile, many continue to watch the Chase Tower on West Sixth Street, which Grubb & Ellis Realty Investors LLC and Endeavor Real Estate Group LLC put on the market in March.
View the full article on Austin Business Journal: Big Offices Now White Elephants
Posted by: Mark Alferman