Downtown Austin housing, office markets surpass pre-pandemic levels, new report says

Leaders also acknowledged rent rates are at an all-time high downtown, with apartments in the area costing about $3 per square foot.

AUSTIN, Texas — The Downtown Austin Alliance released its 2022 State of Downtown economic impact report, saying that the city has created more office space downtown to lure talented employees to Austin.

Experts also say monthly tourist totals in Austin are almost back to pre-pandemic levels.

Austin Mayor Steve Adler says our downtown area is a gathering place for the entire Central Texas region.

“It’s alive in ways that cities across the country are not alive, more of the day and in more ways,” he said. “We have a downtown that’s creating art everywhere in our city.”

While downtown makes up only 0.5% of Austin’s land area, it accounts for:

13,648 residents
9,447 residential units
5.1 million unique visitors annually
106,500 downtown employees downtown

Leaders also acknowledged rent rates are at an all-time high downtown, with apartments in the area costing about $3 per square foot.

But the City is working on more housing developments downtown to meet demand.

“Downtown Austin is growing and evolving, and as stewards of downtown, we are committed not only to the economic and cultural prosperity of our neighborhood, but also to bringing the community’s vision for a vibrant, resilient and inclusive downtown to life,” Dewitt Peart, president and CEO of the Downtown Austin Alliance, said. “Given the recent influx of residents and businesses into our region, the State of Downtown report is essential to understanding the direction our downtown is headed. It also informs strategies for preserving our unique character and maintaining a welcoming, dynamic downtown for years to come.”