CONTINUED FROM 1
SCARCE VACANCY The amount of square feet of
3.4% 3.1% 2.1%
7,865 units 2,973,964 sq. ft. 9,491,548 sq. ft.
1,669 units 31,439 sq. ft. 197,930 sq. ft.
MULTIFAMILY OFFICE RETAIL
KEEPING UP WITH DEMAND Commercial property types grew overall since 2019 in value and total square footage. TOTAL VALUE OF ALL PROPERTY TOTAL SQUARE FEET OF ALL PROPERTY
commercial space added to the New Braunfels market continues to grow while maintaining a high occupancy rate. Data is updated as of June 13.
PROPERTY TYPES Each property type below is considered commercial real estate. MULTIFAMILY: This includes commercial apartments, townhomes and other rental properties. ENTERTAINMENT: These properties include music venues, water parks, amusement parks, movie theaters and other entertainment. INDUSTRIAL: Storage, manufacturing, fabrication and shipping bays are just some of the uses that fall under this category. OFFICE: Both oce park and standalone oce spaces fall under this category as well as certain types of medical facilities. RETAIL: Shopping centers, restaurants and stand-alone stores fall under this category. SERVICE/AUTOMOTIVE: Tire centers, oil change locations and other automotive services fall under this category.
SOURCE: COMAL APPRAISAL DISTRICTCOMMUNITY IMPACT NEWSPAPER
and to attract the right type of job. We need to have the spaces that allow us to compete for those opportunities.” Data produced for the GNBCC from CoStar Group, an organization that researches and analyzes the commer- cial real estate industry, shows that nearly 200,000 square feet of new retail construction is under construc- tion in 2022. Of the currently nearly 9.5 million square feet of total retail space on the market, 2.1% of it is available. Inventory of oce space has also expanded more than 11% over the past three years while remaining vir- tually completely occupied, accord- ing to the data. Even commercial properties that lagged and sat vacant for years are now lling up, said Mike Ybarra, principal with Legacy Commercial Real Estate in New Braunfels. “When you start getting to inll sites,
Within the San Antonio-Austin cor- ridor, New Braunfels is growing ve times faster than the rest of the corri- dor in the population under 18 years old, three times faster in those 25-44 years old and three times faster for those 45-65 years old, according to Packer. “In a ve-year period, the percent- age of the population with a bache- lor’s degree or higher grew by 11.5%. In the under 18 bracket we’re grow- ing at basically an elementary school a year,” Packer said. “People in their prime working years with credentials, skills, professions that take education are moving here with children, and so when we really dug into the data, that directly aects our denition of what adds value economically.” Packer said in the past it was com- mon to see commuting patterns in New Braunfels that looked more like
the sites that are incredibly challenged, … you’re seeing them go under contract at very reasonable prices,” Ybarra said. “We’re virtually out of oce space, and we’re virtually out of retail space at this juncture. So there is a need for devel- opers to provide more of that product type. We have so many tenant requests for space for both medical oce and retail. And yet we just don’t have the product to be able to really seriously discuss with for the most part.” Navigating a hot market While there is not one singular factor or dataset in determining why a com- mercial real estate market might be so competitive locally, there are a few things to consider to understand why it is happening, Packer said. One area to look at is not just New Braunfels’ population growth, but what age ranges are growing the most.
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