DEVELOPMENT OVERVIEW

DEVELOPMENT

OVERVIEW

The downtown development pipeline is picking up both in pace and scale. Prior to the pandemic, downtown real estate development expanded across all product types. Over 5.8 million gross square feet have been delivered since January 1, 2020, adding over 2 million square feet of office space, 2 million square feet of residential space across 1,601 residential units, and 1 million square feet of hotel space across 1,967 hotel rooms.

Lady Bird Lake

Whole Food’s downtown footprint expanded during the pandemic with the construction and completion of their new 143,000 square foot office building adjacent to their current space. The 730,000 square foot Indeed Tower was delivered in 2021 and sold to Kilroy Realty for $580 million, further validating downtown’s value from asset owners’ and operators’ perspectives. Marriott delivered a new hotel on Cesar Chavez with 613 rooms, making it downtown’s fourth hotel with over 500 rooms. Despite persistent supply-chain issues and construction labor shortages, construction downtown continues. 16 projects have broken ground, totaling 4 million gross square feet. There are currently 25 projects under construction, totaling over 8 million gross square feet, as this period of expansion continues.