Daily Briefing: 🏡 Austin's Millennial Magnet Status: Demoted! Killeen's Real Estate Appeal Climbs 📈

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Here’s what you need to know about CenTex CRE Today:

• Austin drops to 9th for millennial movers, Killeen rises; housing key 🏘️

• Big Medium's 14,000 sq ft artistic leap to South Austin 🎨

Millennial Migration Trends

Austin is no longer the No. 1 magnet for millennials on the move, report says

Source: CultureMap Austin

Summary: Austin, once the top destination for millennials, slipped to 9th place according to SmartAsset's 2023 study "Where Millennials Are Moving", which analyzed U.S. Census Bureau data. Despite the drop, Austin attracted 103,461 new millennial residents in 2022, about 10.7% of its population. Interestingly, Killeen, 70 miles north of Austin, outpaced the capital city ranking 8th, drawing in 16,853 millennials, 10.8% of its population. Killeen's draw was attributed to affordable housing with low competition, making it an attractive market for first-time homebuyers.

Why this matters: Understanding the trends in millennial movement can help commercial real estate professionals in Central Texas strategize their investment recommendations, as this group's preferences can significantly influence market dynamics, particularly in sectors like retail, office spaces, and residential apartments.

Arts and Culture Developments

Big Medium Relocates to South Austin

Source: Austin American-Statesman

Summary: Big Medium, an art organization, has relocated from East Austin to a new 14,000-square-foot space in South Austin which previously housed a tech company. The new site includes exhibition areas, a coworking space, and a flex space for events. The organization plans to use this site as a proof of concept for future space, and the building will also have areas available for rent to the arts community. The lease is for 18 months with hopes of extension to at least two years.

Why this matters: This relocation highlights the evolving landscape of commercial property usage in Austin, presenting an opportunity for real estate professionals to diversify their portfolio by exploring properties that can serve as versatile spaces for creative industries.