Centrally located in the heart of Texas, the city of Austin hosts a residential population of approximately 850,000 inhabitants. Featuring a relatively youthful demographic with an average age of 31, Austin is ideal for young professionals and affluent couples looking for a vibrant community in which to work or start a family. Widely known throughout the state as the cultural hub of Texas, Austin features a wide variety of performing and creative arts, as well as countless restaurants, museums and other entertainment opportunities. Thanks to the presence of the University of Texas, Austin draws a significant volume of resident and tourist traffic on an annual basis. Rental properties for lease here, including office space for rent and commercial space for rent, may be ideal for business owners who are looking for an exciting and eclectic platform on which to launch their next business venture. Those who do lease properties here may find themselves in an advantageous position for expanding their business presence throughout the region at large.
Featuring median household income levels slightly above state averages, Austin is largely composed of individuals classified within a middle-class demographic. Common occupations for residents of Austin include positions in industries such as the professional, scientific and technical services, as well as construction, hospitality and education, among others. As could be expected, the University of Texas is one of the largest employers in the area. The University draws a substantial number of workers from around the world, employed in both faculty and staff positions. Unemployment levels in Austin have remained largely below Texas state averages, thanks in large part to the diversified nature of the local economy and the high level of educational achievement of local residents. The per capita income of Austin is approximately $24,000. According to recent studies, nearly 14% of the local population is currently living below the poverty line here.
Austin has gained a reputation as one of Texas’ most unique and exciting cities. Although the presence of the state’s largest public university obviously contributes to the “youthful” vibe of the community here, a substantial number of artists, creatives and entrepreneurs have flocked to Austin in order to take part in the cultural “renaissance” that is occurring. Some of the country’s more popular arts festivals occur in Austin throughout the year. The South By Southwest (SXSW) music and arts festival and the Austin City Limits music festival have contributed over $300 million to the local economy in Austin in recent years.
Demographically, Austin is primarily Caucasian, with nearly 68% of the local population classified within this particular demographic. That being said, a substantial number of additional ethnic groups can be found here, thanks in large part to the significant number of international students who enroll or teach at the University of Texas. Of the nearly 270,000 households found here, roughly 40% featured married couples.
Following Texas’ victory against Mexico, which left them an independent nation, the Texas government actively began to seek out a location for the new nation’s capitol. Within three years, the area formerly known as Waterloo, which is now present-day Austin, was selected as the grounds for the official capital of the Republic of Texas. Although the selection of this location was laced with controversy, Waterloo remained the official home of the capital through eventual annexation by the United States and up to present day. Beginning in the middle of the 20th century, Austin began to develop its own unique presence among Texas cities, nurturing a now-thriving economy and developing a one-of-a-kind arts scene that has become the envy of cities and states across the country.
The population of Austin has risen somewhat steadily since the beginning of the 20th century. As the University of Texas gained prominence and the Texas oil boom reached full speed, Austin experienced a tremendous influx of workers and students. Although Austin has yet to achieve population levels hosted by the largest cities in the state, it nevertheless remains a significant attraction for both tourists and local residents. Although the population here was almost exclusively Caucasian and Hispanic in the early years of both the Republic and statehood, Austin has since grown quite diverse. As is common with many “college towns,” a substantial number of the residents in Austin are university alumni who desire an opportunity to work and live within the same city where they received their education.
Austin has quickly gained a reputation as the home of Texas’ most bold and innovative thinkers. Featuring a thriving entrepreneurial sector, as well as some of the country’s most popular music groups and artists, Austin is truly a cultural and creative magnet for young professionals across the nation. According to recent predictions, the population of Austin will continue to expand as a growing number of communities are developed as suburbs of this larger city. Already featuring a significantly lower unemployment rate than larger cities in the state, Austin will remain an economic powerhouse for the foreseeable future.
The various neighborhood zones situated throughout Austin offer business owners countless opportunities to pursue advantageous leases in the area. While the majority of traditional office spaces are located in the downtown region of the city, many of the city’s smaller businesses and retail shops are situated throughout the city at large. Thanks to a largely affluent and mobile population, business owners establishing retail-based operations in Austin can rest assured they will obtain adequate visibility and exposure regardless of their specific geographical location. The numerous suburbs surrounding Austin also may be ideal for business owners seeking the opportunity to engage with an increasingly wealthy community. Manufacturing-related enterprises are advised to seek out properties situated on the outskirts of the city limits, as larger buildings offering more flexible designs can be found here.