First w condo austin off, heres an article published not too long ago at www.realtor.org:
"A poll of much more than 100 office appraisers, developers, and brokers discovered that 54 % believe workplace condominiums are a trend that will come to an finish when interest prices go up.
The poll was carried out by Grubb & Ellis and PNC Actual Estate Finance. The common situation finds businesses purchasing the condos so they no longer have to pay rent, giving them higher manage over space and occupancy charges. More and a lot more office condos have been purchased as investments lately. Phoenix is 1 of the biggest markets in this niche, with 189 office-condo properties in place and far more than 100 others in various stages of improvement. However, other markets, such as Houston, with only three office-condo properties, barely register, even although that Texas city's office sector is three times the size as Phoenix's. "
Supply: Wall Street Journal (12/14/05) Corkery, Michael Forsyth, Jennifer S. Haughney, Christine
Of distinct tour condos in plaza lofts austin note is in these office condos that are purchased as investments. A number of true estate investors, myself integrated, have invested in these types of properties, only to discover handful of if any prospective tenants for the vacant space. In a marketplace with the vacancy price hovering in between 15 & 20 %, I felt it was prudent to get out speedily. Im really glad I did.
Its not the top quality of the space that is the situation, but the reality that any tenant that is a great candidate for this space will very usually just buy their own workplace condo. Numerous of the prospects for open the workplace condo space are startups or tiny organizations that can only commit to a one- or two-year lease. These firms will either make it and buy their own office condo or fold up shop and move back to the spare bedroom property office from where they came leaving the investor to try to find an additional tenant.
Make no error, these are wonderful properties, nicely built, with superb finishes, that are outstanding values for the owner / user. As an investor, I would look to other places, particularly industrial or warehouse properties, to commit my funds.
Excellent luck to you,
Fox Genuine Estate Group
360 Nueces St #40
Austin, TX 78701
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