Coworking firm Spaces has signed a lease to occupy 53,000 square feet in AFIAA’s 501 Congress Avenue in Austin, a 123,000-square-foot Class A office asset. This will be Spaces’ first location in the Texan metro. CBRE represented the tenant and JLL acted on behalf of the landlord in the transaction.
Located in the heart of downtown Austin, the building rises five stories within six blocks of the Texas State Capitol. A wide variety of retail options operate in the immediate area and an eight-story parking structure is next door. Several public bus stops are a short walk from the building, while Interstate 35 runs less than a mile to the east.
Nearly 1 million square feet of Class A office space falls within a mile of the property, according to Yardi Matrix data. Those assets have a weighted vacancy rate of 6.5 percent, highlighting the need for flexible workspace in the area.
“Spaces’ tenancy will provide for greater flexibility in the heart of downtown Austin and act as a resource for 501 Congress’ existing tenants,” said Bardo Magel, head of asset management international at AFIAA, in a prepared statement.
Image courtesy of CBRE