05.17.2024

Today’s Forecast

🏙 Heading Downtown? It figures

Behind the numbers of the 2024 State of Downtown Report

Austin rental prices broke a 20-month increase streak. | Photo via @jessmeisterwest

We’re taking you Downtown, because the annual State of Downtown Report is here.

The yearly report has been produced by the Downtown Austin Alliance since 2019, providing insight into economic indicators, the tourism sector, development, public spaces, and environment of the 600 acres that make up the Downtown Public Improvement District.

A lot has changed in Austin since this time last year — let’s break it down.

Development

Austin and construction are nearly synonymous at this point, with 7.1 million sqft under construction at the end of 2023.

New construction slowed down in 2023 after years of nonstop growth, which can largely be attributed to a cooling real estate market, increased interest rates, and an uptick in layoffs.

Housing

Living Downtown is growing in popularity, and the area is 87.4% occupied. Downtown Austin is home to ~15,360 residents (compared to 14,300 reported last year) across ~10,324 residential units.

A peek into the demographics of downtown residents:

Ages 25-37 on average
76.8% are college educated
Have a $145,567 median household income

Office space

Despite being home to 129,648 employees and employment rising 21% since 2020, Downtown office vacancy rates rose from 14% to 18.6% in 2023, reflecting popularity of hybrid and work-from-home models. Meanwhile, an additional 2.56 million sqft of new office space is in the works.

Tourism

The tourism impact of Downtown events like SXSW, the CMT Music Awards, Moontower Comedy Festival, Free Week, and the Texas Book Festival brought in major numbers:

$9 billion in total travel spending
$2.9 billion in direct earning
$750 million in travel spending tax revenue
68,190 jobs generated

Transportation

When traveling Downtown, 70%-80% of people are doing so in single-occupancy vehicles. Though many folks are still traveling by car, Austin’s Red Line Commuter Rail ridership has increased by 170% since 2020.

Take a deeper dive

Asked

How often do you visit Downtown Austin?

A. Multiple times per week
B. Multiple times per month
C. A few times per year
D. Never or almost never

Make your way Downtown

Events

Friday, May 17

Affordable Art Fair | Now-Sunday, May 19 | Times vary | Palmer Events Center, 900 Barton Springs Rd., Austin | $14-$50 | Explore 60 local, national, and international art galleries under one roof with pieces ranging from $100 to $10,000.
Bike Tips: Tricks Of The Trade | Friday, May 17 | 4-6 p.m. | Blue Owl Brewing, 2400 E. Cesar Chavez St., Ste. #300, Austin | Free | Observe the cyclist celebration and talk bike tech tips with brewer Will Gardner.
Yappy Hour at Parlor and Yard | Friday, May 17 | 4-7 p.m. | Parlor and Yard, 601 W. 6th St., Austin | Free | BYOP (Bring Your Own Pup) and enjoy dog-themed Tito’s cocktails benefitting Emancipet.
Radney Foster | Friday, May 17 | 8 p.m. | The Paramount Theatre, 713 Congress Ave., Austin | $40-$60 | The veteran country singer performs on the downtown stage.

Saturday, May 18

Afternoon Tea | Saturday, May 18 | 2-4 p.m. | Neill-Cochran House Museum, 2310 San Gabriel St., Austin | $65 | Pinkies up — this Mrs. Neill-inspired party honors traditional Victorian teas.
Cowboy Killers: A Stand Up Comedy Show | Saturday, May 18 | 8-9:40 p.m. | Coopers Old Time Pit Bar-B-Que, 217 Congress Ave., Austin | $5-$10 | Spend the night laughing as local comedians take on this shot gun-style stand-up show.

Sunday, May 19

John Fremgen Trio | Sunday, May 19 | 9 p.m. | Elephant Room, Swift Building, 315 Congress Ave., Austin | Free | The UT professor of jazz performs with elite musicians — this time, Andy Langham + Gerry Gibbs take the stage.

Plan Ahead

ATX TV Festival | Thursday, May 30-Sunday, June 2 | Times vary | Multiple locations, Austin | $150-$535 | Advertised as “TV camp for grown-ups,” this festival features panels, pitch competitions, and cameos from major shows including “Suits.”

Events calendar here

Click here to have your event featured.

News Notes

Ranked

Austin’s reign as the 10th largest city by population in the US was short-lived. One year after claiming the title, Bat City was booted to No. 11 by Jacksonville, FL — but we’re still the top city for sustainable and equitable growth. (Austin Business Journal)

Civic

The Austin Police Department has been without a permanent Chief of Police since September, but a national search launched on Wednesday, May 15 is poised to change that. New City Manager T.C. Broadnax identified hiring a permanent police chief as one of his first priorities.

Coming Soon

Beloved bakery and restaurant Swedish Hill will expand into the Westlake neighborhood later this year. ICYMI: While its original location is currently closed to pave way for a new mixed-use development, the eatery is operating as a temporary venture dubbed Little Swedish Hill at 1128 W. 6th St. (Eater Austin)

Austinite

Actor and Austin native Glen Powell was inducted into the Texas Film Hall of Fame this week. Fellow Austinite and film maker Richard Linklater said in a press release that it was “an honor” to be part of the “Hit Man” star’s career. (KVUE)

Festival

An all-female lineup of Latina performers will take the stage in east Austin at Latinapalooza Music Festival, a free showcase on Sunday, May 26 from 12 to 5 p.m. at Lampkin Pavilion in Rosewood Park. Bring your dancing shoes, lawn chairs, blankets, and an appetite for food truck eats.

Theater

Lettuce laugh together. Grab pay-what-you-can tickets to the Ground Floor Theatre production of “Clyde’s” — a comedic play chronicling a formerly incarcerated kitchen staff’s pursuit of the perfect sandwich. Shows run now through Saturday, June 1. (Culture Map Austin)

Sports

The college football position group rankings just dropped, and Texas offensive players landed on several top 10 lists. Can this Texas offense reach No. 1 in the country this season? Get the biggest stories every day from the local experts of the Texas Longhorns with Locked On’s daily podcasts.

Finance

Ah, the art of the balance transfer. This card offers not one, not six, but 18 months of 0% intro APR on balance transfers, giving you nearly two years to save big. (Plus, you can earn 2% cash back on purchases with no annual fee.) Learn more and apply.*

Open

Dear Austin, we ❤️ you

Dear Austin Coffee Bar opens in former Irie Bean space

Three photos showing a a white, teal, and red space inside Dear Austin

Once you’re done drinking your coffee, you can head across the street to Purr-fecto Cat Lounge, which is under the same ownership. | Photos by ATXtoday

Dear Austin, there’s a new coffee bar in town.

Located inside the former Irie Bean space at 2310 S. Lamar Blvd., Dear Austin Coffee Bar officially opens at 8 a.m. today.

The concept — an ode to Austin, its people, and spreading kindness — is owned by Lupita Foster, who also owns Purr-fecto Cat Lounge across the street.

Inside, you’ll find a wall where you can post love letters to the city, a mural reading “empathy,” and bathrooms imploring both native Austinites and transplants to get along.

With an indoor coffee counter and an outdoor bar with beer + wine, Foster told ATXtoday she wants to keep community at the forefront of Dear Austin by stocking goods from other local brands like Mr. Natural sandwiches and tea from Texas Coffee Traders.

The shop is celebrating its grand opening with boba tea, live music, frosé, and freebies through Sunday.

The Buy

Small biz. Celebrate National Small Business Month by exploring our retail shop, Six & Main, featuring local brands from across the country. Find unique gifts for your friends or treat yourself to something new.

The Wrap

City Editor Figi poses with an adorable goat.

Today’s edition by:
Figi

From the editor

As a fan of the now-defunct Irie Bean, my expectations of Dear Austin were high, and I’m happy to say the new shop definitely lived up. If you visit, see if you can find my Austin love letter, and make sure to order the strawberry frosé.

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