One of the better trends in urban design is to include retail space below residential buildings. I see downtown Austin’s retail offerings as overly homogeneous: salon, boutique, restaurant, or bar. Feedback from DANA members, and urban-Austinites in general, is the desire to see more practical stores to serve the many thousands of people that live and work here.
After the jump are a few examples of the ground floor retail space currently available below some of downtown Austin’s luxury buildings. You’ll see that space below these buildings is not cheap and ranges from $30-36 per foot plus NNN. This could yield a monthly lease payment of $3,500-4,000 per month per 1,000 feet of retail space.
The Downtown Austin Alliance has a great list of retail vacancies you should check out, too.
Monarch
Monarch Retail Space
http://www.urbanspacerealtors.com/cproperties/442
$32NNN
Austin City Lofts
Austin City Lofts Retail Space
http://www.urbanspacerealtors.com/cproperties/315
$30NNN
Austonian
Austonian Retail Space
http://www.loopnet.com/xNet/Looplink/Profile/Profile.aspx?LID=15249162&LL=true&STID=cbre
$36NNN
Four Seasons Residences
Four Seasons Retail Space
http://www.loopnet.com/xNet/Looplink/Profile/Profile.aspx?LID=15759505&LL=true&STID=cbre
$36NNN
-Jude
About Jude Galligan
What does NNN mean?
“NNN” or “triple net” means the quoted lease rate is “net of” property taxes, insurance, and common area maintenance. These are variable expenses that can tack on an extra $10 per foot per year, or more.
The alternative to a NNN lease is a “gross” lease which typically includes all fees and expenses in the quoted lease rate.