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Yahoo
3 days ago
- Business
- Yahoo
Report: Slower economy doesn't dim downtown Austin's dynamism
Despite economic headwinds that have pushed office vacancies into double digits and slowed new development, downtown Austin hasn't lost its luster. That's the picture painted by the latest 'State of Downtown' report from the Downtown Austin Alliance, released last week. While slower, growth in the city's central business district is still being fueled by new developments and population growth, even as businesses adapt to changing market conditions, alliance officials said. Although downtown may be navigating a market correction, the area has "remained dynamic," said Whitney Knight, the alliance's board chair. "While new construction has slowed, this pause offers a chance to focus on quality over quantity, to activate what we've already built, and to lay the groundwork for what's next," Knight said. Still, downtown — bounded by Lady Bird Lake to the south, Interstate 35 to the east, Lamar Boulevard to the west and Martin Luther King Jr. Boulevard to the north — hasn't stopped growing. "Although office and residential vacancies increased this year, demand is still high for working and living downtown. There is more space to fill, but downtown's workforce and population are growing, and lower rates enable more people to find a place here. The hotel and retail markets enjoyed steady performance this year, although these are both navigating emerging economic challenges," the report said. "People are attracted to its diverse mix of events, arts and entertainment, recreation and industries and opportunities.' David Barbour, president and CEO of the Downtown Austin Alliance, who has lived and worked in downtown locations across the country, said the group will "double down on what makes downtown Austin great — its vibe, vitality and collaborative spirit," while continuing to "address issues that challenge its full potential: affordability, homelessness, safety and access." The Downtown Austin Alliance works with downtown property owners, residents, businesses, community organizations and government leaders to enhance the appeal of the central business district, which Mayor Kirk Watson called the city's "living room" more than two decades ago during his previous tenure as mayor. On Tuesday, Barbour was the keynote speaker at the alliance's "Future of Downtown" event held at the ACL Live at The Moody Theater downtown. 'Downtown is the cultural and economic heartbeat of our city,' Barbour said in a statement issued after the event. "This is a place where creativity thrives, businesses grow, and everyone is welcome. As we navigate major infrastructure projects, new development and population growth, our focus is on keeping downtown accessible, vibrant and open to all." The alliance has produced its "State of Downtown" report since 2019, tracking key data points on trends and economic indicators in sectors including downtown's office, hotel, residential and retail markets. Below are highlights, along with excerpts from the report elaborating on its findings. The office market vacancy rate downtown is nearly 22%, reflecting the continued work-from-home or hybrid work models post-COVID. In 2019, pre-pandemic, downtown's office vacancy rate was 3.9%, according to CoStar data the report cited. More: Austin's downtown commercial, office space seeing record vacancy rates. What comes next? "The office market continues to transform in response to companies' changing needs for space. Vacancy rates have risen over the past five years, and combined with rising inflation and interest rates, this has led to a halt in developers breaking ground on new office construction," the report said. "The era of tech giants dominating entire buildings is fading, opening opportunities for a wider range of businesses to access downtown's prime location. This diversification is a source of stability for downtown Austin." Downtown is home to 15,330 residents and 12,720 residential units. With more than 2,600 new residential units in the pipeline, increasing supply by about 28%, downtown's appeal as a vibrant urban neighborhood continues to grow. More: Demand for office space continues to struggle, while downtown Austin living in high demand "Although developers and owners have experienced some headwinds, added concessions like incentives and discounts have created an opportunity for a wider range of individuals and families to live downtown," the report said. Rental prices downtown remain above pre-pandemic levels but have dropped from their 2022 peaks due to a surge in new apartment supply driving competitive pricing. The apartment vacancy rate has increased to 12.7%, up from 9.7% in 2019. Higher capital and materials costs, along with decreased demand, have slowed new construction, but more than 1,400 units are expected to be completed in 2025, maintaining pressure on property owners to stay competitive. "Austin had the largest decline in median asking rent of 44 major U.S. metros analyzed by Redfin in January 2025," the report said. "The main driver of this decrease is that Austin has built new apartments at a far greater rate than other cities." Interest rate hikes over the past three years have cooled the housing market from the post-pandemic buying frenzy. Prices have softened slightly, and average days on market increased from 84 in 2023 to 123 in 2024. "The condo market has transitioned from a sellers' market to a buyers' market, and this trend is expected to continue as more units are delivered to the market," the report said. More: The Modern, a 56-story condo high-rise in downtown Austin, marks construction milestone Downtown's development pipeline has contracted over the past two years, a trend expected to continue throughout 2025. "Like other cities across the nation, Austin is experiencing the impact of larger macroeconomic forces such as increased interest rates and inflation. We have also experienced such a boom that a slowdown is an inevitable and healthy phase of sustainable growth," the report said. "This slowdown allows the market to absorb its recently built projects, ensuring buildings are fully utilized and contributing to the vibrancy of our urban core." Eight projects are due to wrap up this year, adding about 3.9 million square feet of space. Notable developments include the Republic office tower, which has attracted tenants, and the Waterline, which will be downtown's tallest tower and an iconic landmark alongside the Independent and Frost Bank Tower. In 2024, five projects totaling 1.11 million square feet were completed. At the end of March, 13 projects were under construction totaling 6.6 million square feet: 1.3 million in office space, 2.6 million in mixed-use, nearly 2 million in residential, and 653,500 in hotel space. These figures reflect a slowdown in private development while public infrastructure investment ramps up. Several major infrastructure and mobility projects are either under construction or breaking ground soon. These include I-35 Capital Express Central, Project Connect, Waterloo Greenway, Capitol Complex Project and the new Austin Convention Center. Convention Center Closed for demolition in April 2025, the Convention Center is set to reopen in late 2028 ahead of the 2029 spring festival season. The $1.6 billion project is funded by hotel occupancy tax and Convention Center revenue. Capitol ComplexPhase II will deliver 525,000 square feet of office space and complete the Capitol Mall, providing a continuous connection from the Capitol to the UT campus. Completion is anticipated in late 2026. Project Connect Phase I light rail will cover 9.8 miles in Austin with four key stations within the downtown footprint. Waterloo GreenwayPhase II will add nearly 1,550 new trees, 200,000 mature plants and 10 acres of seed mix. The job market downtown and citywide continues to be strong, the report said. The Austin metro area's unemployment rate fell slightly from 3.4% in January 2024 to 3.1% in January 2025, remaining below state and national levels. Despite layoffs at some large tech companies, downtown employment has grown steadily over the past four years and is now 14% higher than its early 2020 peak. Downtown's hotel occupancy rate is now 55.8%, down from 72.6% in 2019, according to CoStar figures. "Although the demand for downtown hotel space increased by 3.6% over the past year, the market is beginning to soften as the supply of new rooms begins to outpace demand," the report stated. "The Austin Convention Center closed in April 2025 for their 4-year reconstruction, and hotel operators are cautiously optimistic as conventions and large meetings move to area hotels." Retail occupancy rates have stayed steady over the last year, remaining above 97%, and tenant demand for downtown locations remains strong, the report said. Downtown's retail market bucked the general trend, with storefronts almost fully occupied at 97% — about the same level as before the pandemic, when the retail occupancy rate was 96.8%. "However, rising construction and labor costs have created a significant hurdle for some businesses to make the tenant improvements needed to enter the market," the report said. "This also puts financial pressure on landlords, who increasingly need to make concessions to close deals. Addressing these cost challenges would unlock even greater potential, allowing more businesses to follow their desire to be in the heart of Austin." Residents: 15,330 Employees: 131,833 Residential units: 12,720 Hotel rooms: 15,000+ Sq. ft. under construction: 6,632,922 Sq. ft. of planned space: 11,538,073 Source: U.S. Census Bureau; Downtown Austin Alliance This article originally appeared on Austin American-Statesman: Report: Despite challenges, downtown Austin hasn't lost its allure
Yahoo
16-05-2025
- Business
- Yahoo
Ryman Hospitality Properties, Inc. to Present at the 2025 REITweek Conference – Wednesday, June 4, 2025, 11:45 a.m. ET
NASHVILLE, Tenn., May 16, 2025 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP) ('RHP'), a leading lodging and hospitality real estate investment trust that specializes in group-oriented, upscale convention center resorts and country music entertainment experiences, today announced that it will present to investors attending the 2025 REITweek Conference being held in New York, NY, on Wednesday, June 4, at 11:45 a.m. ET. Mark Fioravanti, President and Chief Executive Officer, will participate in an analyst-led roundtable discussion. Jennifer Hutcheson, Chief Financial Officer, and Sarah Martin, Vice President of Investor Relations, will also attend the conference. The presentation will be webcasted and can be accessed on Ryman Hospitality Properties' website at To listen to the webcast, please visit the investor relations section of the website at least 15 minutes prior to the beginning of the scheduled presentation to register, download and install necessary multimedia streaming software. For those who cannot listen to the live broadcast, a replay will be available and will run for 30 days. About Ryman Hospitality Properties, Inc. Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and entertainment experiences. The Company's holdings include Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; Gaylord National Resort & Convention Center; and Gaylord Rockies Resort & Convention Center, five of the top seven largest non-gaming convention center hotels in the United States based on total indoor meeting space. The Company also owns the JW Marriott San Antonio Hill Country Resort & Spa as well as two ancillary hotels adjacent to our Gaylord Hotels properties. The Company's hotel portfolio is managed by Marriott International and includes a combined total of 11,414 rooms as well as more than 3 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. RHP also owns an approximate 70% controlling ownership interest in Opry Entertainment Group (OEG), which is composed of entities owning a growing collection of iconic and emerging country music brands, including the Grand Ole Opry; Ryman Auditorium; WSM 650 AM; Ole Red; Category 10; Nashville-area attractions; Block 21, a mixed-use entertainment, lodging, office and retail complex, including the W Austin Hotel and the ACL Live at the Moody Theater, located in downtown Austin, Texas; and a majority interest in Southern Entertainment, a leading festival and events business. RHP operates OEG as its Entertainment segment in a taxable REIT subsidiary, and its results are consolidated in the Company's financial results. Investor Relations Contacts: Media Contacts: Mark Fioravanti, President and Chief Executive Officer Shannon Sullivan, Vice President Corporate and Brand Communications Ryman Hospitality Properties, Inc. Ryman Hospitality Properties, Inc. (615) 316-6588 (615) 316-6725 mfioravanti@ ssullivan@ ~or~ Jennifer Hutcheson, Chief Financial Officer Ryman Hospitality Properties, Inc. (615) 316-6320 jhutcheson@ ~or~ Sarah Martin, Vice President Investor Relations Ryman Hospitality Properties, Inc. (615) 316-6011 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Axios
29-04-2025
- Entertainment
- Axios
Willie Nelson celebrates 92
Willie Nelson celebrates his 92nd birthday Tuesday. Why it matters: Nelson, a cultural icon in his own right, has become a living symbol of Austin. He helped define the city's weirdness and progressive identity, and his influence was instrumental in shaping Austin's reputation as a hub for live music. Not to mention, his face is all over town. Earlier this month, a mural of Nelson returned to an East Seventh Street building after the original was torn down after a fire. A bronze sculpture of Nelson greets patrons of ACL Live and a portion of Second Street downtown was renamed in his honor 15 years ago. The big picture: As an original crossover star, Nelson "held the door open for the sorts of folks who had traditionally had a hard time breaking into country music," Jason Mellard, director of the Center for Texas Music History at Texas State University, wrote in 2023 on the occasion of Nelson's 90th birthday. Nelson supported Black artists, recorded the gay-themed " Cowboys are Frequently Secretly Fond of Each Other" in 2006, and championed female musicians, Mellard wrote. Catch up quick: Nelson was born and raised in Abbott, north of Waco, and has lived in the Austin area since 1972. He also has a home on Maui, Hawai'i. He appeared in the pilot episode of Austin City Limits in 1974 and he's played on the show that broadcasts Austin's musical identity out to the world more than any other artist. Zoom in: His 154th album and 77th solo studio album, "Oh What a Beautiful World," came out on Friday, focusing on the songs of Rodney Crowell. "He has long sounded ageless, but more than ever, Nelson sings like a sage. His reedy tenor can be a little whispery, but he displays surprising vocal range," Steven Wine wrote in an album review for the Associated Press. What's next: He has outlived some members of the Family Band, including sister Bobbie, but the music legend continues to perform. Nelson and his family band are set to play at the Outlaw Music Festival, which makes stops in Dallas and Houston, alongside Bob Dylan, Billy Strings, Sheryl Crow and others. And he'll bring his annual Fourth of July Picnic back to Texas this year at Austin's Circuit of the Americas. Tickets are on sale now.
Daily Mail
25-04-2025
- Entertainment
- Daily Mail
Matthew McConaughey and wife make rare red carpet appearance with all three of their kids
made a rare red carpet appearance with his entire family this week. The A-list actor, 55, was joined by his wife Camila Alves, 42, and their three kids — Levi, 16, Vida, 15, and Livingston, 12 — at the 2025 Mack, Jack & McConaughey Gala in Austin, Texas. The annual gala is a 'joint fundraising effort' between McConaughey, country singer Jack Ingram and legendary football coach Mack Brown. 'The two-day fun-filled event offers music, golf and fashion benefiting select non-profit organizations that each reflect the MJ&M goal to empower kids,' the official website reads. MJ&M has donated over $61 million to children's charities since its 2012 inception. And McConaughey looked happy to have Camila and their children by his side as he celebrated the event's 13th year. The family posed for photos together on the red carpet ahead of the festivities held at ACL Live. McConaughey and Camila — who have been married since 2012 — stood in the middle as Levi, Vida and Livingston posed beside them. McConaughey was dressed in a chic cream suit while Camila looked radiant in a black and white high-low floral dress. Vida looked like the spitting image of her model mom in a strapless white gown. The 15-year-old — who celebrated her birthday in January — also appeared in photos with just her father. In one shot, the Oscar-winning star plants a kiss on Vida's forehead while wrapping one arm around her shoulders. Livingston beamed for shutterbugs in a gray velvet suit styled with a white T-shirt and a silver chain necklace. Levi, rocking a head of curly hair, highly resembled McConaughey as he flashed a smile for shutterbugs while wearing a gray suit and white dress shirt. McConaughey looked happy to have Camila and their children by his side as he celebrated the event's 13th year After years of living in Los Angeles as a famous actor, McConaughey moved back to his home state of Texas with his family in 2014. The move was partially born out of McConaughey's desperation to no longer be Hollywood's 'rom-com dude.' He 'stopped' taking roles and relocated to a ranch in Austin. 'I was so strong in that lane that anything outside of that lane, dramas and stuff that I wanted to do, were like, no, no, no, no, no McConaughey. Hollywood said no, no, no, no, you should stay there, stay there,' he recently revealed on a November 2024 episode of the Good Trouble with Nick Kyrgios podcast. 'I didn't want to. So, since I couldn't do what I wanted to do, I stopped doing what I was doing. 'I went down [to Texas] and I made a pact with my wife and said, "I'm not going back to work unless I get offered roles I want to do."' After what he described as a few 'wobbly' years, McConaughey's major career move eventually paid off and he won his first Academy Award for Dallas Buyers Club in 2014. McConaughey's Texas relocation was also necessary for his family life with wife Camila. The Lone Star State native and his spouse exchanged vows at their home in Austin, Texas on June 9, 2012, and officially moved back there (from Malibu, California) two years later. Last year, McConaughey shared on TODAY that life in Austin offers his family a sense of 'security' and that always intended to return to Texas once he welcomed children with Alves. 'This has always been home, I mean, there's multiple reasons for [the move]. I mean, this is where I have a great relationship with time - meaning 60 seconds feels like a minute, a mile feels like a mile,' he explained to the hosts. He added, 'I like to live in a place and for a home to be a place where I have a good relationship with time.' The Dallas Buyers Club star noted that his family is based out of Texas, including his mother, 92, and brothers who live in Houston and Midland. 'Our family unit is here - we have resources and a backbone of security here,' The Lincoln Lawyer actor added. 'I wanted them to have what I grew up around,' McConaughey said. 'There's a solid … amount of common sense that runs through it, it's untalked about, but we understand it here.' He hailed Austin as a 'very creative city in a state that is very structured,' and one where people are accepted for who they are. McConaughey, who was born in Uvalde, Texas and raised in Longview, Texas, went to college at the University of Texas at Austin prior to entering show business. He remains an ardent fan of the school's football team, the Texas Longhorns, often appearing on sidelines at games. 'The rule in Austin is "Be You" - that's always been the rule in this city - and we should make sure that that remains the rule - just "Be You,"' he said. In a joint interview for Southern Living earlier this year, McConaughey and Alves shared that although they were living a 'happy life' in Malibu, Texas offered them a lifestyle with no 'drama' and more 'hospitality.' Alves said that she knew deep down that McConaughey wanted to move back to Texas after she witnessed firsthand how 'peaceful' he was while he was there. McConaughey said that living in Texas has brought 'ritual' back to their family life. 'Ritual came back, whether that was Sunday church, sports, dinner together as a family every night, or staying up after that telling stories in the kitchen, sitting at the island pouring drinks and nibbling while retelling them all in different ways than we told them before,' he explained.
Yahoo
02-03-2025
- Entertainment
- Yahoo
Imagine Muny concert raises money to save historic Austin golf course
AUSTIN (KXAN) — It was a packed house at ACL Live for the annual Imagine Muny gala on Friday. The event, which has been going on for the past four years, helps raise money to save the historic golf course. This year the headliner was Wynonna Judd with Chaparelle opening up for her. Opened in 1924 by the Lions Club of Austin, Muny has been a public golf course for100 years and it was the first golf course in the South to desegregate. MUNY celebrates 100 years: The past, present and future of Austin's first public golf The course is also listed on the National Register of Historic Places for its role as a civil rights landmark. The course is located at 2901 Enfield Road in west Austin, nestled between Tarrytown, Lady Bird Lake and the Tom Miller Dam. It rests on the Brackenridge Tract — a piece of land owned by the University of Texas. The City of Austin currently leases the land from the university to maintain the course. The University of Texas at Austin leases the greenspace to the city of Austin on a 5-month rolling lease and the fight to save the 141 acres has been going on for decades. Talks of developing the land have been going on for years, but the Muny Conservancy is working to make sure that does not happen. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
