Perhaps no one has added more commercial real estate to Central Texas in the last couple of years than billionaire entrepreneur Elon Musk.
So his — and others' — projections that the sector is in for continued trouble until sometime in 2024 are undoubtedly being taken to heart.
"Commercial real estate is melting down fast. Home values next," said Musk, the Twitter, SpaceX and Tesla entrepreneur, in a tweet May 29 in response to tech investor David Sachs, who noted that the last year of interest rate hikes by the Federal Reserve made it harder to lend and refinance on commercial real estate, with some properties selling at auction for less than the cost of the debt on the property.
Add to that the continued pressure remote work has put on office landlords, and it paints a bleak picture. Still, deals continue to go down locally and there's business to be had. With all the doom-and-gloom headlines and forecasts lately, we thought we'd bubble up some fresh evidence of action in a sector that's largely stagnant. It's a mix of recent transactions and near-term opportunities for those in commercial real estate.
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