In response to high office vacancy rates, Austin leaders are prioritizing residential development in the downtown core. Currently, over 20% of office space is vacant, prompting the Downtown Austin Alliance to explore underutilized sites for housing. Areas considered potential housing hotspots include East Fifth Street and parts of Congress Avenue. The shift acknowledges the need for a balanced economic ecosystem in downtown, where a strong residential base can support local retail. Currently, residential concentration is primarily in specific districts rather than evenly across downtown.
"Downtown most definitely needs an increase in residential population. If we are going to support a vibrant retail corridor... you need a residential population to sort of support that type of economy."
"With more than one-fifth of downtown office space currently sitting vacant or available for near-term leases, the Downtown Austin Alliance is turning its attention to underused parcels that could support a greater mix of uses, especially housing."
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