Austin Commercial Real Estate

Austin commercial real estate we couldn’t find a website for

22 Austin commercial real estate businesses we could find no website for — each one invisible to everyone searching online right now. Listed as opportunity, never scored. Is one of these yours? Get online →

• Citizen House MLK Leasing Office +1-512-886-6861
• Eastridge Apartments Leasing Office Del Valle +1-833-934-3026
• The Oaks at Ben White Apartments Austin
• Reilly Realtors
• Amli Branch Park North Leasing Office Austin
• Eryngo Hills Austin
• Creekstone Austin
• Clubhouse & Leasing Center Austin
• The Vineyard Apartments Leasing Office Pflugerville +1-888-666-6208
• Altair Tech Ridge Austin
• Bridge at Davenport Place Austin
• High Point Preserve Austin
• Terrace at Walnut Creek Austin
• Creekview Apartment Homes Austin
• Pro Desk at The Home Depot
• Prose Manor Manor
• Realty Texas Round Rock +1-512-850-0100
• Gaston & Sheehan Auctioneers & Realty
• Settlers Landing Leasing Office Round Rock +1-512-244-0014
• Estraya at Falcon Pointe Leasing Office
• Clubhouse
• Stone Hill Apartments Pflugerville

Commercial Real Estate guides

Concepts

NNN / triple net lease

The tenant pays base rent plus its share of the three nets — property taxes, insurance and common area maintenance. The quoted rate is only part of the cost; ask for the current NNN estimate before comparing buildings.

Full-service gross vs modified gross

Full-service gross bundles operating expenses into one rate the landlord pays; modified gross splits them, typically with the tenant paying utilities or janitorial directly. A $45 gross rate and a $30 NNN rate can be the same deal.

Base year and expense stop

In a gross lease, the landlord absorbs operating expenses up to a stated base-year level and the tenant pays its share of increases above it. A tenant that negotiates a later base year effectively resets the meter.

CAM reconciliation

The annual true-up between estimated monthly CAM payments and actual expenses, producing a bill or a credit. It arrives months after year-end and is the most commonly disputed — and most commonly audited — item in commercial leasing.

CAM caps

A negotiated ceiling on year-over-year growth in controllable CAM, often 3 to 5 percent, cumulative or non-cumulative. Taxes, insurance and utilities are usually carved out as uncontrollable, which is where the real escalation lives.

Load factor

The percentage added to a tenant's usable area to cover its share of lobbies, corridors, restrooms and mechanical rooms. A 15 percent load factor makes 10,000 usable feet bill as 11,500 rentable feet.

RSF vs USF

Rentable square feet is what you pay for; usable square feet is what you can actually occupy and furnish. Always compare buildings on usable feet and on total annual cost, never on the rentable rate alone.

TI allowance

Tenant improvement dollars the landlord contributes toward building out the space, quoted per rentable square foot. Watch what it covers — construction only, or also architecture, permits, cabling and furniture.

TI amortization

Landlord-funded improvements above the allowance repaid through the rent, effectively as a loan at a stated rate over the lease term. It converts capital cost into rent and quietly raises the effective rate.

Free rent / abatement

Months of rent forgiven, usually at the front of the term or spread through it. Abatement preserves the headline face rate while lowering the effective rent, which is why concession-heavy markets look stronger on paper than they are.

LOI (letter of intent)

The non-binding term sheet setting rent, term, TI, abatement, options and delivery condition before lawyers draft the lease. Almost everything economic is decided here — the lease documents it.

Lease comps

Recent, verified transactions in comparable buildings, ideally including concessions rather than only face rates. Comps are the only defensible basis for arguing a rate, and the reason data subscriptions and broker relationships have value.

Escalations

Contractual annual rent increases — a fixed percentage, a fixed dollar bump, or a CPI index. Over a ten-year term a 3 percent escalation raises the final-year rent by roughly 30 percent, which belongs in every comparison.

Percentage rent

Retail rent structured as base rent plus a percentage of tenant sales above a breakpoint. It aligns landlord and tenant, and makes accurate sales reporting a lease-compliance issue.

Anchor vs inline tenant

Anchors — a grocer, big-box or department store — occupy large space at low rent because they generate the traffic. Inline shops pay far higher per-foot rent for exposure to that traffic. The whole retail center pro forma rests on that trade.

Co-tenancy clause

A tenant's right to rent reduction or lease termination if a named anchor or a stated occupancy threshold is lost. One anchor departure can cascade through a center's rent roll.

Go-dark clause

A tenant's right to stop operating while continuing to pay rent. It protects the tenant's balance sheet and hurts the center's traffic, so landlords fight for continuous-operation covenants and recapture rights.

NOI (net operating income)

Effective gross income minus operating expenses, before debt service, capital expenditures, tenant improvements and leasing commissions. The universal measure of what a building produces, and the numerator of nearly every CRE metric.

Cap rate

NOI divided by price. A 6 percent cap on $1.2 million of NOI implies a $20 million value. Cap rates move inversely to price — rising rates repriced assets across the correction without any change in the buildings themselves.

Cash-on-cash return

Annual pre-tax cash flow after debt service divided by equity invested. The metric an owner feels every year, and it diverges sharply from cap rate once leverage is applied.

IRR

The discount rate at which projected cash flows plus sale proceeds net to zero — the time-weighted return on a full hold. Sensitive to hold period and exit cap assumption, so always ask what exit cap the model used.

Equity multiple

Total dollars returned divided by dollars invested, ignoring timing. A 1.8x multiple over five years and over ten years are very different deals, which is why it is read alongside IRR rather than instead of it.

DSCR

Debt service coverage ratio — NOI divided by annual debt service. Lenders typically require 1.20x to 1.35x; a loan that covered at a 4 percent rate can fail the test at 7 percent with unchanged NOI.

Debt yield

NOI divided by loan amount, a leverage test that ignores interest rates and amortization entirely. It became the binding constraint on many refinancings because it cannot be fixed by extending the term.

LTV (loan-to-value)

Loan balance divided by appraised value. Falling values push LTV up without any borrower action, which is how a conservatively financed asset can end up over-levered at maturity.

Loan-to-cost (LTC)

Loan sized against total project cost rather than finished value, the standard test in construction lending. Rising construction costs and tighter LTC together are what stopped most speculative office starts.

CMBS

Commercial mortgage-backed securities — loans pooled and sold as bonds. Cheap and non-recourse, but rigid: the borrower deals with a servicer rather than a lender, and modifications require special servicing.

Bridge loan

Short-term floating-rate debt, usually two to three years with extensions, funding a lease-up or repositioning until the asset can support permanent financing. The bridge-to-nowhere problem is what much of the maturity wall consists of.

Mezzanine debt

A layer between senior debt and equity, secured by a pledge of ownership interests rather than the property. Higher priced than the mortgage, cheaper than equity, and it can foreclose on the ownership entity far faster than a mortgage forecloses on real estate.

Preferred equity

Equity with a fixed priority return ahead of common equity, often used to fill a gap when a refinancing proceeds short. Its rights on default and its accrual mechanics matter more than its stated rate.

JV waterfall

The order in which distributions flow between limited and general partners — return of capital, preferred return, then splits at rising hurdles. Two deals with identical property returns can pay investors very differently.

Promote (carried interest)

The sponsor's disproportionate share of profits above the hurdles, typically 20 percent over an 8 percent preferred return. It is the sponsor's real compensation and the reason exit timing is never a neutral decision.

Sale-leaseback

An owner-occupier sells its building and simultaneously signs a long-term lease back. It converts real estate equity into working capital at what is effectively a corporate-credit financing rate, and it creates most new net-lease supply.

1031 exchange

A like-kind exchange deferring capital gains tax when sale proceeds are reinvested in replacement property, subject to a 45-day identification and 180-day closing clock. The deadlines drive a large share of small-cap CRE demand.

DST (Delaware Statutory Trust)

A fractional ownership structure qualifying as replacement property for a 1031 exchange, letting an exchanger buy into institutional assets passively. The trade-off is no control and limited liquidity.

Absorption / net absorption

The change in occupied space over a period. Net absorption counts move-ins minus move-outs and is the cleanest single read on whether demand is growing — one large transaction can swing a quarter's number entirely.

Direct vs sublease vacancy

Direct space is offered by the landlord; sublease space is offered by a tenant still paying rent. Sublease space usually undercuts direct rate, comes furnished with short term, and depresses pricing until it burns off.

Shadow vacancy

Space leased and paid for but not actually occupied, invisible in reported vacancy. In the hybrid-work era it is the gap between statistical occupancy and the badge swipes, and it is a forward indicator of renewal downsizing.

Availability rate

All space being marketed, including occupied space available for sublease or future delivery. It runs ahead of and above the vacancy rate, and is the better early-warning metric in a softening market.

Asking vs effective rent

Asking rent is the posted face rate; effective rent nets out free rent, TI and other concessions across the term. In concession-heavy markets face rates hold steady while effective rents fall sharply — the gap is the real story.

Class A / B / C

A relative grading of quality, age, systems, amenities and location within a specific market — not an absolute standard. Class A in a suburban submarket may be Class B downtown, and the label is assigned by brokers and data vendors, not a certifying body.

Trophy asset

The handful of best-in-market buildings — landmark architecture, premier address, top amenities and credit tenancy. Trophy product has held and even grown rent through the office correction while commodity space discounts, which is the flight to quality in one line.

Core / value-add / opportunistic

The risk spectrum. Core is stabilized, well-leased, low-leverage and income-driven; value-add buys a fixable problem — vacancy, deferred maintenance, below-market rents; opportunistic means development, distress or repositioning with returns that depend on execution.

Estoppel certificate

A tenant-signed statement confirming its lease terms, rent, deposit and that no landlord defaults exist. Lenders and buyers require them at closing because they bind the tenant to the facts of the rent roll.

SNDA

Subordination, non-disturbance and attornment agreement. The tenant subordinates to the mortgage, the lender agrees not to disturb possession on foreclosure, and the tenant agrees to recognize the new owner. Without it a foreclosure can wipe out a good lease.

LEED and WELL certification

LEED rates a building's environmental design and operation; WELL rates its effect on occupant health — air, water, light, movement and acoustics. Both have moved from marketing differentiator to corporate-tenant requirement in Class A leasing.

ENERGY STAR score

A 1-to-100 percentile score benchmarking a building's measured energy use against similar buildings nationally, with 75 or above eligible for certification. It is the operating metric behind most energy-efficiency claims and an increasing lender and tenant ask.

Submarket

The geographic slice a building actually competes in — CBD, Northwest, Domain, Southwest. Metro-wide averages hide enormous divergence, and submarket definitions differ by data provider, so comparisons must state whose boundaries they use.

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