Samsung is reportedly looking to make an investment of up to $17 billion in its next U.S. facility and Austin is in the running, Connect Media learns. The company has expanded its campus in recent years, and now has about 2.45 million square feet on 300 acres, employing around 3,000 people, according to NAI Partners. Additional reports say Samsung plans to start construction on the multi-billion plant in 2021.
If Samsung does choose Austin for its new facility, it would add to a string of recent wins for Austin’s technology sector. In just the past six months, electric automaker Tesla picked Austin as the site for a $1 billion assembly facility and software giant Oracle moved its corporate headquarters to Austin.
In addition, Amazing Magnets is relocating its business operations from Anaheim and building a global headquarters in Round Rock. Last month, Amazing Magnets broke ground on its 40,000-square-foot global headquarters at 1992 Steam Way on 1.8 acres in the Altman Business Park, according to NAI Partners. A company executive said the city’s business climate and community support were the driving factors in the company’s relocation.
Overall vacancy in the Austin office market is 13.8 percent, up from 9.4 percent in January 2020. The increased vacancy rate reflects the recorded net absorption (move-ins minus move-outs) of negative 768,000 square feet, down from negative 99,000 square feet at this time in 2020. There is 7.8 million square feet currently under construction, with 52.6 percent available. There have been no deliveries so far in 2021, according to NAI Partners' latest report.
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
Email the Author
Reach over 250,000 Commercial Real Estate Professionals with Connect
Connect CRE reaches the top commercial real estate players nationwide and across all property types, offering you a variety of ways to showcase your team, your expertise and your brand to CRE decision makers.
The home for CRE news and everything you need to stay informed on deals, trends, and transactions, providing a platform to get your brand in front of your target audience.
Daily CRE Emails
Reaching over 150,000 inboxes across the nation every day, Connect’s Daily News emails provide advertising opportunities specific to your market.
Bi-Weekly Property Sector Emails
Focus your advertising on emails dedicated to your property sector and stay visible to current and potential clients.
Position your team as experts in your field with content created by Connect’s editorial team and published on Connect’s news emails. Showcase your intelligence and broaden your reach.