Riverside, which is part of East Riverside-Oltorf, is a small region in southeast Austin, Texas, located just a 10-minute drive from Downtown Austin. Common industries include management & professional; service; sales; construction & maintenance; and production & transportation. Join the Friends of Riverside ATX Neighborhood Association to stay up-to-date regarding businesses, events, and opportunities in the area.
While this area used to be just a bedroom community people drove through to get to the nearby Downtown Austin, it’s now a growing business community thanks to recent developments. Advanced Micro Devices (AMD), an American multinational semiconductor company based in California, recently opened an office in Riverside and is now one of the area’s most important employers.
Earlier this year, Fortune 100 company Oracle opened a state-of-the-art Cloud Campus in East Riverside and may eventually employ up to 10,000 people. Oracle, a software company, constructed a 560,000-square-foot facility that takes up 40 acres of Lady Bird Lake waterfront property. “As a hub of innovation, Oracle’s new campus will be right at home in Austin, a city where good ideas become real,” said Austin Mayor Steve Adler.
Read on to learn about Riverside office spaces leasing trends, amenities, and history.
Riverside Office Space | Lease Data & Trends
Riverside is considered part of Southeast Austin, where office space rental prices are quite low, especially compared to the average Austin price and the average Downtown Austin price. In Southeast Austin, renters can expect to rent office spaces for an average of $26 per square foot.
Office space asking rents average $55 per square foot Downtown and around $38 per square foot across the Metro. Most Southeast Austin office spaces are classified as Class B spaces and rent for about $25 per square foot. The submarket does have some Class A spaces that average around $35 per square foot.
What Our Brokers Say About Riverside
Riverside, along with Parker Lane and Pleasant Valley, form the East Riverside-Oltorf Combined Neighborhood Planning Area. Lake Lady Bird lies to the north; Texas State Highway 71 and the McKinney neighborhood to the south; Grove Boulevard and the Montopolis neighborhood to the east; and Interstate 35 and South River City to the west. Lots of students, young professionals, and middle-class families live here.
On Nov. 16, 2006, the City Council adopted the East Riverside/Oltorf Combined Neighborhood Plan to develop, rezone, and improve transportation options for, build more affordable housing for, and preserve the character of Parker Lane, Pleasant Valley, and Riverside. Riverside is located on the northwest side of East Riverside/Oltorf.
Developers have worked very hard in recent years to transform Riverside’s roads into something memorable. In particular, the East Riverside Corridor has been updated. Today, it provides space for pedestrians and bicyclists, features attractive landscaping and landmarks, and offers opportunities for businesses to thrive. Visitors now view East Riverside Corridor as a place to shop, eat, and socialize rather than just a means to get to Downtown Austin.
In general, most people who live in Austin tend to drive to work instead of taking public transportation. Traffic in the city can be intense, though, especially around rush hour. CapMetro, Austin’s Capital Metro system, which offers more than 50 bus routes throughout the city, stops at 20 Manor Road in Riverside. Some Park & Ride options are available as well. The Austin-Bergstrom International Airport is close by for those who need to travel elsewhere in the state or around the nation.
Though Riverside is a small area, it still offers plenty of food options. Consider scheduling the next business lunch or meeting outside the office at one of Yelp’s eatery suggestions: Hideaway Kitchen & Bar, Cafe Nena’i, 888 Pan Asian Restaurant, Honduras Food, or Pho Please. Those looking for somewhere in the area for visiting clients or business partners to stay can look up Best Western Plus Austin City Hotel in Austin, Courtyard Austin Airport, or Wyndham Garden Hotel. The recently developed Lady Bird Lake hike and bike trails offer opportunities for those who want to enjoy the great outdoors after work. Particularly adventurous boaters can actually reach Downtown Austin by canoe. The lake is also a popular spot for fishing and boating. Roy G. Guerrero Park and the Riverside Golf Course are also in the neighborhood.
The City of Austin, named for “Father of Texas” Stephen F. Austin, was incorporated on Dec. 27, 1839. The state capitol building was not completed until 1888, and back then it was the seventh largest building in the world. By the mid-20th century, Austin was considered one of the state’s most important metropolitan centers. The city also gained a reputation for its music scene in the 1970s, when local artists like Willie Nelson and Stevie Ray Vaughan became popular.
Riverside used to have a reputation as a simple area with cheap housing that’s conveniently located close to Downtown Austin. However, officials and developers have worked very hard in particular since 2006’s East Riverside/Oltorf Combined Neighborhood Plan to make the area itself more memorable and productive. It took a while for the East Riverside-Oltorf neighborhood to evolve, but when it did, it went big.
Today, Riverside visitors and residents can enjoy food, shopping, golf, outdoor activities, and business ventures right in the Riverside area. The recent additions of the Advanced Micro Devices (AMD) campus and the Oracle campus have opened up numerous possibilities for the area as well. In fact, some are saying that Oracle’s $300 million campus could single-handedly accelerate the future of the district.
Overall, the City of Austin is widely considered a major center for high tech, and it earned a place on Forbes’ list on Best Places for Business and Careers in 2013. Though it is known for including offices for big corporations such as Apple, Amazon, Dropbox, eBay, PayPal, Facebook, and Google, Austin also boasts a growing community of small businesses and entrepreneurs. Riverside is emerging from the background to contribute to the city’s reputation, and the growth and possibilities are increasing every day.