Austin Real Estate & The Rush to Build New Skyscrapers
January 5, 2018 | Badmin
The Global Rush to Build New Skyscrapers is Real, But What does it Mean for Austin Real Estate
To see the full resolution version of this infographic that has higher legibility, click here.
[As the creator of today’s visualization, Alberto Lucas López, points out, “the world’s tallest buildings have acted as barometers”.
Another way of putting it? Our biggest architectural accomplishments are highly visible symbols of what society values most, and those values have changed over time. Today, the paramount belief system in many parts of the world is in capitalism, and there is no more potent marker of the economic might than fantastically tall commercial skyscrapers.] – Visual Capitalist
Today’s visualization is an effective way to take in the mind-bending scale of the newest generation of megatall buildings. It’s headlined by Jeddah Tower, a skyscraper currently under construction in Saudi Arabia that will smash the one kilometer mark when it’s completed in 2019. – VC
CITIES ARE GROWING UP BUT WHAT ABOUT AUSTIN REAL ESTATE?
In most cases only very large cities have the resources to build and support extremely tall buildings.
With the explosion of modern urbanization around the world and developing economies asserting themselves in high profile ways, the stage is set for a global skyscraper boom.
In FACT, in just the last two years, 39 skyscrapers taller than 300m have been constructed, with more than five of the them eclipsing the height of the Empire State Building.
Global skyscraper construction has increased a whopping 400% since 2001.
What does this mean for Austin Real Estate as more skyscraper buildings move into downtown?
In a short answer: Nothing.
Austin has a ver modern skyline with most of our recent additions taking place in the last few years. We have maintained a 6 month deficit on housing in the Austin real estate market for the last 2 years, if anything we can use more skyscrapers.
HIGH-RISE HOT SPOTS
Nearly every sizeable Chinese city has skyscrapers under construction, and the numbers are staggering. Since 2012, China has added 38 skyscrapers over 300m (~1,000 ft) in height, and there are another 16 skyscrapers on the way in 2018.
In particular, the Pearl River Delta megaregion, which is anchored by Hong Kong, Shenzhen, and Guangzhou, has seen an astonishing commercial construction boom. Today, 20 of the 100 tallest buildings on earth are located in just this one urban megaregion of China.
China’s Top 10 Tallest Buildings
In total, 46 of the world’s 100 tallest skyscrapers are now located in China, and that number is sure to increase in coming years.
United Arab Emirates
Construction has been relentless in UAE for decades, and much of that development has been vertically-oriented. Today, Dubai is home to nearly 1,000 high-rise buildings, and there are 13 projects currently under construction that will hit or exceed the 300m mark.
UAE’s Top 10 Tallest Buildings
While the skylines of many European cities are conspicuously low-rise, an exception to that rule is in Moscow’s International Business Centre, where four 300m+ towers have been completed since 2012.
Russia’s Top 10 Tallest Buildings
WHAT ABOUT THE UNITED STATES? NOTHING IN AUSTIN REAL ESTATE?
In the early 20th century, the United States was the undisputed champion of skyscraper construction, but that has tapered off dramatically. In fact, only six commercial towers over 300m have been constructed in the last 20 years.
The exception may be the city that started it all: New York. There are currently 30 skyscrapers under construction in NYC, fueled in part by a red-hot luxury real estate market.
America’s Top 10 Tallest Buildings (Under Construction)
Philadelphia and San Francisco will soon have new additions to their skylines as Comcast and Saleforce complete their flagship construction projects. If current construction numbers are any indication, America’s love affair with the skyscraper may be reignited in urban centers across the country.
THANKS FOR READING AUSTIN REAL ESTATE & THE GLOBAL RUSH TO BUILD SKYSCRAPERS