Bee Cave, Westlake, Four Points see recent growth
According to the Capital Area Metropolitan Planning Organization's 2013 growth monitoring report, Austin was the fastest- growing large metropolitan region with a population of at least 1 million people in the nation between 2011 and 2012. Commercial development in western Travis County appears to be following the area's population growth trend.
CAMPO, as a federally mandated organization, is required to conduct regional long-range transportation planning, Executive Director Maureen McCoy said.
The organization uses building and septic permits to track growth in the six counties it serves, Community Outreach Coordinator Bryce Bencivengo said.
CAMPO's report shows five western Travis County ZIP codes—78734 or Lakeway, 78738 or Bee Cave, 78733 and 78746 or Westlake and 78732 or Austin—rank among the region's top 35 ZIP codes for the highest total square footage of commercial space permitted in 2012.
In 2012, about 100,000 square feet of commercial space was permitted in the Westlake area, Bencivengo said.
In the same year the Lakeway area permitted about 181,000 square feet of additional commercial space, the sixth most in the CAMPO area. The Bee Cave area permitted about 152,000 square feet of additional commercial space in 2012, he said.
CAMPO Planner Greg Goldman said local growth in the previous few years is the reason for the uptick in commercial space.
"[The commercial growth] is also related to lending requirements being stricter post-2008," Goldman said. "There was a pent-up demand [for commercial building] that had not been met. So as occupancy rates (the inverse of vacancy) go up like in 2010 and 2011, rents will follow. This spurs developers to start new projects to accommodate the new demand."
Laura Mitchell, Lake Travis Chamber of Commerce president, said she attributes the area's recent increase in commercial growth to its quality of life, public school system and proximity to recreational activities such as golf and water sports.
"As a suburb of Austin, Lake Travis offers the best of a small-town feel with big-city amenities," Mitchell said.
