As the capital of Texas, Austin is one of the fastest growing regions in the U.S. The vibe there is a little different than other parts of Texas – probably because it is smaller and more progressive. As a result, the city tends to be quite a bit more liberal than the other typically conservative Texas towns.
People from Los Angeles have discovered Austin as a good city for both relocation and business expansion. Though the real estate prices are still high compared to other cities in the U.S., compared to California, they are far more reasonable. But given the sky high prices of real estate in L.A., that may not be saying much.
What fuels Austin’s economy is its vibrant music community, the University of Texas, technology, and government. In fact, many Texans from Dallas and Houston find that the quality of developers is much greater there. Add to that a better quality of life and it’s easy to see why people gravitate to Austin.
Because the business community is growing by leaps and bounds, commercial real estate prices have gone up, as well. At times, space is at a premium in Austin. For example, during massive events like South by Southwest and Austin City Limits, visitors often opt to rent local residences since the hotels get filled up so quickly.
As a result, hotel rates tend to be quite high there. This is why renting a meeting room at a hotel is out of the question for a smaller business or one with a tight budget. When I go there, I use a meeting room space. A meeting room at Davinci in Austin runs as little as $35 an hour – unheard of at any hotel in the area.
Newer businesses always have the same struggle of balancing finances during those critical first years. This is why so many start-ups deal with humble beginnings prior to becoming established. Also, they rarely have the funds to spend on fancy gadgetry that seems to have become necessary in order to get and stay competitive. Meeting rooms solve all that!