Austin | Indeed Tower (Block 71) | 542 Feet | 36 Floors | COMPLETE - Page 38

urbancore · #**741** Posted **Aug 3, 2020, 9:27 PM**

Quote:

Originally Posted by SilverFox24

I can see part of this project from my office building downtown. The crane was moving and grooving all day.

Saw the same.

papertowelroll · #**742** Posted **Aug 4, 2020, 3:22 AM**

Quote:

Originally Posted by deerhoof

If this Indeed rumor is true, I'm very much hoping that Google doesn't pull out of Block 185 too. Though, a building lease for a trillion dollar company is basically pennies so I guess we should be less worried but I wouldn't imagine they got that valuable by wasting their money if they deemed the space not necessary any longer.

I definitely don't see Google pulling out of Block 185. If anything, remote becoming first class will lead to lead to growth in Austin. Before you really needed to be in the Bay Area to be on the best teams and projects. If in the future it makes no difference where you live, Austin becomes more attractive.

A bigger concern for them is the massive office they are building in San Jose.

Syndic · #**743** Posted **Aug 4, 2020, 12:59 PM**

I don't think someone pulling out of a lease would ever stop a building from being completed. Not in a first world country at least.

Geckos_Rule · #**744** Posted **Aug 4, 2020, 2:09 PM**

Quote:

Originally Posted by Syndic

I don't think someone pulling out of a lease would ever stop a building from being completed. Not in a first world country at least.

What about the Intel building downtown about 15-ish years ago? I can't remember whether there was a developer behind that, or if it was Intel themselves financing the construction (although I was about 14...)

Echostatic · #**745** Posted **Aug 4, 2020, 3:34 PM**

The Intel Shell was before my time, but I'm pretty sure it was financed by Intel themselves.

MichaelB · #**746** Posted **Aug 4, 2020, 4:28 PM**

Intel was indeed a self-created fiasco on all fronts.

clubtokyo · #**747** Posted **Aug 4, 2020, 8:59 PM**

Also google has deep pockets obviously. indeed is owned by Japan based recruit which also has deep pockets.

the Genral · #**748** Posted **Aug 4, 2020, 9:10 PM**

Quote:

Originally Posted by Echostatic

The Intel Shell was before my time, but I'm pretty sure it was financed by Intel themselves.

I was around when they started construction. We are soooo lucky this didn't get built. It would have been pretty nondescript and they weren't exactly reaching for the skies, (I think it was to be nine floors) on such a valuable piece of land, at least by today's standards. And yet, I think most of us were happy with it at the time.

deerhoof · #**749** Posted **Aug 4, 2020, 10:58 PM**

Quote:

Originally Posted by clubtokyo

Also google has deep pockets obviously. indeed is owned by Japan based recruit which also has deep pockets.

I think it's fascinating and telling that Indeed has decided against occupying the space since they have access to job postings from around the world. They may be seeing how strong the trend is toward remote work, so they're making an informed decision and have concluded that the extra office space is overkill at this time. I think things recover over time, but in at the short term the office market will struggle to maintain anything near the trajectory it was on just months ago. It's a shame because Austin was really starting to come into its own in that regard. I am hopeful that Austin will still be strong once things begin to recover as investors and major companies will gravitate toward the strong markets first.

Also, if Indeed ever needed more space downtown, I'm sure they could just do another lease for one of the many office projects in the pipeline. They're probably just being very cautious in this environment because you know it would have been pretty sweet to have an awesome office like that. I'm sure some of their employees are very disappointed.

Riverranchdrone · #**750** Posted **Aug 6, 2020, 2:31 AM**

This tower will stick out in some areas but not in others.

clubtokyo · #**751** Posted **Aug 6, 2020, 2:33 AM**

Beautiful!!!

Urbannizer · #**752** Posted **Aug 6, 2020, 5:57 AM**

I’ve deleted some posts to prevent this from spiraling further off topic.

mtb_jeremy · #**753** Posted **Aug 6, 2020, 2:32 PM**

Quote:

Originally Posted by deerhoof

I think it's fascinating and telling that Indeed has decided against occupying the space since they have access to job postings from around the world. They may be seeing how strong the trend is toward remote work, so they're making an informed decision and have concluded that the extra office space is overkill at this time. I think things recover over time, but in at the short term the office market will struggle to maintain anything near the trajectory it was on just months ago. It's a shame because Austin was really starting to come into its own in that regard. I am hopeful that Austin will still be strong once things begin to recover as investors and major companies will gravitate toward the strong markets first.

Also, if Indeed ever needed more space downtown, I'm sure they could just do another lease for one of the many office projects in the pipeline. They're probably just being very cautious in this environment because you know it would have been pretty sweet to have an awesome office like that. I'm sure some of their employees are very disappointed.

Personally, I would think that hiring on the whole is not strong right now as it was for the past 5+ years. If Indeed doesn't have work to do getting people into jobs then their income is taking a big hit, and they would be looking to cut costs (less class A office space).

Watching the very large growth of Indeed in Austin over the past 5+ years, I always figured they would be one of the first companies with layoffs once the economy started cooling off.