Among CMCT’s creative office assets is Penn Field, an approximately 228,000-square-foot, 16-acre campus in Austin’s coveted “SoCo” Business District.
Developed in 1918 as a U.S. military air base, Penn Field was later transformed into a modern creative office campus with lush landscaping and pleasant walkways shaded by mature trees. Penn Field’s diverse tenant mix includes internationally recognized media and entertainment companies such as Google Fiber and Pandora.
The Austin market has experienced significant population, employment and office rent growth in recent years, with upward trends expected to continue. Rental rates have increased more than threefold since CIM acquired Penn Field in 2001, and the five-year forecast for population growth is 2.1% (versus 0.5% in the U.S.).1,2
Penn Field is a prime representative of the creative office assets CMCT seeks to own, operate and develop in vibrant communities around the United States.
1) Source: CBRE 4Q’21 Austin Office report. 2) Source: CoStar July 2021 Office Market Report.CIM Group is not affiliated with, associated with, or a sponsor of any of the tenants pictured or mentioned. The names, logos and all related product and service names, design marks and slogans are the trademarks or service marks of their respective companies.
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