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This Week in Austin (January 1st)

This Week in Austin (January 1st)

Here are the latest news stories and upcoming events in Austin.

Matthew Larsen
January 01, 2024

Welcome to The Austin Newsletter!

In today’s edition:

Increase in office vacancies
Increasing employment rates
A deep dive into the life of Stevie Ray Vaughan
And more…

Quote of the Week

“Success is not final, failure is not fatal: It is the courage to continue that counts.”

-Winston Churchill

Trivia

Here is your trivia question of the week. The answer will be shown in next week’s newsletter. Which do you think it is? No cheating!

Austin is known as the "Live Music Capital of the World." Which long-running music program, filmed in Austin, showcases this rich musical heritage?

A) Austin City Limits

B) Soundstage

C) The Midnight Special

D) MTV Unplugged

News

💼 Business

Despite a general trend of increasing sublease availability and office vacancy rates in Austin, some notable office lease deals were finalized. The largest lease was by IBM, who committed to 320,000 square feet at a yet-to-be-built office at the Domain.

Amazon also signed a significant lease, taking up 102,000 square feet at Domain 8, a modern office tower. These deals stood out in a year marked by high vacancy and sublease rates in Austin's office real estate market.

🏦 Finance

In November 2023, Austin's economy showed growth with an increase in employment and a decrease in the unemployment rate. However, the housing market continued to cool down, with declines in both housing sales and median home prices.

The median home price in Austin decreased to $481,107, reflecting a year-over-year drop of 7.5%. These trends were influenced by rising mortgage rates and a shift in buyer preferences towards lower-priced homes.

Famous Austinites

Stevie Ray Vaughan: 1954-1990

Stevie Ray Vaughan, born in Dallas but closely associated with the Austin music scene, was a revolutionary blues guitarist and singer. His impact on the blues genre and guitar playing is profound, leaving a lasting legacy in the music world.

Early Life and Introduction to Music (1954-1971)

Born on October 3, 1954, Stevie Ray Vaughan was immersed in music from a young age. Growing up in Texas, he was inspired by his older brother Jimmie's guitar playing. Stevie quickly developed a deep passion for the blues and mastered the guitar, setting the foundation for his future career.

Emergence in the Austin Music Scene (1972-1977)

Vaughan moved to Austin in the early 1970s, drawn by the city's burgeoning music scene. He played in various bands, honing his skills and developing a unique style that blended fiery blues with rock and jazz elements. His performances in Austin clubs garnered him a reputation as a formidable guitarist.

Formation of Double Trouble and Rising Fame (1978-1983)

In 1978, Vaughan formed his band, Double Trouble, which became a staple of the Austin music scene. Their breakthrough came with a performance at the Montreux Jazz Festival in 1982, followed by their acclaimed debut album, "Texas Flood," in 1983.

Commercial Success and Critical Acclaim (1984-1989)

Vaughan achieved significant commercial success with albums like "Couldn't Stand the Weather" and "Soul to Soul." His intense guitar playing and soulful vocals earned him widespread acclaim and a Grammy Award. He battled with substance abuse but made a remarkable recovery, returning to music with renewed energy.

Tragic Death and Posthumous Recognition (1990)

Tragically, Vaughan's life was cut short when he died in a helicopter crash on August 27, 1990, after a concert. His death was a huge loss to the music world. Posthumously, he has been honored with numerous awards and inducted into the Rock and Roll Hall of Fame.

Key Achievements of Stevie Ray Vaughan:

Influential blues guitarist and singer.
Key figure in the Austin music scene with his band Double Trouble.
Grammy Award winner and multi-platinum album seller.
Inducted into the Rock and Roll Hall of Fame.
His music continues to inspire guitarists and musicians globally.

Stevie Ray Vaughan's legacy as a musician is deeply tied to Austin, where he honed his craft and rose to fame. His passionate playing and musical innovation remain influential in the blues genre and beyond.