The Evolution of Georgetown, Texas’ Commercial Real Estate Market
Over the past three years, Georgetown, Texas, has seen significant changes in its commercial real estate landscape. Once a quiet suburb, the city is now experiencing rapid economic expansion, drawing the attention of investors, developers, and businesses looking to capitalize on its growth.
Population Growth Drives Demand
Georgetown’s population has been surging, increasing from 68,293 in 2020 to an estimated 104,721 in 2024—a remarkable 53.34% growth. This rapid influx of residents has fueled the demand for commercial spaces, including retail centers, office buildings, and industrial developments. In fact, in 2023, Georgetown was recognized as the fastest-growing city in the United States for the second year in a row, highlighting its increasing prominence.
Rising Property Valuations
The commercial real estate sector has mirrored this population growth, with total commercial property values increasing significantly. In 2019, the total market value of commercial properties stood at $1.39 billion. By 2024, that number had nearly tripled to $3.3 billion. The past year alone saw a $600 million increase in commercial property value, demonstrating strong investor confidence and sustained economic momentum.
Economic Expansion in Williamson County
Beyond Georgetown, Williamson County as a whole has experienced a surge in total property value, increasing from approximately $84 billion to $171 billion over the past five years. The commercial sector has played a significant role in this expansion, growing from $11.4 billion in 2019 to $23.3 billion in 2024. This county-wide growth suggests that Georgetown’s rise is not an isolated phenomenon but part of a broader regional boom.
Commercial Development Trends
New developments in Georgetown are reshaping the city’s commercial footprint. Technology companies, industrial hubs, and mixed-use retail spaces are becoming increasingly prevalent. Office and industrial buildings have occupied prime land parcels, reflecting the city’s appeal as a business-friendly destination. With more businesses relocating or expanding into the area, the demand for commercial real estate is expected to remain strong.
Shifts in the Residential Market
While commercial properties have seen tremendous appreciation, Georgetown’s residential market has experienced a slight correction. Between 2023 and 2024, the median residential property value decreased by approximately 3.5%, following a substantial $128,061 increase between 2021 and 2022. Despite this dip, long-term trends indicate continued demand for housing as more people move to the area for employment and business opportunities.
What’s Next?
With commercial property values climbing, businesses expanding, and the population continuing to rise, Georgetown’s commercial real estate market is undergoing a transformation. The combination of economic investment, strategic development, and shifting residential dynamics all point toward a city that is evolving rapidly. The question remains: How will Georgetown continue to balance this explosive growth while maintaining its unique identity?