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Oct 22

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3rd Quarter Austin Office Market Update

austin vista copyCBRE recently published their 3rd Quarter Office Market report which contains continued good news for the Austin Texas office market.

  1. The current vacancy rate stands at 12.4% which is the lowest vacancy rate in twelve (12) years.
  2. Absorption was primarily in the far Northwest submarket (Paypal, Marsh, Innovative Aftermarket Systems each took +30 KSF).  Other submarkets grew marginally or negatively.  The Central Business District had negative absorption for first time since Quarter 1, 2012.
  3. Asking rates continue to climb with full service gross lease city wide average currently at $28.37/SF/Year.
  4. 1.4 million square feet are under construction, the most since 3rd Quarter 2008.  118,000 SF of office space is scheduled for delivery by year end.

Permanent link to this article: http://atxre.com/3rd-quarter-austin-office-market-update/

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