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Aug 12

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Austin Office Market Continues Steady Improvement

Quarter 2, 2011 Austin Office

Data from Office Trends Report – Second Quarter 2011 Austin, TX, Grubb & Ellis

  •  114,976 square feet of positive absorption from Q1 to Q2 2011.
  • Vacancy Rate declining 30 basis points from Q1 to 17.7%.
  • 8th consecutive quarter in a recovery cycle.
  • YTD absorption totals 415,270 square feet.
  • 2011 is on pace to surpass last year’s total positive net absorption of +/- 773,000 square feet.
  • Two straight quarters of moderate rent growth.
  • Average asking rental rate for available lease space at the end of Q2 totals $25.62/square foot per year, full service gross, an increase of .7% from Q1.
  • Class A accounted for the majority of the positive absorption with 81,083 square feet.
  • Class B and C followed with 29,749 and 4,144 square feet.
  • CBD lease space is becoming sparse.  Tenant’s will have to begin to weigh the desire of being downtown with lower price in ‘burbs.

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