«

»

Apr 19

Print this Post

Quarter 1, 2010 Austin Office Market

Quarter 1, 2010

  • Average Asking Office Rental Rate $25.15 / SF
  • Change from Last Quarter (Q4 09)  Down <$2.49 / SF>
    Change from One Year (Q1 09) Down <$3.53 / SF>

  • Average Office Vacancy Rate 22.1%
  • Change from Last Quarter (Q4 09) Up +2.7%
    Change from One Year (Q1 09) Up +1.8%

  • Office Currently Under Construction 35,000 SF
  • Change from Last Quarter (Q4 09) Down <40,500 SF>
    Change from One Year (Q1 09) Down <626,000 SF>

  • Trends
  • Class A Office sublease market is down 14% from Q2, 2009 peak of 1.5 mil SF on the market.
    3 Quarters in a row for positive absorption of lease space

  • Short-term Forecast:
  • Rental rates expected to continue to fall until mid 2010 or early 2011.
    Vacancy is expected to remain relatively flat with a low 20’s #.

  • Footnotes:
  • Quarter 4, 2009
    Average Asking Office Rental Rate  $27.64 / SF
    Average Office Vacancy Rate  19.4%
    Office Under Construction 75,500 SF

    Quarter 1, 2009
    Average Asking Office Rental Rate  $28.68 / SF
    Average Office Vacancy Rate 20.3%
    Office Under Construction 661,000 SF

    * Source – Grubb & Ellis, Austin Office Market, Q1, 2010
    Oxford Commercial / Cushman Wakefield, Austin Office Market, Q1, 2009 / Q4, 2009

    Permanent link to this article: http://atxre.com/quarter-1-2010-austin-office-market-report/

    Leave a Reply

    Your email address will not be published.

    You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>