Industrial Market Trends Austin, Grubb & Ellis Research, First Quarter 2009
The Austin Industrial market gave back 592,379 square feet of Industrial lease space in the first quarter of 2009, marking consecutive quarters in the red and the sixth consecutive quarter with an increase in vacancy.
Large spaces were vacated across a range of industries as businesses looked to consolidate or vacate their places of business.
The overall asking rate for industrial space fell $.07 or 1% in the first quarter. $7.44, the current average per square foot is at the lowest level since first quarter of 2007.
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