Grubb & Ellis, Austin Office Market, Quarter 3, 2011 notes the 9th consecutive quarter of positive net absorption. 644,000 sf was leased in the 3rd Quarter of 2011 which when added to 2011 quarters 1 and 2, adds up to 980,000 sf leased year to date. Class A & Class B continue to lead all sectors with absorption of 468,000 sf and 180,000 sf respectively with Class C posting only 4,500 sf added. Office vacancy has now fallen to 16%, its lowest level in over three years.
Asking rates continue to show a lack of significant growth. Rents have stabilized but no significant appreciation has occurred. Projections expect to show sub 15% vacancy by years end.
