Quarter 1, 2014 Austin Office Market report by CBRE shows that Austin continues to boom thanks in large part to a steady rate of employment (from April of 2013 to April of 2014, 29,900 jobs were created). For Q1 2014 the office market resulted in:
- 244,628 square feet of positive net absorption
- Vacancy rate fell to 11.7%
- 6th straight quarter of declining vacancy
- NW and NC submarkets had majority of positive net absorption with 80,835 SF and 82,627 SF absorbed respectively
- SW submarket had its occupancy rate rise to 91.3%
- Rental rates rose to record levels, with citywide average at $28.59/SF/Yr on a full service gross basis representing a $.44 increase from Q4 2013
Click here to view CBRE’s First Quarter 2014 Austin Office Market Report.
