Marketbeat Office Snapshot, Austin, TX
Quarter 1 2012
Vacancy fell in the Austin office market for the 5th consecutive quarter, dating back to Q1 2011. Overall vacancy is currently at 15.9%. Overall vacancy in the local market has trended downward since 2009. Average full service lease rate totals $25.54 / sf which is up $.54/sf from Q4 2011. Over 500,000 sf of positive direct office absorption was achieved during Q1 2012. Click Austin, TX – Office, Q1 ’12 for a detailed report by Cushman & Wakefield.
For the 5th consecutive quarter Austin experienced significant positive net absorption in the industrial market. A total of 330K+ sf was absorbed during Q1 2012. NNN asking rates have risen across all sectors with $8.04 per sf for R&D/flex, $5.64 per sf for warehouse/distribution and $6.36 per sf for manufacturing. Vacancy rates also continue their decline, dropping from 15.5% in Q4 2011 to 14% in Q1 2012. Click Austin, TX – Industrial, Q1 ’12 for a detailed report by Cushman & Wakefield.