Jones Lang LaSalle’s Quarter 3, 2012 Office Insight report was recently released. It details significant improvements to the local office market.
Q 3 leasing activity was up 18.1% over Q 2
Q 3 net absorption totaled 179K SF
Q 3 net absorption includes 330 K SF of negative absorption from Intel and Cirrus Logic given up space
Q 3 net absorption totaled a 2.7% increase from Q 2
YTD absorption is up 34% from the same time last year
Vacancy is at 15%
Vacancy is down 3.3% from Q 2
Vacancy is down 25% comparing year over year
CBD vacancy has declined to 11.3%, an 8% reduction from Q 2
In Q 3 almost 5 million square feet of office space was sold
[pullquote align=”left|center|right” textalign=”left|center|right” width=”30%”]CBD Class A Lease space is renting at an all-time high, up 7.3% over pre-recession levels[/pullquote]
Currently there are no major office projects being built
Expect landlords to increase rents and to further decrease concessions
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Third Quarter 2012 Austin Office Market Report by Newmark Grubb Knight Frank » Austin Texas Real Estate ( ATXRE )
November 27, 2012 at 12:48 pm (UTC -7) Link to this comment
[…] report paints a bit different picture from Jones Lang LaSalle’s report I posted on October 15, 2012. Newmark Grubb Knight Frank reports a .2% increase in […]
Third Quarter 2012 Austin Office Market Report by Newmark Grubb Knight Frank » Austin Texas Real Estate (ATXRE)
November 27, 2012 at 1:34 pm (UTC -7) Link to this comment
[…] report paints a bit different picture from Jones Lang LaSalle’s report I posted on October 15, 2012. Newmark Grubb Knight Frank reports a .2% increase in […]