For the 3rd quarter 2014, the Austin office market vacancy rate dropped to 8.6%. Net absorption totaled 760,000 SF, up from 373,000 SF of absorption in the 2nd quarter of 2014. Rental rates ended the quarter at $28.93/SF/year average price which is an increase over the previous quarter’s average. Six new buildings were delivered to the market in the 3rd quarter totaling 102,000 SF with 2.8 million SF still under construction.
This data compares favorably to the national vacancy rate average which stands at 11.2% and average rental rates at $22.38/SF.
Costar Group News: Regional October 21, 2014
