Third Quarter 2012 Austin Office Market Report by Newmark Grubb Knight Frank

Another third quarter office market report to share this time from Newmark Grubb Knight Frank NGKF (formerly Grubb Ellis). Click here for more information – Q3 2012 Austin Office Market Report .

This 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 vacancy rate (from 13.5 to 13.7%) for the first time since 2011 based upon new construction and a slowdown in lease velocity (net absorption down 14,192 SF) in 2012  .NGKF also reports average rent rates at a decade high level at $26.27/sf/year.