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.
