Third Quarter, 2013 Austin Retail Market Overview
Marcus & Millichap
have put together a great 3rd Quarter Market Report on the Austin retail market. Highlights include:
- Vacancy is maintaining a downward trajectory (expected to be 5.6% by year end) as tenant demand remains healthy.
- Average asking rents by years end are expected to reach $19.21/sf/year up 1.4% from year end 2012.
- Construction of new centers has added 360,000 SF this year compared to 690,000 SF last year. An HEB and a Whole Foods are the largest projects with end of year slated openings.
- Multi tenant properties continue to be difficult to acquire as long time owners enjoy healthy cash flow and exchange opportunities are few.
- Single tenant property sales jumped by 63% as buyers chose to place capital into stable investments.
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