Colliers: Austin office report 1Q 2015
AUSTIN – Office vacancy remains low and rental rates continue to steadily rise across the Austin market in first quarter 2015, according to Colliers International’s 1Q 2015 report.
Six buildings totaling 696,000 sf were delivered in 1Q 2015, and almost 3 million sf of office space is currently under construction.
The citywide average rental rate increased by 1.9 percent from $28.72 per sf to $29.26 per sf over the quarter.
Austin was the third fastest growing metro area in the nation during the past year with the population expanding by 3 percent between July 2013 and July 2014, according to the U.S. Census Bureau.
| 4Q 2014 | 1Q 2015 | |
|
Citywide net absorption (SF) | 390,000 | 392,000 |
|
Citywide avg. vacancy | 9.1% | 9.2% |
|
Citywide avg. rental rate | $28.72 | $29.26 |
|
Citywide delivered inventory (SF) | 131,500 | 696,300 |
| Class A Rental Rate | ||
| CBD | $42.26 | $43.03 |
| Suburban | $31.15 | $31.46 |
| Class A Vacancy | ||
| CBD | 9.7% | 9.7% |
| Suburban | 10.2% | 10.6% |
Source: Colliers International
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