CBRE: Austin office hits high-water mark in 4Q

​​​AUSTIN - Austin’s office market charged to the finish line during the fourth quarter 2015, ending the banner year with a new record for positive annual net absorption of 2.1 million sf and 557,940 sf for 4Q 2015. 

This benchmark now surpasses the previous high-water mark set in 2011 of nearly 1.9 million sf.

Roaring out of the recession, occupiers have chalked up five straight years of new demand — or 20 consecutive quarter dating back to 4Q 2010.

Citywide vacancy fell to 9.6 percent, the lowest recorded level since 2001, and a 1.3 percent quarterly decrease.

Citywide full service gross average asking rate made a new all-time high in 4Q 2015, coming in at $31.81, surpassing the mark set in 1Q 2015 by $0.15.

During 4Q 2015, 657,307 sf of new product was delivered, bringing the year-to-date total to over 2.7 million sf.​