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Real Estate Council of Austin: demand high, vacancy low Real Estate Council of Austin: demand high, vacancy low https://www.recenter.tamu.edu/news/newstalk-texas/?Item=127982016-04-18T05:00:00Z2016-04-18T16:15:00Z

​​​AUSTIN - First quarter 2016 commercial real estate numbers indicate continued strong demand for office, industrial and retail space throughout the city as vacancy rates remain exceptionally low, according to the Real Estate Council of Austin.

Overall office vacancy rates have decreased from 9.08 percent in 4Q2015, to just 8.45 percent in 1Q2016.

"In first quarter 2016 we continued to see significant absorption of office space by existing and new companies in Austin, totaling over 430,000 sf," said Rick Whiteley, partner with Oxford Commercial.

In the retail sector, vacancy rates increased slightly for 1Q2016, but still remain low. Direct vacancy rates increased from 3.2 percent in 4Q2015 to 3.6 percent in 1Q2016.

Quoted rental rates have still increased quarter-over-quarter for more than two years, reaching an average quoted rate of $27.20 gross per sf in 1Q2016—up from $24.54 gross per sf in 1Q2015.

"The high occupancy rate and scarcity of available retail space means that rents continued to go up. In fact, quoted rents have increased 16 percent over year-ago asking rates," said Karen Judson, vice president with Transwestern. 

Overall industrial vacancy rates are also exceptionally low at just 4.65 percent in 4Q2016 compared to 6.10 percent in 4Q2015.

Statistics are provided by Oxford Commercial (office, industrial) and Transwestern (retail).​

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Click to see Transwestern's full​ Austin Retail MarketWatch Mar. 2016 (PDF)​ report.

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