Cushman & Wakefield | Oxford: Austin 1Q2016 office snapshotCushman & Wakefield | Oxford: Austin 1Q2016 office snapshothttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=129872016-04-26T05:00:00Z2016-04-26T21:00:00Z

​​AUSTIN-ROUND ROCK - The office market continued to see an increase in average asking rent as absorption and vacancy remained strong in first quarter 2016, according to the first quarter 2016 report by Cushman & Wakefield | Oxford Commercial.

The office market recorded 581,240 sf of overall absorption during 1Q2016.

As was the case in 4Q2015, the Far Northwest submarket experienced the strongest amount of absorption, recording 139,571 sf of overall absorption, while the Central Business District absorbed 133,224 sf overall.

The overall vacancy rate in Austin fell to 8.5 percent, down slightly from the 9.1 percent vacancy posted in 4Q2015.

Strong absorption rates coupled with low vacancy continue to raise full service asking average rental rates to all-time highs.

The overall rental rate for the entire Austin market was recorded at $33.52 per sf for 1Q2016, a year-over-year increase of 6.2 percent.

The Central Business District average rental rate of $46.83 per sf, maintained its position as the highest across all submarkets.

Additionally, the average Class A rate in the CBD climbed to $49.07 per sf, an increase of $0.64 per sf from 4Q2015.​​

Cushman & Wakefield / Oxford Commercial
Austin-Round Rock
https://assets.recenter.tamu.edu/Documents/MktResearch/Austin_Cushman_Wakefield_Office.pdfSee the full report at {Source}

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