Jul 26, 2016
Austin retail occupancy flying high
AUSTIN – As of mid-year, the local retail market is making a strong showing, boasting an overall 96 percent occupancy rate.According to a press release from The Weitzman Group and Cencor Realty Services, "this is...
AUSTIN – As of mid-year, the local retail market is making a strong showing, boasting an overall 96 percent occupancy rate.
According to a press release from The Weitzman Group and Cencor Realty Services, "this is a notably strong rate, even for a market that has traditionally maintained healthy occupancy rates in the low-to-mid-90-percent range."
Occupancy remains highest in Central Austin, where density and active mid- and high-rise residential construction helps boost retail sales.
Findings show the market could add about 700,000 sf of new retail by the end of the year, roughly 200,000 sf less than last year.
For small-shop space in anchored Class A projects, rents range from the mid-$30s to $40 or more per sf per year. Class B rents range from the mid-$20s to around $33 per sf per year. Class C rents, meanwhile, are averaging $18 to $24 per sf.
The findings were based on an inventory of approximately 47.9 million sf of multitenant retail space in centers with 25,000 sf or more.
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