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REOC Austin office market 4Q 2014REOC Austin office market 4Q 2014https://www.recenter.tamu.edu/news/newstalk-texas/?Item=16862015-02-20T06:55:00Z2015-02-20T00:00:00Z

AUSTIN - A construction boom is underway in the Central Texas office market, according to REOC Austin’s fourth quarter 2014 report.

“Twenty major office projects totaling roughly 3 million sf are currently pushing through the development pipeline,” says Kim Gatley, Senior Vice President and Director of Research for REOC Austin.

By the close of 2015, the Austin office market will boast an inventory of approximately 46 million sf — an increase of nearly 7 percent.

Many projects are reporting strong pre-leasing activity, such as Colorado Tower, reportedly 95 percent pre-leased already. In fact, buildings currently under construction are closing in on a pre-leasing rate of nearly 40 percent.

Vacancy rates may fluctuate as new projects come online but area job growth will continue to translate into demand for office space.

Austin 4Q 2014 Office Report
Submarket Total
Inventory
Vacancy YTD SF
Absorp.
Avg. Quoted
Rent Rate
CBD 8,550,031 9.0% 267,487 $36.52
Central 2,246,769 12.5% 77,898 $25.22
North 1,619,764 14.6% 103,864 $20.07
Northwest 13,414,009 11.6% 269,385 $28.19
Far Northwest 3,532,895 8.9% 180,161 $23.20
Northeast 1,855,269 12.5% 21,472 $18.26
South 1,688,035 4.3% 9,646 $27.10
Southeast 915,462 12.7% 35,704 $21.29
Southwest 8,464,371 7.5% 200,524 $29.13
Round Rock 884,716 10.8% 49,965 $22.56
Totals 43,171,321 10.0% 1,216,106 $27.24


Source: REOC Austin

For other commercial reports, see Office under Austin Market Research.

REOC AUSTIN
Austin-Round Rock
Office
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