Sep 11, 2017
The Austin Source: REOC office 2Q 2017
AUSTIN – The Austin office market continued its growth trend into second quarter 2017, according to The Austin Source by REOC.New leases and expansions brought in more than a million sf of positive net...
AUSTIN – The Austin office market continued its growth trend into second quarter 2017, according to The Austin Source by REOC.
New leases and expansions brought in more than a million sf of positive net absorption heading to mid-year.
The abnormally high absorption total is partly due to 500 West 2nd St. (500,511 sf) coming online nearly fully occupied and anchored by Google.
In addition, Domain 8 (290,983 sf) was delivered with Amazon and Facebook pre-leasing a combined 239,022 sf.
In all, new completions added more than 1,040,000 sf of new office space to the citywide inventory in 2Q 2017.
Demand remains strong and new supply is on a fast pace to keep up.
The citywide vacancy rate dropped to 7.3 percent at the end 2Q 2017 compared to 9.2 percent last quarter and 9.9 percent recorded this time last year.
See what’s happening at REOC Austin blog.
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