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CBRE: Austin retailers flock to new product CBRE: Austin retailers flock to new product https://www.recenter.tamu.edu/news/newstalk-texas/?Item=183872017-11-21T06:00:00Z2017-11-21T23:50:00Z

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AUSTIN – CBRE has released ​​the third quarter 2017 Austin Retail ​MarketView report​.

Interested in submarkets? Then this report is for you!

Key Highlights:
 
Big box closures
  • As a result of big box closures, absorption levels are lower than 2016 despite stable demand and high occupancy rates.

  • The closures were a drag on net absorption in third quarter 2017 for a total of 88,000 sf of negative absorption.

High occupancy ​

  • However, high demand for new space led to 64,000 sf of activity in new product alone offsetting the closures and bringing the total net absorption to 116,000 sf .
  • Class A occupancy has been extremely tight for over two years and currently sits at 98.1 percent.
  • O​​verall occupancy is high as well at 96.2 percent—the highest retail occupancy in Texas.
Construction continues 

  • The Austin retail development pipeline continues to deepen reaching construction activity on par with 2013 levels.
  • The largest developments are both mixed-use projects including Plaza Saltillo in East Downtown and Belterra Village in West Austin/Dripping Springs.
  • Both developments follow national trends of focusing heavily on entertainment and restaurant to create an experience for consumers.

CBRE
Austin-Round Rock
Retail
https://assets.recenter.tamu.edu/Documents/MktResearch/Austin_Retail_CBRE_MarketView.pdfSource: {Source}

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