CBRE: Austin office vacancy up, and more space comingCBRE: Austin office vacancy up, and more space cominghttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=205172018-07-03T05:00:00Z2018-07-03T14:00:00Z

​​​​​​AUSTIN – Local office absorption levels during the first half of 2018 were relatively flat compared with the past three years, says CBRE in its second quarter 2018 market report. The city had slightly more than 80,000 sf of new space demand.

Vacancy throughout the Austin market ticked upward a full percent to 10.7 percent, largely due to the delivery of six new office buildings encompassing close to 580,000 sf.

Local operational costs rose once more, climbing $0.44 per sf to a citywide annual average of $10.18 per sf. The citywide triple net asking rate rose $0.41 quarter-over-quarter to $25.66 per sf. The citywide annual average full-service gross rate was elevated to a historic high of $35.84 per sf.

Despite the flat absorption and increased vacancy, CBRE Research has identified more than 7.4 million sf of demand in the market, which has motivated office developers to bolster the office construction pipeline. Approximately 4.2 million sf of new construction is currently underway.​

Austin-Round Rock
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