Jul 17, 2018
Austin’s retail ‘hotter than a preacher’s knees’
AUSTIN – Despite several recent high-profile closures—and more still on the horizon—the Central Texas retail sector is red hot.Weitzman's mid-year 2018 retail report "The Texas Snapshot" found that Austin’s 96.1 percent...
AUSTIN – Despite several recent high-profile closures—and more still on the horizon—the Central Texas retail sector is red hot.
Weitzman’s mid-year 2018 retail report "The Texas Snapshot" found that Austin’s 96.1 percent retail occupancy rate is the highest in the state—and one of the best in the nation.
Britt Morrison, senior vice president in Weitzman’s Austin office, does not many of those newly vacant spots expect to stay empty for long, considering a relatively small amount of new retail space in the development pipeline.
In addition, the space crunch means rents will continue to rise.
“This is the third or fourth year in a row with minimal new construction, so we’re continuing to see rental rates increase,” he said. “Austin is tops among Texas’ major metros, yet the market still reports only 700,000 sf being added this year to an inventory of 49.5 million sf. That’s between one and 2 percent increase total in leasable space, hence the rising rates across the state.”
Did you like this NewsTalk?
You might also like
PUBLISHED SINCE 1977
TG Magazine
Check out the latest issue of our flagship publication.