Growth in store for Austin retail market
AUSTIN – The metro has experienced a retail development boom, with 1.28 million sf of new space underway across the area.
Most of that development is outside of the urban core, with 890,000 sf of new product underway in the suburbs.
According to CBRE’s 3Q2019 local retail report, marketwide occupancy held steady at 95.9 percent.
Net absorption increased to 173,812 sf last quarter. Despite this increase, the average asking rate fell to $20.50 per sf.
Retail deliveries fell to 86,559 sf, but the development pipeline added 40,000 sf.
The report also ranks Austin in fifth place for the lowest unemployment rate of 2.9 percent in July 2019.
Get more Austin-area retail news on the Real Estate Center’s website:
Source: CBRE
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