CBRE Austin Office Report 2Q 2015
AUSTIN – Even with the recent uptick to 11.9 percent, Austin’s office vacancy is the tightest amongst state major metros, according to CBRE’s Austin Office Marketview 2Q 2015.
The Austin office market witnessed its 18th consecutive quarter of positive net absorption and finished at 489,183 sf. That was a 46,501 sf increase over 1Q 2015, and a year-over-year gain of 336,122 sf.
The 291,638 sf of absorption in the CBD was 152,402 sf more than 1Q 2015. At the end of 2Q 2015, the Austin market had over 2.2 million sf of office space under construction.
Austin’s office availability increased 50 basis points (bps) and ended the quarter at 15.5 percent.
| Market | Rentable Area (SF) | Vacancy Rate (%) | Net Absorption (SF) | Avg. Direct Asking Lease Rates ($/SF/YR) | |
| Class A | Class B | ||||
| Northwest | 13,158,731 | 10.3 | 200,957 | 32.74 | 27.45 |
| Southwest | 10,109,725 | 12.2 | 21,626 | 33.76 | 27.71 |
| CBD | 9,809,755 | 10.2 | 291,638 | 41.90 | 36.43 |
| Far Northwest | 4,110,579 | 15.6 | -20,021 | 31.50 | 27.33 |
| Totals | 44,534,490 | 11.9 | 489,183 | 35.60 | 25.33 |
*Ranked by market rentable area.
**Totals are based on all submarkets. Only top four of the eight submarkets are shown.
Source: CBRE
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