Austin office 2Q 2014: REOC
AUSTIN – New leases and expansions generated 306,517 sf of positive net absorption in second quarter 2014. This raised the year-to-date total gain to nearly 636,000 sf, according to the survey of more than 41.7 million sf of Austin-area office lease space.
In response, the citywide vacancy rate tightened to 9.7 percent compared with 10.5 percent in 1Q 2014 and 12.3 percent recorded in 2Q 2013.
At the end of June, the citywide average quoted rental rate climbed to $26.32 per sf per year, which is up $0.14 over 1Q 2014 and $1.52 compared with 2Q 2013 for a dynamic annual increase of more than 6 percent.
| Submarket | Total Inventory | Total Vacant SF | Vacant | Avg. Quoted Rent Rate |
| CBD | 8,355,282 | 823,650 | 9.9% | $36.15 |
| Central | 2,234,316 | 263,649 | 11.8% | $24.87 |
| North | 914,248 | 178,895 | 19.6% | $18.10 |
| Northwest | 12,906,400 | 1,042,433 | 8.1% | $26.76 |
| Far Northwest | 3,534,537 | 398,063 | 11.3% | $23.08 |
| Northeast | 1,855,269 | 232,011 | 12.5% | $17.22 |
| South | 1,533,096 | 61,676 | 4.0% | $24.28 |
| Southeast | 1,070,401 | 127,707 | 11.9% | $19.78 |
| Southwest | 8,413,165 | 769,961 | 9.2% | $28.63 |
| Round Rock | 886,519 | 131,410 | 14.8% | $21.05 |
| Totals | 41,703,233 | 4,029,455 | 9.7% | $26.32 |
Source: REOC Austin.
Click here to see the full 2Q report.
For more stats, look under Office in Austin Market Data Sources.
You might also like
TG Magazine
Check out the latest issue of our flagship publication.