AUSTIN - The local retail market did not experience much change in market conditions in first quarter 2014. The vacancy rate went from 4.9 percent in the previous quarter to 4.8 percent in the current quarter, according to CoStar Group.
Net absorption was positive 295,543 sf, and vacant sublease space decreased by 17,129 sf. Quoted rental rates increased from 4Q 2013 levels, ending at $17.45 per sf per year.
A total of 18 retail buildings with 256,300 sf of retail space were delivered to the market in the quarter, with 542,125 sf still under construction at the end of 1Q 2014.
Read more at CoStar Group.
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