Austin office 1Q 2014: REOC | Austin office 1Q 2014: REOC | https://www.recenter.tamu.edu/news/newstalk-texas/?Item=4348 | 2014-05-27T14:23:00Z | 2014-04-24T10:00:00Z |
AUSTIN - Demand for office space continued to drive local office market activity in the first quarter, according to Kim Gatley with REOC Austin. New leases and expansions generated 284,205 sf of positive net absorption for the period beginning in January and ending in March.
As a result, the citywide vacancy rate tightened to 10.5 percent compared to 11.3 percent last quarter and 12.6 percent recorded in the same quarter a year ago.
The citywide average quoted rental rate increased to $26.18 per sf — up $0.59 compared to last quarter and $1.87 compared to last year at this time which marks a notable annual jump of 7.7 percent.
Austin 1Q 2014 Office Report
Submarket |
Total
Inventory |
Total
Vacant SF |
Vacant |
Avg. Quoted
Rent Rate |
CBD |
8,355,282 |
830,893 |
9.9% |
$35.99 |
Central |
2,234,316 |
315,310 |
14.1% |
$24.61 |
North |
914,248 |
201,942 |
22.1% |
$19.12 |
Northwest |
12,961,255 |
1,262,084 |
9.7% |
$26.58 |
Far Northwest |
3,534,537 |
457,896 |
13.0% |
$22.63 |
Northeast |
1,854,172 |
262,197 |
14.1% |
$17.61 |
South |
1,533,096 |
76,113 |
5.0% |
$25.72 |
Southeast |
1,070,401 |
134,681 |
12.6% |
$20.88 |
Southwest |
8,232,947 |
694,734 |
8.4% |
$28.63 |
Round Rock |
886,519 |
147,301 |
16.6% |
$21.33 |
Totals |
41,576,773 |
4,383,151 |
10.5% |
$26.18 |
Source: REOC Austin. See Kim's blog for a look.
See more office under Austin Market Data Sources.
| REOC AUSTIN
| Austin-Round Rock
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