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Austin office 1Q 2014: REOCAustin office 1Q 2014: REOChttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=43482014-05-27T14:23:00Z2014-04-24T10:00:00Z

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
Office
http://www.reocaustin.com/market.htmRead more at {Source}

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