Austin office rents, occupancies rise in 1Q 2014Austin office rents, occupancies rise in 1Q 2014https://www.recenter.tamu.edu/news/newstalk-texas/?Item=43752014-04-23T09:15:00Z2014-04-21T00:00:00Z

AUSTIN - The Central Texas office market continued its upswing in first quarter 2014 rents and occupancy rates both higher than the same quarter last year, according to Oxford Commercial.

The occupancy rate for Class A office space in Austin averaged 90 percent at the end of March, up from the 87.3 percent average at the close of 1Q 2013. Rents for that space averaged $32.70 per sf per year, up from $31.14 per sf 1Q 2013.

In 1Q 2014, the market overall saw nearly 400,000 sf of net space leased, 82 percent more than in the year-ago quarter. Leasing activity was strong in the quarter causing the overall vacancy rate citywide to dip below the 10 percent mark, to 9.9 percent.

The office squeeze in the Austin area should ease some with nearly 1.6 million sf of new office product expected to come online this year. The rest of the 2.5 million sf of office space currently under construction is due to come to market in 2015.

Read more at the Austin American-Statesman.

Austin American-Statesman
Austin-Round Rock
http://www.mystatesman.com/news/business/austin-area-office-rents-occupancies-rise-in-first/nfxrp/Read more at {Source}

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