Austin office 4Q 2013: REOC
AUSTIN – Office properties in the Austin area turned in another strong performance in fourth quarter 2013, ending the year on a high note. New leases and expansions generated 269,356 sf of positive net absorption in 4Q 2013, according to fourth quarter report by REOC Austin.
Combined with the gains logged earlier in the year, 4Q 2013 pushed the annual total absorption figure over the 1 million mark to 1,071,129 sf. In turn, the positive absorption tightened the citywide vacancy rate to 11.3 percent — a level not seen since 2007.
At the close of 2013, the citywide average quoted rental rate climbed to $25.59 per sf — which is up $1.68 or 7.0 percent compared to a year ago.
| Submarket | Total Inventory | Total Vacant SF | Vacant | Avg. Quoted Rent Rate |
| CBD | 8,364,672 | 883,452 | 10.60% | $34.09 |
| Central | 2,230,593 | 319,230 | 14.30% | $24.20 |
| North | 914,248 | 241,635 | 26.40% | $19.14 |
| Northwest | 12,824,810 | 1,310,293 | 10.20% | $26.33 |
| Far Northwest | 3,670,981 | 489,153 | 13.30% | $22.48 |
| Northeast | 1,866,972 | 266,610 | 14.30% | $17.08 |
| South | 1,533,096 | 66,593 | 4.30% | $23.81 |
| Southeast | 1,070,401 | 157,843 | 14.70% | $18.71 |
| Southwest | 8,299,605 | 807,819 | 9.70% | $27.64 |
| Round Rock | 865,942 | 147,687 | 17.10% | $21.04 |
| Totals | 41,641,320 | 4,690,315 | 11.30% | $25.59 |
Source: REOC Austin. See more office under Austin Market Data Sources.
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