Austin retail vacancy drops in 4Q 2013: CoStar

AUSTIN – The Austin retail market did not experience much change in market conditions in fourth quarter 2013. The vacancy rate went from 5.1 percent in 3Q 2013 to 4.9 percent in 4Q 2013, according to the CoStar Group.

Net absorption was positive 228,737 sf, and vacant sublease space increased by 7,185 sf. In 3Q 2013, net absorption was positive 271,658 sf. Quoted rental rates decreased from 3Q 2013 levels, ending at $17.40 per sf per year.

Five retail buildings with 34,812 sf of retail space were delivered to the market in the quarter, with 1,014,703 sf still under construction at the end of the quarter.

Read more at CoStar Group.