Austin office 3Q 2013 growth in burbs: REOC
AUSTIN – Job growth continues to translate into new tenant leases and expansions in the Austin office market. Gross leasing activity generated 303,810 sf of positive net absorption in third quarter 2013, according to the third quarter report by REOC Austin.
Activity in the suburban areas accounted for the lion’s share of activity in 3Q 2013. While office buildings in the CBD experienced a rather quiet 34,240 sf of positive net absorption, suburban buildings experienced 269,570 sf.
Year-to-date, the greater office market has experienced a total net absorption of 760,944 sf with the CBD accounting for 83,685 while suburban markets accounted for 677,259 sf.
| 3Q 2013 | 3Q 2012 | |
|---|---|---|
| Inventory | 41,591,581 | 41,352,954 |
| Available | 4,912,725 | 5,757,824 |
| Vacant | 11.8% | 13.9% |
| Average rent | $25.34 | $23.62 |
| 3Q absorption | 303,810 | 751,515 |
| YTD absorption | 760,944 | 884,724 |
Source: REOC Austin
See Austin Market Data Sources for 3Q 2013 information for more commercial real estate.
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