JLL: Austin office stats 1Q 2015
AUSTIN – JLL has released first quarter 2015 Austin Office Insight report.
More than 600,000 sf of new construction delivered downtown in first quarter, representing a 7.6 percent increase in downtown inventory. Class A downtown deliveries during first quarter were over 90.0 percent leased.
Demand for larger blocks of space has increased, coupled with a limited supply of 50,000-sf blocks of contiguous space, has caused rental rates to rise.
While operating expenses have risen substantially due to increased appraisal values, the largest contribution to rent growth over the last five years is attributed to increases in base rent.
Approximately 68.0 percent of total sales transactions traded in the northwest submarket in first quarter 2015.
| Inventory (SF) | Total Net Absorp. (SF) | Total vacancy | Average Direct Asking Rent ($/SF) | Under Construction (SF) | |
| CBD | 9,670,906 | 375,100 | 11.1% | $45.51 | 755,388 |
| Suburbs | 37,826,419 | 192,218 | 13.1% | $29.00 | 2,717,695 |
| Austin Total | 47,497,325 | 567,318 | 12.7% | $32.19 | 3,473,083 |
For the full report see JLL Austin Office Stats and Insight 1Q 2015 plus historical (PDF).
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