Cushman & Wakefield office report: 4Q 2012 Austin | Cushman & Wakefield office report: 4Q 2012 Austin | https://www.recenter.tamu.edu/news/newstalk-texas/?Item=8079 | 2013-02-28T13:55:00Z | 2013-02-28T13:00:00Z |
AUSTIN - For the eighth consecutive quarter, the Austin office market has experienced positive absorption with a total of 487,801 sf of direct absorption during fourth quarter 2012, according to Cushman & Wakefield.
The Austin office market had the highest year-to-date direct absorption total since 2000, totaling 1,494,613 sf for 2012.
The Far Northwest and Northeast submarkets experienced the highest levels of absorption this quarter with direct absorptions totaling 177,606 sf, and 107,117 sf, respectively.
The overall vacancy for the Austin office market stands at 13.2 percent — 4.1 percentage points less than 4Q 2011. The average full service asking rental rate for the Austin office market stands at $26.79 per sf, up $1.76 per sf from 4Q 2011.
Austin Office Report 4Q 2012 — Submarket Comparison
Submarket |
Inventory |
Overall
Vacancy
Rate |
YTD Overall Net
Absorption |
Overall Wtd. Avg.
All Class Gross
Rental Rate |
CBD |
8,612,657 |
11.5% |
268,746 |
$36.80 |
Central |
998,679 |
16.1% |
17,084 |
$30.92 |
Far Northwest |
12,413,074 |
15.7% |
587,538 |
$26.62 |
North Central |
2,485,635 |
16.8% |
14,298 |
$19.87 |
Northeast |
1,994,845 |
12.0% |
172,197 |
$17.23 |
Northwest |
3,950,337 |
11.6% |
190,511 |
$23.91 |
South Central |
2,103,594 |
5.4% |
144,647 |
$21.79 |
Southeast |
992,420 |
24.4% |
30,472 |
$13.83 |
Southwest |
8,132,772 |
10.7% |
131,835 |
$28.86 |
Round Rock |
1,112,135 |
16.9% |
253,061 |
$18.70 |
Totals |
42,796,148 |
13.2% |
1,810,389 |
$26.79 |
Read more at Cushman & Wakefield.
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