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Austin office 4Q 2012: NAI REOCAustin office 4Q 2012: NAI REOChttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=83682013-02-05T09:51:00Z2013-02-03T00:00:00Z

AUSTIN - The Austin office market enjoyed a strong performance in fourth quarter 2012, punctuated by improved occupancy and increased rental rates.

Newly commenced leases and expansions generated 416,080 sf of positive net absorption in 4Q 2012, raising the year-end total net gain to 936,358 sf — “one of the strongest annual performances in the past decade,” says Kim Gatley of NAI REOC Austin.

The Austin office market closed the year with a citywide vacancy rate of 15 percent — down from 15.9 percent in 3Q 2012 and improved compared with 17.2 percent recorded at the end of 2011.

The average quoted rental rate for Austin area office space ticked up two cents from 3Q 2012 to reach $26.53 per sf per year — up sixty-five cents compared to 4Q 2011 for a moderate annual increase of 2.5 percent.

Austin Office Report 4Q 2012
  Total
Inventory
Total
Vacant SF
Vacant YTD
Absorption
Avg. Quoted
Rent Rate
($/SF/YR)
CBD 8,745,619 935,691 10.7% 239,482 $33.27
Central 2,704,619 673,414 24.9% 2,344 $23.82
North 6,136,781 871,980 14.2% 106,680 $23.57
Northwest 10,604,089 1,928,097 18.2% 471,911 $24.64
Far Northwest 352,896 136,079 38.6% 58,003 $23.01
East 1,825,984 320,083 17.5% 95,980 $16.34
South 2,290,506 263,806 11.5% 63,161 $23.01
Southwest 8,645,448 1,053,716 12.2% -102,003 $28.08
Round Rock 1,188,418 197,180 16.6% 800 $22.71
Totals 42,494,360 6,380,046 15.0% 936,358 $26.53


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