REOC: Austin office market 1Q 2015REOC: Austin office market 1Q 2015https://www.recenter.tamu.edu/news/newstalk-texas/?Item=8662015-06-02T08:42:00Z2015-06-02T00:00:00Z

AUSTIN - New construction delivered three major projects totaling more than 560,000 sf of office space in first quarter 2015, yet the citywide vacancy rate remained stable.

Preleasing achieved in newly completed buildings actually exceeded the total amount of positive net absorption recorded in 1Q 2015 for the market as a whole.

Local office properties are on track for another very strong year and will likely top a million sf of absorption again this year.

There are currently 13 major office building projects rolling through the development pipeline totaling nearly 2.4 million sf. More than 1.7 million sf of that total is expected to come online before the end of 2015.

Additional strength is demonstrated by the notable increase in rental rates.

Austin’s thriving tech sector and overall healthy job market will continue to drive demand for office space.

Austin 1Q 2015 Office Report
Submarket Total
Vacancy YTD SF
Avg. Quoted
Rent Rate
CBD 9,058,508 8.0% 563,087 $38.98
Central 2,285,947 14.2% -3,837 $25.00
North 1,621,681 13.3% 16,701 $21.07
Northwest 13,251,685 11.8% -21,418 $28.64
Far Northwest 3,532,896 14.8% -218,995 $24.72
Northeast 1,855,269 12.2% 6,238 $18.28
South 1,688,035 3.4% 14,520 $27.92
Southeast 915,462 10.3% 22,695 $20.01
Southwest 8,463,667 6.4% 92,220 $29.92
Round Rock 884,716 11.4% 5,586 $23.22
Totals 43,557,866 10.0% 476,797 $28.20

Source: REOC Austin

Or see REOC's full report here, including previous quarters.

For other commercial reports, see Austin Market Research.

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