AUSTIN – The local office market experienced another period of negative absorption, registering negative 839,994 sf in 4Q2020, according to CBRE.
Vacancy increased by 240 basis points quarter over quarter to 16.7 percent.
The average asking rate increased to $39.39 per sf.
Slowing development activity continued last quarter with the pipeline falling to below six million sf for the first time since 2Q2019. Last quarter, 391,541 sf came online.
The Texas Real Estate Research Center has more office news for Austin-Round Rock:
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