Austin TX Office Market Q4 2017

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Summary of the Austin Texas Office Market for Q4 2017 by Shire Commercial

AUSTIN, Texas - March 13, 2018 - Rezul -- Office Market | Q4 2017 | Summary Report
2017 was a strong year overall for the Austin office market , although the last quarter was met with negative occupancy (absorption). Vacancy rates were at a 16 year low for the Austin office market as well.  New development is an additional 600,000SF of space with over 2M square feet of new office space available.  During the last quarter occupancy was slower  compared to the previous 3 quarters. The majority of leases were with technology companies at over 30% of the leases done , next were financial services.  OPEX costs rose approx 86 cents per square foot which translates to an Austin average of over $9.50 per square foot. Landlords were seen lowering their base lease rates to an average of approx $24.00 down from $25 in Q3 to offset the higher operating expenses. Citywide however the full service gross rate rose approx $0.07 per sf compared with the previous quarter.

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Austin Warehouse property markets are at the lowest vacancy rates in 10 years at 8.5%

Austin has grown immensely with approximately 150 per day moving into the city for the past few years, traffic congestion and crime rates have risen drastically as well.

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Shire Commercial- Steve Shire

Source: Shire Commercial RE
Filed Under: Real Estate

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