Tech companies continue to drive growth in Austin's tight office market. Net absorption was 528,811 SF in Q2 2019 despite increasing vacancy. Rents rose to $35.74/SF citywide with several submarkets exceeding $50/SF. New supply is under construction but largely pre-leased, indicating demand will remain strong through 2020 barring economic slowdowns.
The Austin office market remains fast, competitive, and expensive. Vacancy increased slightly in Q2 2018 while absorption decreased. Rental rates are trending upward, especially in the CBD and Eastside, due to high demand and rising construction costs. Several large leases were signed during the quarter, and more large deals are anticipated as new developments deliver space over the next two years.
Austin's office market saw positive net absorption of 163,796 SF in Q4 2018, bringing the year-to-date net absorption to 29,762 SF. Vacancy rates declined to 10.3% as average rental rates increased to $36.19/SF. A major development was Apple's announcement of a 3,000,000 SF campus in North Austin, which will boost the submarket and Austin's economy. New construction is booming, with 4.26M SF under construction and expectations of continued growth in 2019.
Austin's office market continues to see large leases for even larger developments. In Q1 2019, Austin reported 1,082 SF of negative net absorption, with major losses in the Class A Northwest submarket. However, the Southeast submarket saw positive absorption due to a large lease. Large leases signed in Q1 included Indeed taking 183,911 SF and Google leasing 150,000 SF. Austin's vacancy rate increased slightly to 10.6% as rental rates decreased to an average of $35.72/SF. Development remains active with over 3 million SF under construction, over half of which is pre-leased.
Austin's office market finished 2017 strongly, with Q4 net absorption of 319,028 SF bringing total 2017 absorption to 886,556 SF. Vacancy decreased to 11.5% as demand remained high, especially in the North/Domain submarket. Rental rates increased slightly citywide to $34.92/SF and more significantly in the CBD, where Class A rates rose to $50.97/SF. With limited new supply coming online, the tight market is expected to continue into 2018.
The document provides an analysis of the Austin office market in Q3 2019. It finds that the market saw negative net absorption of 1.1 million square feet, driven mainly by increased vacancies in Class A buildings. Vacancy rates increased across the city to 11.5% overall. Rental rates declined slightly. Absorption was positive in some suburban submarkets. Over 5.7 million square feet of new office space remains under construction, with over 2.6 million square feet already pre-leased. The report concludes that major tech employers continue to expand in Austin, driving the market's growth despite current challenges.
Austin's office market saw a large increase in sublease space availability in Q2 2020, with over 100,000 square feet added from several large companies. The sublease availability increased over 40% compared to the start of Q2, reflecting the economic challenges brought on by the COVID-19 pandemic. However, construction continued on projects like Google and Indeed's downtown towers, and Tesla announced plans for a new factory in Austin, showing signs that Austin remains an attractive market. Vacancy rates increased overall to 13.6% as net absorption turned negative, but some submarkets did see positive absorption.
The Austin office market closed out 2019 with continued strong growth and development. Vacancy increased slightly to 11.9% as net absorption was negative and new construction increased. Rental rates also increased, with Class A CBD rents reaching $53.33 per square foot. The market remains strong with 7.15 million square feet under construction and major developments planned in downtown and the surrounding areas.
Citywide positive net absorption in Austin reached an all-time high in Q3 2015 of 871,272 square feet. Rental rates in the CBD increased by 7.5% over the quarter, with average rates reaching $44.60 per square foot, as demand for office space in the CBD remained strong despite new construction. Absorption was strongest in the northwest, southwest, and CBD submarkets, with major leases signed by companies such as Electronic Arts, Oracle, and Cirrus Logic.
The Austin office market remains fast, competitive, and expensive. Vacancy increased slightly in Q2 2018 while absorption decreased. Rental rates are trending upward, especially in the CBD and Eastside, due to high demand and rising construction costs. Several large leases were signed during the quarter, and more large deals are anticipated as new developments deliver space over the next two years.
Austin's office market saw positive net absorption of 163,796 SF in Q4 2018, bringing the year-to-date net absorption to 29,762 SF. Vacancy rates declined to 10.3% as average rental rates increased to $36.19/SF. A major development was Apple's announcement of a 3,000,000 SF campus in North Austin, which will boost the submarket and Austin's economy. New construction is booming, with 4.26M SF under construction and expectations of continued growth in 2019.
Austin's office market continues to see large leases for even larger developments. In Q1 2019, Austin reported 1,082 SF of negative net absorption, with major losses in the Class A Northwest submarket. However, the Southeast submarket saw positive absorption due to a large lease. Large leases signed in Q1 included Indeed taking 183,911 SF and Google leasing 150,000 SF. Austin's vacancy rate increased slightly to 10.6% as rental rates decreased to an average of $35.72/SF. Development remains active with over 3 million SF under construction, over half of which is pre-leased.
Austin's office market finished 2017 strongly, with Q4 net absorption of 319,028 SF bringing total 2017 absorption to 886,556 SF. Vacancy decreased to 11.5% as demand remained high, especially in the North/Domain submarket. Rental rates increased slightly citywide to $34.92/SF and more significantly in the CBD, where Class A rates rose to $50.97/SF. With limited new supply coming online, the tight market is expected to continue into 2018.
The document provides an analysis of the Austin office market in Q3 2019. It finds that the market saw negative net absorption of 1.1 million square feet, driven mainly by increased vacancies in Class A buildings. Vacancy rates increased across the city to 11.5% overall. Rental rates declined slightly. Absorption was positive in some suburban submarkets. Over 5.7 million square feet of new office space remains under construction, with over 2.6 million square feet already pre-leased. The report concludes that major tech employers continue to expand in Austin, driving the market's growth despite current challenges.
Austin's office market saw a large increase in sublease space availability in Q2 2020, with over 100,000 square feet added from several large companies. The sublease availability increased over 40% compared to the start of Q2, reflecting the economic challenges brought on by the COVID-19 pandemic. However, construction continued on projects like Google and Indeed's downtown towers, and Tesla announced plans for a new factory in Austin, showing signs that Austin remains an attractive market. Vacancy rates increased overall to 13.6% as net absorption turned negative, but some submarkets did see positive absorption.
The Austin office market closed out 2019 with continued strong growth and development. Vacancy increased slightly to 11.9% as net absorption was negative and new construction increased. Rental rates also increased, with Class A CBD rents reaching $53.33 per square foot. The market remains strong with 7.15 million square feet under construction and major developments planned in downtown and the surrounding areas.
Citywide positive net absorption in Austin reached an all-time high in Q3 2015 of 871,272 square feet. Rental rates in the CBD increased by 7.5% over the quarter, with average rates reaching $44.60 per square foot, as demand for office space in the CBD remained strong despite new construction. Absorption was strongest in the northwest, southwest, and CBD submarkets, with major leases signed by companies such as Electronic Arts, Oracle, and Cirrus Logic.
The document provides an overview of the Austin office market in Q1 2020. It summarizes that the market saw 35,453 SF of negative net absorption in Q1, with large negative absorption in Class A buildings. Vacancy increased to 13.0% citywide. Rental rates increased slightly to $35.93 on average. The report also discusses the impacts of COVID-19 on the market and expectations for Q2 2020.
Austin’s office market continues to deliver as
we hit the midyear mark
Boots On The Ground Commentary by David Bremer
Our “Boots on the Ground” view point is the voice of our experts, who
have broken down the market data and compared it to what they are
seeing for themselves. This is their take on what the numbers actually
mean for the Austin office market.
There are two mistruths I’ve heard perpetuated by the real estate
community, including myself once or twice, over the past year: (1)
This occupancy and these rates can’t last forever, and (2) MoPac
construction should be done soon.
The Austin office market rebounded sharply in the 2nd quarter,
with extremely high Net Absorption of almost 600,000 RSF.
Vacancy remained relatively flat, however rates continue to trend
higher.
http://bit.ly/Q2_2017_Austin_Office_Page
JLL Louisville Industrial Outlook - Q4 2016Ross Bratcher
New construction, tenant demand keep rates at high levels. Employment challenges meet creative solutions, new political landscape. Leasing velocity remains true to historic size segments in 2016.
The Austin office market saw negative net absorption in Q3 2020, with vacancy rates increasing to 15.2%. Rental rates remained relatively stable but concessions are increasing. While construction remains high and demand is decreasing in the short term, Austin is still attracting companies and is well positioned to recover more quickly than other markets due to its business environment and quality of life.
Industrial development driving prosperity in a market where the pipeline has ...Jacob Attaway
Industrial development is driving economic prosperity in the Winter Haven-Lakeland area, where there is a strong 0.99 correlation between growth in industrial inventory and wages. Over 2.5 million square feet of new industrial space is slated for development in the next two years, which should support continued wage growth. The area has seen significant economic expansion over the last 20 years, with total GDP growing 37.7%, population up 50.2%, and industrial sector jobs increasing 18%. Amazon's new $100 million air cargo facility alone will create 800-1000 jobs starting in July 2020.
Houston's office market saw positive absorption of 84,750 SF in Q2 2018, rebounding from negative absorption in Q1 2018. Vacancy rates decreased slightly to 21.7% overall but increased year-over-year. Large companies like Occidental Petroleum are downsizing space and subleasing hundreds of thousands of square feet. Rental rates have remained relatively stable while leasing activity decreased compared to prior periods.
Austin's industrial market saw strong leasing activity and positive net absorption in Q3 2020 despite the effects of the COVID-19 pandemic. Net absorption was 887,476 square feet as large tenants occupied significant space. The vacancy rate decreased from 9.8% to 8.2% while average rental rates slightly decreased citywide. Construction activity also remained high with over 2.3 million square feet under construction across six projects.
The Austin office market continues to boom, with nearly 500,000 square feet of positive absorption in the first quarter of 2015 driven largely by leasing in the CBD submarket. Vacancy rates remained steady at 10% despite over 500,000 square feet of new inventory delivered. Average quoted rental rates increased slightly. Over 2.5 million square feet of new office space is under construction and expected to deliver in 2015, with another 1 million square feet planned for 2016. Google signed a lease for 207,000 square feet in a new 29-story tower expected to be completed in 2017.
Houston's office market saw small improvements in Q1 2019, with vacancy rates declining slightly and positive net absorption of 724,000 SF. Leasing activity decreased from the previous quarter while rental rates increased. Job growth in Houston increased by 2.4% over the year, with gains in sectors like mining support, durable goods manufacturing, and construction.
The document summarizes Houston's industrial real estate market performance in Q1 2020. It notes that vacancy increased to 7.9% from 6.9% in Q4 2019. Net absorption remained positive at 3.2M SF despite economic challenges from low oil prices and COVID-19. Rental rates increased slightly. The market faces short term uncertainty from the pandemic's economic impact, but the industrial sector is expected to outperform other commercial real estate over the long run due to growth in e-commerce, inventory stockpiling, and potential supply chain changes.
The document summarizes Houston's office market performance in Q1 2018. Key points include:
- The overall vacancy rate increased to 20.1% due to large companies vacating space after layoffs and mergers, resulting in 1.5 million square feet of negative absorption.
- Sublease availability increased back above 9.0 million square feet due to space returned to the market during the energy downturn.
- Rental rates saw small decreases across classes and markets, with the average Class A rate at $34.91 per square foot.
- Leasing activity decreased 32% from the previous quarter while investment sales dropped slightly over the year.
The Austin industrial market saw strong demand in Q1 2015, with positive absorption of 221,520 square feet and declining vacancy. Rental rates remained stable while construction increased, with nearly 1 million square feet under development. The north and central Austin submarkets saw high leasing activity. Austin's economy continued growing, ranked in the top 10 commercial markets nationally, with low unemployment of 3.4% and over 4,000 new jobs added year-to-date.
Total vacancy in Detroit office space has continued to decline since 2011 and is expected to further decline through 2015, ensuring favorable conditions for tenants. However, over 14.5 million square feet remains vacant. Rents are expected to modestly rise among Class A properties. The economic challenges have prevented new speculative construction, though demand growth will translate to further vacancy declines. Office employment increased 2.7% annually with gains in professional/business services of 9,700 jobs. Several companies are expanding, relocating or consolidating operations in Detroit, including Ally Financial and La-Z-Boy choosing to remain in the city.
China primary land development industry report, 2010ResearchInChina
This report analyzes primary land development in China. It focuses on case studies of land development projects and highlights real estate markets in major cities. The report discusses the business models used in primary land development, including cost-sharing, profit-sharing, and joint development models between enterprises and local governments. It also provides an overview of land markets, prices, and the economic and policy drivers of primary land development in China.
Vacancy at the top of the market is slowly moving upward, although levels remain below historic norms. New supply and givebacks upon relocation due to efficiency have begun to and will continue to result in rising vacancy.
office space toronto, toronto office space, office search toronto, office space in toronto, office rentals toronto, commercial office space, commercial real estate toronto, office rent toronto, toronto offices for lease
- Austin's office market experienced negative absorption of 24,603 SF in Q2 2016, the first negative absorption since 2012, driven by decreases in the CBD, North/Domain, Northwest, and Southwest submarkets.
- Vacancy rates increased both citywide and in the CBD and suburban areas. The average rental rate increased slightly to $34.65 per SF. Rents in the CBD increased to $49.52 per SF.
- Three buildings totaling 196,463 SF delivered in Q2, with absorption rates of 91.9% upon delivery. The largest delivery was a 74,804 SF building in North/Domain.
Austin's office market is leveling out after a period of high growth and rental rate increases. Net absorption was steady in 2016 around 1 million square feet absorbed, while average rental rates and vacancy remained largely unchanged. New construction is slowing down with over half of current space under construction already preleased. Sublease space is increasing due to new co-working options and a changing workforce seeking flexible space near amenities. The market is expected to remain stable in the next 12-18 months barring major changes from large tech firms or a slowdown in the tech sector.
The document provides an overview of the Austin office market in Q1 2020. It summarizes that the market saw 35,453 SF of negative net absorption in Q1, with large negative absorption in Class A buildings. Vacancy increased to 13.0% citywide. Rental rates increased slightly to $35.93 on average. The report also discusses the impacts of COVID-19 on the market and expectations for Q2 2020.
Austin’s office market continues to deliver as
we hit the midyear mark
Boots On The Ground Commentary by David Bremer
Our “Boots on the Ground” view point is the voice of our experts, who
have broken down the market data and compared it to what they are
seeing for themselves. This is their take on what the numbers actually
mean for the Austin office market.
There are two mistruths I’ve heard perpetuated by the real estate
community, including myself once or twice, over the past year: (1)
This occupancy and these rates can’t last forever, and (2) MoPac
construction should be done soon.
The Austin office market rebounded sharply in the 2nd quarter,
with extremely high Net Absorption of almost 600,000 RSF.
Vacancy remained relatively flat, however rates continue to trend
higher.
http://bit.ly/Q2_2017_Austin_Office_Page
JLL Louisville Industrial Outlook - Q4 2016Ross Bratcher
New construction, tenant demand keep rates at high levels. Employment challenges meet creative solutions, new political landscape. Leasing velocity remains true to historic size segments in 2016.
The Austin office market saw negative net absorption in Q3 2020, with vacancy rates increasing to 15.2%. Rental rates remained relatively stable but concessions are increasing. While construction remains high and demand is decreasing in the short term, Austin is still attracting companies and is well positioned to recover more quickly than other markets due to its business environment and quality of life.
Industrial development driving prosperity in a market where the pipeline has ...Jacob Attaway
Industrial development is driving economic prosperity in the Winter Haven-Lakeland area, where there is a strong 0.99 correlation between growth in industrial inventory and wages. Over 2.5 million square feet of new industrial space is slated for development in the next two years, which should support continued wage growth. The area has seen significant economic expansion over the last 20 years, with total GDP growing 37.7%, population up 50.2%, and industrial sector jobs increasing 18%. Amazon's new $100 million air cargo facility alone will create 800-1000 jobs starting in July 2020.
Houston's office market saw positive absorption of 84,750 SF in Q2 2018, rebounding from negative absorption in Q1 2018. Vacancy rates decreased slightly to 21.7% overall but increased year-over-year. Large companies like Occidental Petroleum are downsizing space and subleasing hundreds of thousands of square feet. Rental rates have remained relatively stable while leasing activity decreased compared to prior periods.
Austin's industrial market saw strong leasing activity and positive net absorption in Q3 2020 despite the effects of the COVID-19 pandemic. Net absorption was 887,476 square feet as large tenants occupied significant space. The vacancy rate decreased from 9.8% to 8.2% while average rental rates slightly decreased citywide. Construction activity also remained high with over 2.3 million square feet under construction across six projects.
The Austin office market continues to boom, with nearly 500,000 square feet of positive absorption in the first quarter of 2015 driven largely by leasing in the CBD submarket. Vacancy rates remained steady at 10% despite over 500,000 square feet of new inventory delivered. Average quoted rental rates increased slightly. Over 2.5 million square feet of new office space is under construction and expected to deliver in 2015, with another 1 million square feet planned for 2016. Google signed a lease for 207,000 square feet in a new 29-story tower expected to be completed in 2017.
Houston's office market saw small improvements in Q1 2019, with vacancy rates declining slightly and positive net absorption of 724,000 SF. Leasing activity decreased from the previous quarter while rental rates increased. Job growth in Houston increased by 2.4% over the year, with gains in sectors like mining support, durable goods manufacturing, and construction.
The document summarizes Houston's industrial real estate market performance in Q1 2020. It notes that vacancy increased to 7.9% from 6.9% in Q4 2019. Net absorption remained positive at 3.2M SF despite economic challenges from low oil prices and COVID-19. Rental rates increased slightly. The market faces short term uncertainty from the pandemic's economic impact, but the industrial sector is expected to outperform other commercial real estate over the long run due to growth in e-commerce, inventory stockpiling, and potential supply chain changes.
The document summarizes Houston's office market performance in Q1 2018. Key points include:
- The overall vacancy rate increased to 20.1% due to large companies vacating space after layoffs and mergers, resulting in 1.5 million square feet of negative absorption.
- Sublease availability increased back above 9.0 million square feet due to space returned to the market during the energy downturn.
- Rental rates saw small decreases across classes and markets, with the average Class A rate at $34.91 per square foot.
- Leasing activity decreased 32% from the previous quarter while investment sales dropped slightly over the year.
The Austin industrial market saw strong demand in Q1 2015, with positive absorption of 221,520 square feet and declining vacancy. Rental rates remained stable while construction increased, with nearly 1 million square feet under development. The north and central Austin submarkets saw high leasing activity. Austin's economy continued growing, ranked in the top 10 commercial markets nationally, with low unemployment of 3.4% and over 4,000 new jobs added year-to-date.
Total vacancy in Detroit office space has continued to decline since 2011 and is expected to further decline through 2015, ensuring favorable conditions for tenants. However, over 14.5 million square feet remains vacant. Rents are expected to modestly rise among Class A properties. The economic challenges have prevented new speculative construction, though demand growth will translate to further vacancy declines. Office employment increased 2.7% annually with gains in professional/business services of 9,700 jobs. Several companies are expanding, relocating or consolidating operations in Detroit, including Ally Financial and La-Z-Boy choosing to remain in the city.
China primary land development industry report, 2010ResearchInChina
This report analyzes primary land development in China. It focuses on case studies of land development projects and highlights real estate markets in major cities. The report discusses the business models used in primary land development, including cost-sharing, profit-sharing, and joint development models between enterprises and local governments. It also provides an overview of land markets, prices, and the economic and policy drivers of primary land development in China.
Vacancy at the top of the market is slowly moving upward, although levels remain below historic norms. New supply and givebacks upon relocation due to efficiency have begun to and will continue to result in rising vacancy.
office space toronto, toronto office space, office search toronto, office space in toronto, office rentals toronto, commercial office space, commercial real estate toronto, office rent toronto, toronto offices for lease
- Austin's office market experienced negative absorption of 24,603 SF in Q2 2016, the first negative absorption since 2012, driven by decreases in the CBD, North/Domain, Northwest, and Southwest submarkets.
- Vacancy rates increased both citywide and in the CBD and suburban areas. The average rental rate increased slightly to $34.65 per SF. Rents in the CBD increased to $49.52 per SF.
- Three buildings totaling 196,463 SF delivered in Q2, with absorption rates of 91.9% upon delivery. The largest delivery was a 74,804 SF building in North/Domain.
Austin's office market is leveling out after a period of high growth and rental rate increases. Net absorption was steady in 2016 around 1 million square feet absorbed, while average rental rates and vacancy remained largely unchanged. New construction is slowing down with over half of current space under construction already preleased. Sublease space is increasing due to new co-working options and a changing workforce seeking flexible space near amenities. The market is expected to remain stable in the next 12-18 months barring major changes from large tech firms or a slowdown in the tech sector.
The Houston office market continued to contract in Q4 2020 with negative absorption of 836,140 square feet. Vacancy rates increased to 21.7% as the COVID pandemic continued to impact the market. Rental rates remained steady while landlord concessions became more aggressive. The outlook remains uncertain depending on vaccine distribution and return to office trends.
Atlanta's office market rebounded
in the fourth quarter of 2018 after
two consecutive quarters of negative
absorption. Leasing activity well ahead
of 2017's pace allowed the market to
record the second strongest quarter of
absorption since 2015. As the market
moves in a positive direction, vacancy
rates will continue to decline while rental
rates increase at a faster pace.
-U.S. Office Market Was Driven by the Tech
Sector in the Fourth Quarter of 2018
-Absorption exceeds construction completions, vacancy
declines and the pipeline grows
-Tech markets tighten
-Rents rise, but the pace slows:
The document summarizes Houston's industrial real estate market performance in Q2 2017. Some key points:
- Vacancy rate increased slightly from 5.3% to 5.5% as absorption slowed.
- Over 1.5 million square feet of new industrial space was delivered in Q2. There is currently 4.2 million square feet under construction, with 77.2% pre-leased.
- Two large new petrochemical plants were announced, reflecting continued growth in that industry in the Houston area.
- Average industrial rental rates decreased slightly both quarterly and annually as more available space entered the market.
Houston's industrial market saw positive net absorption of 3 million square feet in the third quarter of 2017. Vacancy rates decreased slightly to 5.4% as demand for distribution and warehouse space continues to grow. Companies like Amazon, DHL, and FedEx absorbed over 1.5 million square feet by opening new distribution and logistics hubs. Over 5 million square feet of new industrial space is under construction, though vacancy rates remain low across several submarkets.
Austin's industrial market posted positive net absorption of 382,166 SF in Q1 2018. Rental rates increased slightly citywide and in submarkets. Vacancy decreased to 7.6% overall. Several large leases were signed, including XPO Last Mile taking 57,500 SF. Over 500,000 SF of new product is set to deliver in Q2 2018, with over half being build-to-suit. Construction continued with over 1 million SF under construction.
2019 Q4 Industrial St. Louis Report ColliersColliersSTL
The St. Louis industrial market saw record construction levels in 2019, with 6.29 million square feet completed, driven by build-to-suit projects. Notable projects included two buildings for World Wide Technology totaling 2 million square feet in the Metro East submarket. Overall vacancy rose slightly to 6.53% due to speculative construction deliveries, while rents decreased slightly and absorption remained strong at over 4.6 million square feet. The Metro East submarket accounted for over half of total vacant space but also the most construction, leasing, and positive absorption.
Austin's industrial market posted negative net absorption in Q1 2020 due to space coming online, including at NorthTech Business Center and Amazon leasing a large space. Rental rates increased across flex/R&D and warehouse/distribution spaces. Over 1 million square feet of industrial space remains under construction, with over 800,000 square feet scheduled for delivery in Q2 2020. Vacancy increased slightly to 8.6% as large blocks of space came to the market.
Q4 2015 Austin Office Market Research & Forecast ReportLisa Bridges
- Austin's office market posted the highest positive net absorption ever recorded in Q4 2015 at 902,046 square feet. Five new buildings totaling 676,904 square feet delivered, with 1.579 million square feet currently under construction.
- The citywide average rental rate increased slightly to $30.71 per square foot, while Class A CBD rental rates rose 1.4% to $44.36 per square foot. Vacancy rates continued declining, with the CBD rate falling to 6.8%.
- Austin's unemployment rate of 3.3% remains below state and national averages, and job growth in Austin increased 3.9% annually, significantly higher than state and national averages.
- Austin's office market posted the highest ever positive net absorption of 902,046 square feet in Q4 2015, with five new buildings delivering 676,904 square feet of space.
- Vacancy rates continued to decline across the city, with the CBD seeing the largest drop to 6.8% vacancy.
- Rental rates increased slightly citywide and in the CBD, while job growth and absorption remained strong as Austin's economy thrives.
Share or view online at colliers.com/houston
Houston’s industrial market continues to expand adding 3.4M SF of new inventory in Q1 2019 with an additional 16.2M SF under construction
The industrial market in Austin saw positive net absorption and increased construction in Q3 2019:
- Net absorption was 116,788 square feet as large tenants occupied significant space.
- Average rental rates increased slightly citywide while flex/R&D rates decreased slightly.
- Over 1.6 million square feet of industrial space was under construction across 23 projects.
- Vacancy rates increased slightly to 8.6% due to new developments posting vacant space.
- Absorption remained high and rental rates increased modestly as demand continued.
Corporate consolidations over the next three years will place upward pressure on vacancy rates across the Pittsburgh metro office market. Rents have appreciated 3.3% year-over-year on average across all classes and submarkets as landlords maintained leverage amid tightening fundamentals. Office construction remains robust with nearly 1 million square feet under construction and 500,000 square feet scheduled to break ground next year.
Q1 2017 Austin Industrial Research & Forecast Report Kaitlin Holm
Austin's industrial market saw a large quarter of negative net absorption in Q1 2017, with vacancy rates rising. Two large tenants moving out accounted for much of the 622,956 square feet of negative absorption, though they may renew their leases. Rental rates decreased slightly on average but increased for warehouse/distribution spaces. Five new buildings delivered during the quarter totaling 742,165 square feet. Vacancy increased in most submarkets except Northwest where it declined significantly.
Austin's industrial market saw negative absorption in Q3 2017, with vacancy rates rising to 9.9%. Rental rates decreased across the board, with the average dropping to $10.66/SF NNN. Major tenants moved out of large spaces, contributing to over 260,000 SF of negative absorption. Looking ahead, over 500,000 SF of new industrial space is scheduled for completion in Q4 2017.
Similaire à Q2 2019 | Austin Office | Research & Forecast Report (18)
According to the document:
- Office activity has picked up significantly in the past quarter, with demand focused on newer Class A space in the CBD, South Central, and East areas of Austin. This has driven up rental rates in these core areas.
- Sublease space has received significant attention, with many subleases being occupied or nearing lease documentation. This allows tenants to avoid long construction timelines and realize substantial cost savings versus building out their own space.
- Overall vacancy remained at 19.3% as net absorption was negative, but delivery of new supply also slowed, suggesting continued strong demand. Rental rates across Austin increased slightly but remained flat in suburban areas.
The document summarizes commercial real estate market trends in Austin, TX in Q3 2021. Key points include:
- Vacancy rates decreased slightly to 19.2% while net absorption was positive at 705K SF
- Strong demand driven by corporate expansions and relocations is fueling investment in Austin commercial real estate
- Average citywide lease rates increased slightly to $46.16/SF, with higher rates in prime locations
- Over 4.5M SF of new construction is underway to meet continuing strong demand in the market
The industrial market in Austin, TX continued to experience tight supply and strong demand in the second quarter of 2021. Net absorption was 1,006,935 SF while vacancy dropped to 6.6%. However, the large development pipeline will not provide meaningful relief on vacancy until late 2021 and early 2022 as 2.3 million SF is currently under construction. With constrained supply across all size ranges, escalating rents and limited concessions are expected to continue through the rest of the year.
This document provides an overview of the industrial real estate market in Austin, TX for the first quarter of 2021. Key points include:
- Net absorption was 207K SF with vacancy at 7.9%, continuing the positive trends seen in late 2020.
- Population growth in Austin remains very strong at 184 people per day, fueling demand for industrial space from retailers, manufacturers, and logistics companies.
- Over 1.6M SF of new industrial space is under construction, but continued strong demand is expected to absorb space as it delivers through 2022.
The industrial real estate market in Austin saw tremendous growth and demand in 2020, driven primarily by e-commerce including Amazon expanding its footprint six-fold. Additionally, Tesla's announcement of a new gigafactory in Austin increased demand from suppliers. Available big box space over 100,000 SF became scarce as large requirements competed for limited supply. Developers responded by rapidly pursuing new developments to meet rising demand.
The Woodlands office market posted negative net absorption of 130,960 SF in Q3 2020, pushing the year-to-date total to negative 915,333 SF. The average Class A rental rate decreased to $36.85 per SF while the Class B rate increased to $33.42 per SF. Sublease availability rose with 371,974 SF for Class A and 79,878 SF for Class B. Leasing activity declined 43% from the previous quarter.
The Fort Bend commercial real estate market saw modest improvements in the third quarter of 2020. The office vacancy rate declined slightly while absorption and rental rates decreased. Medical office vacancy rose slightly while rental rates increased. Industrial vacancy rose due to new inventory additions, though rental rates increased and absorption was positive. Retail vacancy and negative absorption increased while rental rates rose. Several new commercial projects are under construction.
The Woodlands office submarket in Houston, Texas recorded negative net absorption of 129,342 square feet in the second quarter of 2020, pushing the mid-year 2020 total net absorption to negative 239,835 square feet. Specifically, Class A space saw negative absorption due to a tenant vacating 134,000 square feet, while Class B space recorded negative absorption of 46,053 square feet. Rental rates for both Class A and B space remained stable despite the increase in vacancy rates caused by the negative absorption.
The Fort Bend commercial real estate market saw declines across most sectors in Q2 2020. The office vacancy rate rose to 11.8% with negative absorption, while average rents fell slightly. Medical office vacancy increased to 15.3% while rents rose. Industrial vacancy remained at 9.4% despite positive absorption as new inventory was added. Retail vacancy increased to 6.9% with negative absorption, as average rents grew slightly. Several new commercial projects are under construction across sectors totaling over 1.2 million square feet.
The document discusses how the COVID-19 pandemic has negatively impacted Houston's healthcare real estate market. Healthcare systems have seen their bottom lines impacted by the cancellation of profitable elective surgeries and costs associated with treating COVID-19 patients. As a result, previously planned expansions have been put on hold or scaled back as healthcare providers reduce expenses and medical office leasing activity has slowed. Some construction projects are still moving forward but larger, more ambitious capital projects have been delayed until the effects of the pandemic subside.
The Woodlands Class A office market recorded positive net absorption of 277,596 square feet in Q1 2020, while Class B properties saw negative net absorption of 391,360 square feet. Rental rates for Class A properties were $38.58 per square foot on average in Q1 2020 compared to $32.18 for Class B. Vacancy rates for Class A were 7.3% compared to 18.6% for Class B.
The Fort Bend commercial real estate market saw improvements in the office and medical office sectors in Q1 2020. The office vacancy rate decreased while absorption and rental rates increased. Medical office saw declines in vacancy rate and rental rates. The industrial sector grew with strong absorption, but vacancy also increased significantly due to new inventory. Retail rental rates increased slightly while vacancy and absorption decreased. Several new developments are underway across property types.
The document provides a quarterly market report on the Houston retail sector in Q1 2020. It summarizes that the sector was healthy in Q1 but will be negatively impacted by COVID-19 going forward. Key statistics for Q1 2020 include a vacancy rate of 5.4% and 429,013 SF of net absorption. However, retail has been hardest hit by the economic shutdown, and vacancy is predicted to spike to over 12% with store closures. The future impact on the sector is difficult to predict due to the pandemic.
The seniors housing industry in Texas continues to adapt to meet the needs of an aging population. Several key points:
- Occupancy rates and rent growth increased across major Texas markets in 2019. Austin saw the highest rent growth at 5.8% year-over-year.
- Absorption was positive, with over 1,600 units absorbed in Texas in the second half of 2019. Dallas saw the highest absorption of 658 units.
- Construction costs for seniors housing have risen 7-10% annually due to labor and materials shortages. Dallas and Houston have over 5,000 units under construction total.
- The population of seniors is growing rapidly in Texas cities like Austin, Dallas, Houston
The Fort Bend commercial real estate market saw mixed trends in Q4 2019. Office vacancy rates increased slightly while rental rates increased. Medical office vacancy rates rose significantly while rental rates decreased slightly. Industrial vacancy increased due to new inventory additions despite positive net absorption, while rental rates rose. Retail vacancy and rental rates both increased despite negative net absorption. Several new commercial projects are under construction across all sectors.
The summary provides the following key points in 3 sentences:
Houston's healthcare real estate market continued growing in 2019 with increasing demand for medical properties driven by population growth and aging demographics. While the total vacancy rate rose to 15% with new supply, average rental rates still increased from $24.09 to $24.57 per square foot. New hospitals, medical office buildings, and facilities such as urgent care centers were delivered to meet ongoing strong demand across various healthcare sectors in the Houston area.
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Q2 2019 | Austin Office | Research & Forecast Report
1. Research &
Forecast Report
AUSTIN | OFFICE
Q2 2019
Kaitlin Holm Research and Marketing Coordinator | Austin
Boots On The Ground Commentary by David Bremer
Our “Boots on the Ground” viewpoint is the voice of our experts, who
have broken down the market data and compared it to what they are
seeing for themselves. This is their take on what the numbers actually
mean for the Austin office market.
Austin’s market continues to expand at an unprecedented pace,
led by significant corporate expansions and hiring coupled with
significant organic growth. To Austin’s credit, it has largely been
able to maintain it’s notable quality of life, with WalletHub recently
naming Austin as the second-best city to live in. Austin was also
noted as the number four city out of 100 major metropolitan areas
for STEM capability (Science, Technology, Engineering and Math).
Technology companies continue to be the primary driver of Austin
growth. The city now has eight tech companies (Apple, Dell, IBM,
Google, Indeed, Samsung, NXP and Applied Materials) occupying or
preparing to occupy over one million square feet. Others, such as
Oracle and Facebook, will likely be approaching these sizes in the
near future. A substantial amount of space is under construction
and these tech giants show no signs of a slowdown, which means
there will be a continued surge in hiring and more people on
the highways. Location-wise, the majority of these high-growth
companies will be in the CBD or in North Austin. When you take
into account the likely additional expansion in far Northwest Austin
by Apple and a few other companies close to taking down real
estate (150K-450K SF) citywide, we have every reason to believe
that the employee migration to Austin will continue.
The result of all of this demand has kept the market extremely
tight and has continued to push rates upward. Medium and large
companies are urged to start the real estate evaluation process
sometimes 2-3 years in advance in case they have to consider
build-to-suits or pre-leases due to lack of availability. An active
market also means very busy construction crews. Finish-out
pricing has trended significantly upwards and is now one of the
most important factors to evaluate when comparing options on
the market. Parking is also near the top for items to discuss on the
front end as higher rates result in a flight toward higher density.
Tech companies continue growth in Austin’s
office market
Future Forecast
Austin is set to deliver a huge amount of new office space in the
next 3 years, but much of this space is pre-leased well in advance
of delivery. Barring a significant national economic slowdown
(elections, financial markets, etc.), we don’t see a reason why
Austin would slow in the coming months or quarters. Occupancy
levels are rising in the short term until some of the new projects
start to deliver and we believe the cost of space will continue
steadily increasing until the supply and demand evens out.
Tip: When looking at new product, operating expenses (primarily
taxes) are quoted as artificially low. In the past, these expenses
were generally modeled as a slow escalation over 2-3 years as the
taxing authority caught up to full valuation. We feel there is likely
to be a new trend of very fast tax/expense catch up, so make sure
your broker is advising you smartly and conservatively on this
front.
By The Numbers
TOTAL INVENTORY
59.2M SF
TOTAL VACANCY
9.5%
Q2 NET ABSORPTION
528,811 SF
YTD NET ABSORPTION
493,477 SF
TOTAL UNDER
CONSTRUCTION
5.29M SF
TOTAL PRE-LEASED
2.15M SF
CBD CLASS A
$60.47as tracked by Colliers
SUBURBAN CLASS A
$41.19as tracked by Colliers
AVERAGE
RATE/SF
$35.74
*Rates inclusive of estimated operating expenses.
2. 2
Austin Office Overview
In the second quarter of 2019, Austin’s office market reported
528,811 SF of positive net absorption. The majority of the positive
absorption occurred in Class B buildings with a total of 430,300
SF of positive net absorption. Class B buildings in Austin posted
112,462 SF of positive net absorption, while Class C properties
posted 13,951 SF of negative net absorption.
Currently, 5,290,054 SF of office space is under construction and
2,156,834 SF of that is pre-leased. The third quarter of 2019 is
expected to see 883,094 SF of deliveries and 664,679 of that is
pre-leased. One of the buildings set to deliver in the third quarter
of 2019 is Offices at Saltillo, which was supposed to deliver in the
second quarter. The entire 150,000 SF East-side building is already
100% leased to Google.
SXSW Center in the CBD submarket was the largest building to
deliver in the second quarter. This 140,000 SF building delivered in
May and is 94% leased by a few large tenants including SXSW and
WeWork. The third quarter of 2019 is expected to see twelve new
buildings come online.
The citywide average rental rate increased over the quarter from
$35.55 per SF in Q1 2019 to $35.74 per SF in Q2 2019. Class A
rental rates in Austin’s CBD increased by 3.6% over the quarter
to $52.78 per SF up from $50.90 per SF in the first quarter of
2019. The overall suburban Class A rental rate also increased, from
$37.67 per SF to $37.97 per SF, over the quarter.
In May, CNBC announced that Austin has been ranked one of the
best big cities for starting a business. Austin ranked fourth behind
Orlando (FL), Oklahoma City (OK) and Miami (FL). Austin beat out
large cities like Atlanta and Denver and some other “tech” cities
like Durham and Raleigh, North Carolina. The rankings were based
on nineteen key metrics, including: job growth, share of college-
educated population, office space affordability and corporate taxes.
Cities with some of the largest populations, like New York, didn’t
make the list because they tend to be some of the least affordable
places to live.
Vacancy & Availability
Austin’s citywide vacancy rate decreased slightly from 10.3% in
the first quarter of 2019 to 9.5% in the second quarter of 2019.
The Southeast submarket’s Class C vacancy rate saw over 55,000
square feet come onto the market in the second quarter, which is
why they had the largest jump in vacancy moving from 4.5% in Q1
2019 to 24.2% in Q2 2019.
The largest decline in vacancy happened in the Class A Southwest
submarket, where the rate decreased from 12.6% to 10.2%, which
is due to over 345,000 square feet being taken off the market.
Overall suburban vacancy decreased quarter over quarter from
11.4% in Q1 2019 to 10.3% in Q2 2019, while the CBD’s vacancy
rate increased over the quarter from 5.6% to 6.0%.
2 Austin Research & Forecast Report | Q2 2019 | Office | Colliers International
Market Indicators
Relative to prior period
Annual
Change
Quarterly
Change
Quarterly
Forecast*
VACANCY
NET ABSORPTION
NEW CONSTRUCTION
UNDER CONSTRUCTION
*Projected
Summary Statistics
Austin Office Market Q2 2018 Q1 2019 Q2 2019
Vacancy Rate 10.6% 10.3% 9.5%
Net Absorption
(Million Square Feet)
-.262 -0.035 .528
New Construction
(Million Square Feet)
1.23 .378 2.46
Under Construction
(Million Square Feet)
4.09 3.18 5.29
Class A Vacancy Rate
CBD
Suburban
9.9%
11.1%
6.0%
10.9%
5.9%
9.3%
Gross Asking Rents
Per Square Foot Per Year
Average $34.37 $35.55 $35.74
CBD Class A $50.01 $50.90 $52.78
Suburban Class A $36.20 $37.67 $37.97
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
-200,000
-100,000
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
Net Absorption New Supply Vacancy
ANNUAL ABSORPTION, NEW SUPPLY, AND VACANCY
3. $0.00
$10.00
$20.00
$30.00
$40.00
$50.00
CBD Rents Suburban Rents
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
CBD Vacancy Suburban Vacancy
8.5%
9.0%
9.5%
10.0%
10.5%
11.0%
11.5%
-200,000
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
Net Absorption New Supply Vacancy
Absorption & Demand
Austin’s office market posted 528,811 square feet of positive net
absorption in Q2 2019. The only submarkets that experienced loss
over the quarter were the Northeast submarket (74,550 square feet
of negative absorption) and the CBD submarket (54,501 square feet
of negative absorption).
A majority of the negative net absorption over the quarter occurred
in the Class B Northeast submarket, totaling 74,650 square feet
of negative absorption. In April, all of Promontory Point C (46,893
square feet) was put on the market brought the submarket’s net
absorption number down quite a bit. In all, 89,695 square feet came
to the Class B Northeast submarket.
The Northwest submarket helped push the absorption balance
into positive numbers with 197,224 square feet of positive net
absorption. The majority of the absorption in the Northwest
submarket happened Class A space and can be attributed to
Allergan moving into an estimated 43,000 square feet at Riata
Corporate Park 2 (12301-B Riata Trace Parkway).
The Austin market recorded forty-eight signed leases in the second
quarter with some big tenants leading the way. Visa signed their
133,823 square foot lease for Research Park Plaza Building I at
12401 Research Boulevard, while Apple is set to take even more
space in the tech corridor by taking all of Parmer 3.4. The 115,000
square foot building was just completed late last year.
Rental Rates
According to CoStar, our data provider, Austin’s citywide average
rental rate increased 1.16% over the quarter from $35.33 per SF to
$35.74 per SF.
As expected, the highest rates across the Austin office market in
the second quarter were in CBD Class A buildings where net rental
rates averaged $52.78 per SF. Rental rates were also high in the
East and South submarkets where Class A rental rates reached
$49.27 per SF and $43.89 per SF, respectively.
Citywide Class B rental rates rose slightly in Q2 2019 to $31.33
per SF from $30.80 per SF in Q1 2019. CBD Class B rental rates
increased by 2.0% over the quarter from $47.17 per SF to $48.15
per SF in Q2 2019.
3 Austin Research & Forecast Report | Q2 2019 | Office | Colliers International
UNEMPLOYMENT 5/18 5/19
AUSTIN 2.7% 2.2%
TEXAS 3.6% 2.9%
U.S. 3.6% 3.4%
JOB GROWTH
Annual
Change
# of Jobs
Added
AUSTIN 2.3% 24.7K
TEXAS 2.4% 301.2K
U.S. 1.5% 2.3M
CBD vs. Suburban
CLASS A OFFICE VACANCY
CLASS A OFFICE RENTS
Job Growth & Unemployment
(not seasonally adjusted)
QUARTERLY ABSORPTION, NEW SUPPLY, AND VACANCY
4. 44 Austin Research & Forecast Report | Q2 2019 | Office | Colliers International
Q2 2019 Top Office Lease Transactions
BUILDING ADDRESS SUBMARKET SF TENANT LEASE DATE
12401 Research Blvd Northwest 133,823 Visa Apr-19
13011 McCallen Pass Northeast 115,000 Apple Apr-19
8407 Wall St Northeast 109,312 Texas Department of State Health Services1
Jun-19
7501 Capital Of Texas Hwy N Northwest 87,408 Indeed, Inc.1
Apr-19
405 Colorado St CBD 69,550 DLA Piper Apr-19
2010 S Lamar Blvd South 63,903 JUUL3
May-19
401 S 1st St South 50,000 Baker Botts May-19
200 W 6th St CBD 33,505 Brown Advisory, LLC May-19
2101 E Saint Elmo Rd Southeast 31,000 MedtoMarket, Inc Apr-19
805 Las Cimas Pky Southwest 30,026 Aeglea BioTherapeutics, Inc. Apr-19
901 E 6th St East 29,047 OpCity May-19
13785 Research Blvd Far Northwest 25,270 Ping Identity Corporation May-19
800 Brazos St CBD 23,656 ACloudGuru Jun-19
835 W 6th St CBD 21,309 Clear Data2
Jun-19
1400 Lavaca St CBD 20,816 Butler Snow May-19
916 S Capital Of Texas Hwy Southwest 18,447 AXA Financial Advisors May-19
979 Springdale Rd East 17,686 Scale Factor3
Apr-19
5001 Plaza On The Lake Dr Southwest 17,416 Amherst Insight Labs LLC May-19
5812 Trade Center Dr Southeast Ind 15,520 Frontgate Holdings, LLC May-19
Leasing Activity
Austin’s office market recorded 1,436,717 SF of leasing activity in Q2 2019. Major transactions this quarter included Visa leasing all of
Research Park Plaza Building I (12401 Research Boulevard), Apple taking 115,000 SF at Parmer 3.4 (13011 McCallen Pass) and Texas
Department of State Health Services renewing their lease at the Exchange Building (8407 Wall Street).
1
Renewal 2
Sublease 3
Colliers Deal
Q2 2019 Significant Sales Transactions – (100,000 SF or greater)
BUILDING ADDRESS SUBMARKET RBA (SF) YEAR BUILT BUYER SELLER SALE PRICE $/SF CLOSED
TIER REIT to Cousins
Properties Inc Portfolio (13
bldgs) 1
Multiple 2,689,002 Multiple
Cousins Properties
Incorporated
TIER REIT, Inc. $1,269,539,576 $470.09 Jun-19
Third + Shoal - 208 Nueces
St
CBD 374,963 2018
Credit Suisse
Asset Management
(Schweiz) AG
Cielo Property Group $307,662,600 $820.51 Jun-19
Research Park Plaza Bldg
I & II - 12401 Research
Blvd 1
Northwest 266,930 1999 DWS Spear Street Capital $123,500,000 $462.67 Jun-19
Exchange Building - 8407
Wall St
Northeast 109,315 1985
Capital Commercial
Investments, Inc.
The Keystone Group Undisclosed N/A Jun-19
Sales Activity
Austin’s office investment sales activity included seventeen building transactions, with fifteen of them being a part of two different portfolio
transactions. In June, Cousins Properties Incorporated purchased thirteen buildings in Austin as part of a twenty-four property portfolio
from TIER REIT, Inc. The average price per square foot for those thirteen properties was $470.09. The largest stand alone purchases was
Credit Suisse Asset Management buying Third + Shoal from Cielo Properties.
Sources: CoStar and Real Capital Analytics
1
Part of a portfolio
5. 5 Austin Research & Forecast Report | Q2 2019 | Office | Colliers International
This is placeholder text. Place your text here.
Chart Title–One Line
Chart Title
SUBHEAD 1 SUBHEAD 1 SUBHEAD 1 SUBHEAD 1
Body
INVENTORY DIRECT VACANCY
SUBLEASE
VACANCY
VACANCY VACANCY RATE (%)
NET ABSORPTION
(SF)
RENTAL
RATE
CLASS
# OF
BLDGS
TOTAL (SF) (SF)
RATE
(%)
(SF)
RATE
(%)
TOTAL
(SF)
Q2-2019 Q1-2019 Q2-2019 Q1-2019
AVG ($/
SF)
CBD
A 32 8,145,745 446,208 5.5% 37,391 0.5% 483,599 5.9% 6.0% 4,091 -4,809 $52.78
B 36 2,862,491 129,517 4.5% 61,531 2.1% 191,048 6.7% 4.5% -62,057 58,994 $48.15
C 10 631,980 10,798 1.7% 17,500 2.8% 28,298 4.5% 5.0% 3,465 -13,950 $26.85
Total 78 11,640,216 586,523 5.0% 116,422 1.0% 702,945 6.0% 5.6% -54,501 40,235 $50.83
SUBURBAN
A 198 23,210,467 1,849,681 8.0% 302,526 1.3% 2,152,207 9.3% 10.9% 426,209 196,754 $37.97
B 411 21,304,802 2,231,390 10.5% 295,876 1.4% 2,527,266 11.9% 12.7% 174,519 -289,172 $29.92
C 63 3,112,846 219,316 7.0% 6,714 0.2% 226,030 7.3% 6.7% -17,416 16,749 $27.10
Total 672 47,628,115 4,300,387 9.0% 605,116 1.3% 4,905,503 10.3% 11.4% 583,312 -75,669 $33.53
OVERALL
A 230 31,356,212 2,295,889 7.3% 339,917 1.1% 2,635,806 8.4% 9.6% 430,300 191,945 $40.63
B 447 24,167,293 2,360,907 9.8% 357,407 1.5% 2,718,314 11.2% 11.7% 112,462 -230,178 $31.33
C 73 3,744,826 230,114 6.1% 24,214 0.6% 254,328 6.8% 6.4% -13,951 2,799 $27.08
Total 750 59,268,331 4,886,910 8.2% 721,538 1.2% 5,608,448 9.5% 10.3% 528,811 -35,434 $35.74
INVENTORY
DIRECT
VACANCY
SUBLEASE
VACANCY
VACANCY VACANCY RATE (%) NET ABSORPTION (SF)
RENTAL
RATE
CLASS
# OF
BLDGS
TOTAL (SF) (SF)
RATE
(%)
(SF)
RATE
(%)
TOTAL
(SF)
Q2-2019 Q1-2019 Q2-2019 Q1-2019
AVG ($/
SF)
CEDAR PARK
A 6 555,222 69,515 12.5% 0 0.0% 69,515 12.5% 16.0% 19,376 -1,905 $32.87
B 8 348,822 20,599 5.9% 9,405 2.7% 30,004 8.6% 9.1% 1,859 17,182 $29.24
Total 14 904,044 90,114 10.0% 9,405 1.0% 99,519 11.0% 13.4% 21,235 15,277 $31.90
CENTRAL .
A 6 640,288 21,230 3.3% 15,703 2.5% 36,933 5.8% 5.6% -856 17,366 $33.09
B 40 2,166,333 210,253 9.7% 26,988 1.2% 237,241 11.0% 12.2% 27,157 46,255 $30.95
C 14 823,232 40,713 4.9% 0 0.0% 40,713 4.9% 6.2% 10,557 15,291 $30.79
Total 60 3,629,853 272,196 7.5% 42,691 1.2% 314,887 8.7% 9.7% 36,858 78,912 $31.05
EAST
A 3 222,579 16,525 7.4% 0 0.0% 16,525 7.4% 7.4% 43 127,296 $49.27
B 19 1,255,699 123,872 9.9% 0 0.0% 123,872 9.9% 9.2% -8,595 -24,421 $35.14
C 7 271,235 12,863 4.7% 1,200 0.4% 14,063 5.2% 8.6% 9,319 -5,676 $39.50
Total 29 1,749,513 153,260 8.8% 1,200 0.1% 154,460 8.8% 8.9% 767 97,199 $38.48
FAR NORTHEAST
B 3 94,996 18,380 19.3% 350 0.4% 18,730 19.7% 20.4% 640 -490 $30.13
Total 3 94,996 18,380 19.3% 350 0.4% 18,730 19.7% 20.4% 640 -490 $30.13
FAR NORTHWEST
A 13 1,889,243 207,184 11.0% 67,343 3.6% 274,527 14.5% 18.1% 66,898 -11,148 $33.28
B 11 713,324 56,644 7.9% 3,217 0.5% 59,861 8.4% 9.1% 5,167 15,477 $27.21
C 2 77,864 1,180 1.5% 0 0.0% 1,180 1.5% 1.5% 0 -1,180 $22.48
Total 26 2,680,431 265,008 9.9% 70,560 2.6% 335,568 12.5% 15.2% 72,065 3,149 $32.30
Austin Suburban Office Market Summary
Austin Office Market Summary (CBD, Suburban, & Overall)
7. 7 Austin Research & Forecast Report | Q2 2019 | Office | Colliers International
Office Development Pipeline
5,290,054 square feet of office space was under construction during Q2 2019. Two buildings delivered in Q2, with the largest being SXSW
Center (1400 Lavaca Street). The 140,000 square foot building was 94.3% leased at delivery and 64,967 SF of that will be occupied by
WeWork. 41% of the space under construction is already pre-leased and almost a million square feet is set to deliver in Q3 2019.
BUILDING NAME ADDRESS SUBMARKET SF
PRE-
LEASED
DEVELOPER
EST.
DELIVERY
Foundry 310 Comal St East 75,369 92.1% Cielo Realty Partners Jul-19
Offices At Saltillo 901 E 5th St East 150,000 100.0% Endeavor Real Estate Group Jul-19
Met Center Creative Office-Building A 8000 Metropolis Dr Southeast 71,225 0.0% Zydeco Development Jul-19
Bldg 2 1601 E Pflugerville Pky Far Northeast 10,378 34.1% Unknown Jul-19
Met Center Creative Office-Building B 8000 Metropolis Dr Southeast 67,625 0.0% Zydeco Development Jul-19
Davenport 360 6001 Bold Ruler Way Southwest 35,551 34.9% Unknown Aug-19
Domain Place 10727 Domain Dr North/Domain 38,638 20.2% Stonelake Capital Partners Aug-19
Paloma Ridge Building C 13620 Ranch Road 620 N Far Northwest 165,714 0.0% Unknown Sep-19
2050 Doublecreek Dr 2050 Doublecreek Dr Round Rock 16,000 0.0% Unknown Sep-19
2909 Flintrock Trce 2909 Flintrock Trce Southwest 37,432 0.0% Unknown Sep-19
Wesco 8656 W State Highway 71 Southwest 21,835 51.2% Unknown Sep-19
Parmer 4.1 Parmer 4.1 Northeast 196,000 0.0% Trammell Crow Company Sep-19
Pflugerville Professional Park 701 FM 685 Far Northeast 52,948 85.5% Unknown Oct-19
Building 3 1009 S Congress Ave South 30,468 38.0% Endeavor Real Estate Group Oct-19
Domain W4 11501 Rock Rose Blvd North/Domain 16,327 9.3% Endeavor Real Estate Group Oct-19
CityView 1007 S Congress Ave South 50,000 100.0% Turnbridge Equities Nov-19
Sunset Ridge at Southwest Parkway 8413 Southwest Pky Southwest 197,300 3.7% Unknown Nov-19
East6 2010 E 6th St East 115,000 100.0% AQUILA Commercial Dec-19
Domain 12 11800 Alterra Pky North/Domain 320,102 100.0% TIER REIT, Inc. Dec-19
Junior League of Austin 5334 Bluffstone Ln Northwest 48,000 100.0% Unknown Dec-19
Rollingwood Town Center Phase III 2500 Bee Caves Rd Southwest 128,000 51.5% Endeavor Real Estate Group Dec-19
1320 Arrow Point Dr - 1 1320 Arrow Point Dr Cedar Park 16,300 0.0% Unknown Dec-19
1320 Arrow Point Dr - 2 1320 Arrow Point Dr Cedar Park 15,300 0.0% Unknown Dec-19
1320 Arrow Point Dr - 3 1320 Arrow Point Dr Cedar Park 12,690 0.0% Unknown Dec-19
WestPark Professional- Building 4 120 S Lakeline Blvd Cedar Park 11,182 0.0% Unknown Dec-19
WestPark Professional Building 3 120 S Lakeline Blvd Cedar Park 11,182 0.0% Unknown Dec-19
Building 2 120 S Lakeline Blvd Cedar Park 10,902 0.0% Unknown Dec-19
WestPark Professional 120 S Lakeline Blvd Cedar Park 10,902 0.0% Unknown Dec-19
Domain 10 11815 Alterra Pky North/Domain 299,673 59.9% Endeavor Real Estate Group Jan-20
Bldg 3 1601 E Pflugerville Pky Far Northeast 38,500 0.0% Unknown Jan-20
Buildings 2, 3, 4,, 5, 7, 9,10 13625 Ronald Regan Blvd Round Rock 36,650 71.3% Huffman Builders Jan-20
The Grove 1 4301 Bull Creek Rd West Central 134,114 0.0% Castletop Capital Jan-20
Parmer Sector 4.2 Parmer 4.2 Northeast 118,000 15.3% Trammell Crow Company Jan-20
Highland 3 523 E Highland Blvd Central 250,000 100.0% Unknown Feb-20
The Grove 2 2117 Perseverance Dr West Central 134,114 65.0% Castletop Capital Feb-20
1141 Shady Ln 1141 Shady Ln East 64,674 18.2% Bercy Chen Studio LP Mar-20
10029 Manchaca Rd 10029 Manchaca Rd South 30,000 0.0% Unknown Mar-20
Building III 7717 Southwest Pky Southwest 20,858 0.0% Unknown Apr-20
Building 3 9225 Bee Caves Rd Southwest 30,077 0.3% Unknown Apr-20
Building E 3601 S Congress Ave South 42,500 0.0% Unknown Apr-20
Creekside at the Hills 4609 Bee Caves Rd Southwest 31,460 58.5% Bogle Family Realty LLLP May-20
Bouldin Creek 2043 S Lamar Blvd South 161,310 11.7% Unknown Jun-20
9. Our philosophy
revolves around the fact
that the best
possible results come
from linking our global
enterprise with
local advisors who
understand your
business, your market,
and how to
integrate real estate
into a successful
business strategy.
C O L L I E R S I N T E R N A T I O N A L G L O B A L L O C A T I O N S
COMMERCIAL REAL ESTATE SECTORS REPRESENTED
OFFICE
INDUSTRIAL
LAND
RETAIL
HEALTHCARE
MULTIFAMILY
HOTEL
$127BTRANSACTION VALUE
2BSF UNDER MANAGEMENT
$3.3BIN REVENUE
438OFFICES
17,300PROFESSIONALS
340ACCREDITED MEMBERS
68COUNTRIES
SIOR
ADVANTAGE
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services
and investment management company. With operations in 68 countries, our 14,000
enterprising people work collaboratively to provide expert advice and services to
maximize the value of property for real estate occupiers, owners and investors. For
more than 20 years, our experienced leadership team, owning more than 40% of our
equity, have delivered industry-leading investment returns for shareholders. In 2018,
corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than
$26 billion of assets under management.
Colliers professionals think differently, share great ideas and offer thoughtful and
innovative advice to accelerate the success of its clients. Colliers has been ranked
among the top 100 global outsourcing firms by the International Association of
Outsourcing Professionals for 13 consecutive years, more than any other real estate
services firm. Colliers is ranked the number one property manager in the world by
Commercial Property Executive for two years in a row.