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Market Trend: Austin's Retail Vacancy Decreases to 4.9%

Net Absorption Positive 299,256 SF in the Quarter
July 26, 2013
The Austin retail market experienced a slight improvement in market conditions in the second quarter 2013.

The vacancy rate went from 5.2% in the previous quarter to 4.9% in the current quarter. Net absorption was positive 299,256 square feet, and vacant sublease space increased by 17,769 square feet. In first quarter 2013, net absorption was positive 175,638 square feet.

Tenants moving into large blocks of space in 2013 include: H E B moving into 100,000 square feet at HEB Plus!; Soccer Zone Lakeline moving into 34,000 square feet at 920 Old Mill Rd; and Wheatsville Co-op moving into 28,800 square feet at 4001 S Lamar Blvd.

Quoted rental rates decreased from first quarter 2013 levels, ending at $18.06 per square foot per year.

A total of 7 retail buildings with 98,680 square feet of retail space were delivered to the market in the quarter, with 331,556 square feet still under construction at the end of the quarter.

This trend is compared to the U.S. National Retail vacancy rate, which decreased to 6.7% from the previous quarter, with net absorption positive 23.11 million square feet in the second quarter. Average rental rates increased to $14.50 this quarter, and 593 retail buildings delivered to the market totaling almost 9.6 million square feet.

The information in this news report is based on CoStar’s Second Quarter 2013 Market Report, a 40+ page comprehensive research report available to CoStar subscribers. To learn more about quarterly research reports and other benefits available to CoStar subscribers, please call 888-226-7404.

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