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

Net Absorption Positive 228,737 SF in the Quarter
January 27, 2014
The Austin retail market did not experience much change in market conditions in the fourth quarter 2013.

The vacancy rate went from 5.1% in the previous quarter to 4.9% in the current quarter. Net absorption was positive 228,737 square feet, and vacant sublease space increased by 7,185 square feet. In third quarter 2013, net absorption was positive 271,658 square feet.

Tenants moving into large blocks of space in 2013 include: H E B moving into 100,000 square feet at Lakeline Market; HEB moving into 83,047 square feet at Mueller Market District - HEB; and Fitness International, LLC is moving into 46,245 square feet at 4001 S Lamar Blvd.

Quoted rental rates decreased from third quarter 2013 levels, ending at $17.40 per square foot per year.

A total of 5 retail buildings with 34,812 square feet of retail space were delivered to the market in the quarter, with 1,014,703 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 6.6% from the previous quarter, with net absorption positive 21.28 million square feet in the fourth quarter. Average rental rates increased to $14.59, and 563 buildings delivered to the market totaling more than 10.4 million square feet.

The information in this news report is based on CoStar’s Fourth 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.
GET IN TOUCH        Contact CoStar News Team:   News@CoStar.com

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