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Kim Gatley
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enior Vice President & Director of Research at REOC Austin

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REOC Austin releases office market update for 2Q 2014

“Things are really heating up,” says Doug McGregor, Senior Office Consultant at REOC Austin, a locally-based commercial real estate company.  While it is true that summer temperatures are soaring, McGregor’s comment is pointing to the local office market where new leases and expansions generated 306,517 square feet of positive net absorption in the second quarter which raised the year-to-date total gain to nearly 636,000 square feet, according to the survey of more than 41.7 million square feet of Austin-area office lease space.

In response, the citywide vacancy rate tightened to 9.7% compared to 10.5% …Read Entire Post

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REOC Austin releases 2Q 2014 industrial market update

As is typical this time of year, activity in the Austin industrial market slowed in the second quarter.  According to the survey of more than 38 million square feet of industrial lease space conducted by REOC Austin, the local industrial market closed the second quarter with a citywide vacancy rate of 12.1% which is up sharply compared to 10.6% last quarter.

“Three main factors played into the increased vacancy this quarter;” explains Mark Milstead, Vice President, Industrial Services, REOC Austin, “first, historical trends show that activity typically slows in the summer months, second, new inventory was delivered to the market, and third, the biggest impact came from the return of space at Techridge …Read Entire Post

REOC Austin releases 1Q 2014 office market update

Throughout the Austin metro area, demand for office space continued to drive local office market activity in the first quarter. New leases and expansions generated 284,205 square feet of positive net absorption for the period beginning in January and ending in March. As a result, the citywide vacancy rate tightened to 10.5% compared to 11.3% last quarter and 12.6% recorded in the same quarter a year ago.

As vacancy rates continue to decrease, rental rates maintain their upward climb. The citywide average quoted rental rate increased to $26.18 per square foot – up $0.59 compared to last quarter and $1.87 …Read Entire Post

REOC Austin releases 1Q 2014 industrial market update

The local industrial market experienced a slow but positive first quarter. New leases and expansions were largely offset by tenant move-outs resulting in a rather quiet 82,407 square feet of positive net absorption for the first three months of the year.

As a result, the Austin industrial market closed the first quarter with a citywide vacancy rate of 10.6% which is unchanged from last quarter but significantly improved compared to 13.2% recorded in the same quarter the previous year.  Citywide vacancy currently sits at its lowest point in twelve years.

Notable first quarter leases included International Liquidation (65,066 …Read Entire Post

REOC Austin releases 4Q 2013 industrial market report

The Austin industrial market closed out 2013 with a citywide vacancy rate of 10.6%, according to the fourth quarter survey of more than 37.4 million square feet of industrial lease space conducted by REOC Austin.  “With few new developments constructed over the past several years, an expanding economy and steady tenant demand for space has tightened vacancy to its lowest point in twelve years,” says Mark Milstead, Vice President Industrial Services, REOC Austin, locally-based commercial real estate company.

Tenant move-ins recorded between the first of October and the end of December generated 340,541 square feet of positive net absorption within Austin-area industrial properties.  The fourth quarter gain raised the year-end absorption total to nearly 1.1 million square feet.  “The 2013 performance marks the fourth-consecutive year of …Read Entire Post

REOC Austin releases 3Q 2013 office market update

Job growth continues to translate into new tenant leases and expansions in the Austin office market. According to the survey of nearly 41.6 million square feet of office space, gross leasing activity generated 303,810 square feet of positive net absorption in the third quarter led by the expansion of Pay Pal (66,000 sf) at 7700 W Parmer, Building D in the Far Northwest sector.

Activity in the suburban areas accounted for the lion’s share of activity in the third quarter. While office buildings in the CBD experienced a …Read Entire Post

Round Rock grows by annexation

Paving the way for new housing and business development, the Round Rock City Council recently approved the annexation of more than 412 acres of unincorporated land along University Boulevard in east Round Rock.

The council also established special zoning standards on the land and set up a development agreement to allow the construction of hundreds of …Read Entire Post

Austin economy ranked No. 1 in the country

Austin continues to top the economic rankings.  Most recently, the city’s reputation as a job-creation machine once again propelled Austin to the top of a monthly report by The Business Journals’ On Numbers. With an overall score of 83.9 out of 100 based on 18 economic factors, Austin tops the list of 102 cities measured.

On Numbers reports that Austin, at just under 11 percent, is the only city in the nation with double-digit percentage job growth for the five-year …Read Entire Post

Austin economy demonstrates global reach

Austin has one of the most international economies among the nation’s cities, according to a study recently released by Brookings.  Showing its growing global reach, the Austin-Round Rock-San Marcos area’s economy had the ninth highest percentage of international trade among cities nationwide, at 22.3 percent.

The Houston-Sugar Land-Baytown area was the only other Texas region to make the list at 23.9 percent, ranking No. 5.

The large amount of international trade stems in part from Austin role …Read Entire Post

NAI REOC Austin releases 2Q 2012 industrial market update

Prior to the market’s turn in 2008, Austin industrial properties recorded a citywide vacancy rate of 14% but then came the ensuing recession and what it left in its wake was a glut of new construction which pushed vacancy up to 24% by 2010.  An improving economy and continued job growth over the past two years, however, have led to greater demand of warehouse and service center/flex space which has supported a slow but steady recovery in the local industrial market. …Read Entire Post