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Regional Summaries

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Austin, TX

Apartment
A massive development boom will peak this year in the 195,600-unit metro Austin apartment market, and vacancy is on the rise. The overall vacancy rate was 6.1% in April 2017, up from 5.9% at year-end 2016 and up consistently from the 4.4% at year-end 2012. The overall average asking rent increased 0.7% over the quarter to $1,124 per month, with the overall effective average up 0.5% to $1,034 per month. The year-over-year gains were 2.4% and 2.3%, respectively, similar to the annual increases for 2016. Strong gains of 0.6% asking and 0.9% effective followed in April. VIEW APARTMENT LISTINGS >
Industrial
The 15.8-million-square-foot Austin Flex/R&D market was quiet in the first quarter of 2017, as no new space was added within Reis submarkets, and the vacancy rate was essentially unchanged at 10.1%. The rate slipped to 10.0% in April. Rent gains were moderate, with both the average asking rent and the average effective rent up 0.7% over the quarter to $9.41 psf and $8.41 psf. The year-over-year gains were 2.0% and 2.1%, respectively. Rents increased 0.2% by both measures in April. The 34.9-million-square-foot Austin warehouse/distribution market is more active, with two projects with 504,400 square feet completing construction in the East submarket so far in 2017. That left 1.4 million square feet under construction in six projects. The April 2017 vacancy rate was 8.6%, unchanged from year-end 2016. The average asking rent was up 0.6% in the first quarter to $6.90 psf, with the average effective rent up 0.7% to $6.14 psf. The year-over-year gains were 2.2% and 2.7%, respectively. April’s increases were 0.1% asking and 0.2% effective. VIEW INDUSTRIAL LISTINGS >
Office
The 45.7-million-square-foot Austin general purpose, multi-tenant office market is on the back end of a development cycle, temporarily elevating vacancy. The 500,500-square-foot Block 23 Office Tower completed construction in February, bringing the first quarter 2017 vacancy rate to 12.8%, up 70 basis points since year-end and down 10 basis points from a year earlier. The April vacancy rate was 12.7%. Rent gains picked up in the first quarter of 2017 after stalling in late 2016. The average asking rent increased 0.9% to $30.35 psf, and the average effective rent was up 0.8% to $24.66 psf, bringing the year-over-year gains to 2.6% and 2.7%, respectively. Overall rents increased another 0.2% asking and 0.3% effective in April. VIEW OFFICE LISTINGS >
Retail
The 21.4-million-square-foot Austin community-neighborhood shopping center market remains tight, with a 5.2% vacancy rate for April 2017 that is down 30 basis points year-to-date and down from a peak of 9.5% at year-end 2007. The average asking rent increased 0.4% in the first quarter to $22.87 psf, with the average effective rent up 0.5% to $20.82 psf. The year-over-year gains were 1.7% and 1.8%, respectively. Rents increased 0.2% by both measures in April. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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