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Austin, TX

Apartment
Vacancy edged up during 2016 in the 193,600-unit metro Austin apartment market, and rents began to fall at the end of the year. The fourth quarter 2016 vacancy rate was moderate at 5.8%, but it was up 30 basis points during 2016 and up 10 during the quarter. The overall vacancy rate was up to 6.2% in January 2017. Rent gains slowed in 2016 following the huge increases of 4.0% to 6.5% the prior three years. In 2016, the average asking rent increased just 2.2% to $1,115 per month, with the average effective rent up 2.4% to $1,020 per month, despite all that expensive new supply hitting the market. Rents fell 0.9% by both measures in the fourth quarter. Overall rents were up 0.3% by both measures in January 2017. VIEW APARTMENT LISTINGS >
Industrial
The 15.8-million-square-foot Austin Flex/R&D market is approaching single-digit vacancy, with a year-end 2016 rate of 10.1%, down 100 basis points over the year and down 60 during the fourth quarter. Rent gains were moderate, with the average asking rent up 1.9% to $9.34 psf and the average effective rent up 2.1% to $8.35 psf. The fourth quarter gains were 0.4% and 0.6%, respectively. The vacancy rate fell to 10.0% in January, as rents increased 0.2% by both measures. The 34.8-million-square-foot Austin warehouse/distribution market ended 2016 with an 8.6% vacancy rate, down 70 basis points over the year on 232,000 square feet of new supply and a strong 460,000 square feet of net absorption. The average asking rent increased 2.4% over the year to $6.86 psf, with the average effective rent up 2.7% to $6.10 psf. In the fourth quarter, rents increased 0.9% and 1.0%, respectively, as the vacancy rate fell 30 basis points. Occupancy and rents were flat in January 2017. VIEW INDUSTRIAL LISTINGS >
Office
The 45-million-square-foot Austin general purpose, multi-tenant office market was strong and active in 2016, with 1.1 million square feet of new supply and 1.2 million square feet of net absorption. The vacancy rate fell 50 basis points over the year and was down 20 during the fourth quarter to 12.2%. The vacancy rate was 12.2% in January 2017 as well. Rent gains stalled in the fourth quarter, slipping a penny by both measures, but were solid for all of 2016. The average asking rent increased 3.1% to $30.11 psf, and the average effective rent was up 3.2% to $24.48 psf. Overall rents were once again essentially flat in January, with the effective average edging down another penny. VIEW OFFICE LISTINGS >
Retail
The 21.4-million-square-foot Austin community-neighborhood shopping center market tightened in 2016, with the vacancy rate falling 70 basis points over the year to just 5.5%. All of the decrease took place in the first half of the year, as 118,000 square feet of new supply slightly exceeded net absorption in the second half. The average asking rent increased 2.3% over the year to $22.77 psf, with the average effective rent up 2.4% to $20.71 psf. The fourth quarter gain was 0.6% by both measures. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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