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Regional Summaries

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Austin, TX

Apartment
New development loosened up the 208,984-unit metro Austin apartment market a little in the first quarter of 2019, but rents continue to rise rapidly. The quarter saw 1,617 new apartments complete construction, and with 1,046 units of net absorption the vacancy rate ticked up 20 basis points to 6.0%. It remains down 40 basis points year-over-year. Rents continue to surge. During the first quarter the average asking rent increased 0.9% to $1,243 per month and the average effective rent rose 1.0% to $1,164 per month. The year-over-year gains are 5.0% and 5.1%, respectively. VIEW APARTMENT LISTINGS >
Industrial
The 16.9-million-square-foot Austin Flex/R&D market was hit with 687,000 square feet of new supply in the first quarter of 2019, and the vacancy rate soared 270 basis points despite 158,000 square feet of net absorption—more than in all of 2018. The vacancy rate is up 290 basis points year-over-year to 12.1%. The average asking rent is $10.19 psf, down 0.2% during the quarter, and the average effective rent is $9.08 psf, down 0.4%. Rents remain up year-over-year by 2.2% and 1.8%, respectively. The 36.7-million-square-foot warehouse/distribution market is also adding space, but the 260,000 square feet of new supply for the first quarter was exceeded by the 277,000 square feet of new absorption and the vacancy rate fell 10 basis points to 10.0%. It is also down 10 year-over-year. The average asking rent was up 0.4% over the quarter to $7.49 psf, with the average effective rent up 0.3% to $6.69 psf. The year-over-year gains are 1.4% and 1.7%, respectively. VIEW INDUSTRIAL LISTINGS >
Office
Metro AustinÂ’s general purpose, multi-tenant office market had a strong start to 2019, according to Reis data, with 214,000 square feet of net absorption balanced by 225,000 square feet of new supply in the first quarter. The vacancy rate edged down 10 basis points to 13.2%, a low rate for this fast-growth market, where developers are building in anticipation of future demand. Rent gains imply a balanced market. Both the average asking rent and the average effective rent were up 3.0% during 2018. The overall asking average was up 0.7% over the quarter to $32.57 psf with the effective average up 0.8% to $26.49 psf. VIEW OFFICE LISTINGS >
Retail
The 22-million-square-foot Austin community-neighborhood shopping center market also continues to add space, mostly in the suburbs. In the first quarter, however, net absorption totaled minus 154,000 square feet and the vacancy rate increased 70 basis points to 7.3%. It is up 130 basis points year-over-year. Average rents increased 0.8% by both measures over the quarter, to $24.48 psf asking and $22.27 psf effective. The year-over-year gains are 3.4% and 3.3%, respectively. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

Coldwell Banker Commercial® Reports

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