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Regional Summaries

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Austin, TX

Apartment
The 198,350-unit metro Austin apartment market is expected to add the third-most apartments since 1990 in 2017, at about 8,500, according to Reis. By October, nearly 5,800 had completed construction, exceeding the 4,040 units of net absorption and increasing the vacancy rate 70 basis points year-to-date to a still-moderate 6.0%. New supply, and a preponderance of inventory in the Class A segment, are lifting average rents. As of October, the average asking rent was up 4.8% year-to-date to $1,169 per month, and the average effective rent was up 5.9% to $1,094 per month. Gains of 5.9% and 6.9%, respectively, are forecast for 2017. VIEW APARTMENT LISTINGS >
Industrial
The 15.9-million-square-foot Austin Flex/R&D market got some new supply in the third quarter of 2017, as the 116,200-square-foot Tech Ridge 3.1 completed construction in northeast Austin in July. By October, however, net absorption totaled 105,000 square feet year-to-date, leaving the vacancy rate unchanged for 2017 at 9.4%. The average asking rent was up 2.5% year-to-date to $9.71 psf in October, with the average effective rent up 2.8% to $8.70 psf. The 35.6-million-square-foot Austin Metropolitan Statistical Area (MSA) warehouse/distribution market is more active with 754,000 square feet completing construction thus far in 2017 including three buildings with 322,900 square feet added at Freeport Tech Center South in southeast Austin in July. Net absorption totaled just 214,000 square feet year-to-date through October, and the vacancy rate increased 140 basis points to 9.0%. The average asking rent is up a strong 3.3% year-to-date to a relatively high $7.22 psf, with the average effective rent up 3.6% to $6.43 psf. VIEW INDUSTRIAL LISTINGS >
Office
A new supply boom is preventing a decrease in vacancy in the 46.5-million-square-foot Austin general purpose, multi-tenant office market, but rent gains show the market is strong. Reis reports nearly 1.5 million square feet of new competitive space has been added in 2017 through October, with net absorption at nearly 1.1 million square feet. The October vacancy rate was 12.9%, unchanged since mid-year but up 40 basis points year-to-date. Rents increased 0.5% by both measures in the third quarter, to $30.88 psf asking and $25.10 psf effective. A one-penny asking rent gain in October lifted the year-to-date increase to 2.5% by both measures. VIEW OFFICE LISTINGS >
Retail
The 21.6-million-square-foot Austin community-neighborhood shopping center market is particularly quiet, with just 35,000 square feet of new space completed in 2017 through October and 61,000 square feet of net absorption. The October vacancy rate was just 5.3%, down 10 basis points year-to-date, with the average asking rent up 2.5% to $23.36 psf and the average effective rent up 2.5% to $21.27 psf. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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