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Q4 2017 | Austin Office | Market Report

Our “Boots on the Ground” view point is the voice of our experts, who have broken down the market data and compared it to what they are seeing for themselves. This is their take on what the numbers actually mean for the Austin office market.

The final quarter of 2017 was a strong finish for Austin’s office market. Year-end 2017 net absorption was close to 900,000 SF and rates continued their upward trend. The ease of finding quality space at market rates continues to be dependent on the specific submarket you target and the size of the space.
 
Q4 2017 Highlights

  

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Expertise

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Austin Office Market Indicators


 Q2
2017

Q3
2017


VACANCY RATE 11.6%
11.6% 
 
NET ABSORPTION
(Million Square Feet)
.229 -.189
NEW CONSTRUCTION
(Million Square Feet)
.264
2.40
UNDER CONSTRUCTION
(Million Square Feet)
1.584
3.80
CLASS A VACANCY RATE

 
     CBD 9.3%
11.0% 

     SUBURBAN 12.2%
11.8% 

GROSS ASKING RENTS
(Per Square Foot Per Year)
 
 
     AVERAGE $34.03
$34.02

     CBD CLASS A $49.84
$49.43   
     SUBURBAN CLASS A $34.57
$34.80   


Job Growth & Unemployment (Not Seasonally Adjusted)

UNEMPLOYMENT 8/16 8/17
Austin 3.4% 3.4%
Texas 4.9% 4.5%
U.S. 5.1% 4.5%
JOB
GROWTH
ANNUAL CHANGE # OF JOBS ADDED
Austin 2.1% 21.1K
Texas 2.4% 286.3K
U.S. 1.5% 2.1M

Texas