CBRE Research: annual Austin industrial leasing and construction levels muted, but close 2017 strong
CBRE has released the Q4 2017 Austin Industrial MarketView, which is available for download at cbre.com/research. Below is a summary of key Q4 highlights.
For the first time since 2014, annual net absorption in the Austin industrial market did not crest 1 million sq. ft.
Approximately 1.8 million sq. ft. of new construction delivered this year; an additional 1.1 million sq. ft. is under construction.
Vacancy increased once again this quarter, rising from 9.3% to 9.9%, while the average annual asking rent declined $0.24 to $10.15 per sq. ft.
This quarter was the most significant for 2017 demand, registering close to 360,000 sq. ft. of new growth, bringing the year to 698,000 sq. ft.
The Southeast submarket saw the first two buildings of Trammell Crow Co.'s new development Park 183 deliver, adding an additional 246,000 sq. ft. to the submarket. Additionally, a 58,500 sq. ft. warehouse/distribution building delivered in the Round Rock submarket this quarter.
To learn more about CBRE Research, or to access additional research reports, please visit the Global Research Gateway at www.cbre.com/research.