Savills Studley Releases Q3 2016 Findings for Austin

25 October 2016

Savills Studley, the leading global commercial real estate services firm specializing in tenant representation, has released its 2016 Q3 Austin edition of the Savills Studley Office Market Report.

The quarterly report is an in-depth compilation of office leasing statistics and trends, major transactions, submarket comparisons, employment trends and investment and development trends specific to the Austin region.

Highlights from the 2016 Q3 Studley Austin Report include:

 

  • Austin's average asking rent posted its biggest quarter-on-quarter increase since early 2015, rising by 2.0 percent to $32.40. 
  • While net absorption was slightly positive and availability rates decreased in the third quarter, over the last four quarters Austin tenants have leased just 5.3 msf of office space—more than 30 percent below the long-term average. Austin office-using job growth still exceeds nearly all other U.S. metro areas, but the pace of growth has slowed over the last 12 months as compared to 2014 and 2015.
  • The availability rate in all but two of Austin’s fourteen commercial real estate submarkets sit below the U.S. Index of 17 percent. The Austin region availability rate as a whole charted at 14.3 percent in Q3, down from 14.8 percent in the previous quarter. 
  • With a higher availability rate and lower asking rents than the regional average, Northwest Austin continues to attract large tenants, landing four of Austin’s ten largest transactions in Q3.

The 2016 Q3 Savills Studley Austin Office Market Report can be found on Savills Studley’s webpage, as well as a national report and reports for each of the 29 major U.S. markets.

 

 
 

General Enquiries

{0}