Austin's industrial market posted negative net absorption in Q1 2020 due to space coming online, including at NorthTech Business Center and Amazon leasing a large space. Rental rates increased across flex/R&D and warehouse/distribution spaces. Over 1 million square feet of industrial space remains under construction, with over 800,000 square feet scheduled for delivery in Q2 2020. Vacancy increased slightly to 8.6% as large blocks of space came to the market.
Austin's industrial market continues to fire on all cylinders.
Austin’s industrial market continues to progress as rental rates rise yet again in the second quarter. The citywide average quoted rental rate increased by 1.6% between quarters from $8.21 to $8.34 per SF NNN, and increased 18.5% on a year-to-year basis from $7.04 per SF NNN.
Vacancy dropped 140 basis points over the quarter from 10.2% to 8.8%, continuing to gradually decrease after a small increase last quarter.
Three buildings totaling 207,008 SF delivered in the second quarter, two of which are in Hays County, a growing submarket south of Austin.
According to the Texas Workforce Commission, the Texas economy and employment across all major industry sectors continue to grow. Austin’s unemployment rate fell to 3.4% from 4.6% over the year, lower than both the state and national average.
Austin was the third fastest growing metro area in the nation during the past year with the population expanding by 3% between July 2013 and July 2014, according to the U.S. Census Bureau’s recent data. Hays County alone was the fifth fastest growing county in the nation over the past year.
Industrial developers and investors are in touch with the pulse of the industrial marketplace and are taking aggressive steps to meet the potential increase in demand for modern, Class A space.
Austin's industrial market continues to fire on all cylinders.
Austin’s industrial market continues to progress as rental rates rise yet again in the second quarter. The citywide average quoted rental rate increased by 1.6% between quarters from $8.21 to $8.34 per SF NNN, and increased 18.5% on a year-to-year basis from $7.04 per SF NNN.
Vacancy dropped 140 basis points over the quarter from 10.2% to 8.8%, continuing to gradually decrease after a small increase last quarter.
Three buildings totaling 207,008 SF delivered in the second quarter, two of which are in Hays County, a growing submarket south of Austin.
According to the Texas Workforce Commission, the Texas economy and employment across all major industry sectors continue to grow. Austin’s unemployment rate fell to 3.4% from 4.6% over the year, lower than both the state and national average.
Austin was the third fastest growing metro area in the nation during the past year with the population expanding by 3% between July 2013 and July 2014, according to the U.S. Census Bureau’s recent data. Hays County alone was the fifth fastest growing county in the nation over the past year.
Industrial developers and investors are in touch with the pulse of the industrial marketplace and are taking aggressive steps to meet the potential increase in demand for modern, Class A space.
Share or view online at colliers.com/houston
Houston’s industrial market continues to expand adding 3.4M SF of new inventory in Q1 2019 with an additional 16.2M SF under construction
Austin’s industrial market rental rates rise after nearly a decade of stagnant rates.
Since the first quarter of 2014, citywide rates have been on the rise after years of stagnation. The citywide average quoted industrial rate increased by 4.5% between quarters from $7.99 to $8.35 per SF NNN, and increased 21% on a year-to-year basis from $6.90 per SF NNN.
Though vacancy increased slightly over the quarter from 8.4% to 8.8%, likely due to the high amount of industrial product delivered last year, Austin’s citywide vacancy rate has been steadily decreasing since Q1 2010.
Only one building, totaling 199,865 square feet, delivered in the first quarter and 692,895 square feet are currently under construction. All but one of these buildings is scheduled to deliver in the second quarter of 2015.
According to the Texas Workforce Commission, the Texas economy and employment across all major industry sectors continue to grow. Austin’s unemployment rate fell to 3.4% from 4.6% over the year, lower than both the state and national average.
Austin was the third fastest growing metro area in the nation during the past year with the population expanding by 3% between July 2013 and July 2014, according to the U.S. Census Bureau’s recent data.
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Urbanrise Paradise on Earth - Unveiling Unprecedented Luxury in Exquisite Vil...JagadishKR1
Immerse yourself in the epitome of luxury living at Urbanrise Paradise on Earth. These opulent 4 BHK villas, nestled off the prestigious Kanakapura Road in Bangalore, redefine elegance and sophistication. With meticulous craftsmanship, breathtaking design, and unparalleled amenities, Urbanrise Paradise on Earth offers a sanctuary where every moment is infused with luxury and serenity. Experience a life of grandeur and indulgence at this exclusive residential enclave.
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Green Homes Islamabad offers beautifully designed 5, 8, and 10 Marla homes near the airport and motorway. Enjoy luxury, convenience, and high rental returns in a prime location.
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Investing In The US As A Canadian… And How To Do It RIGHT!! (feat. Erwin Szet...Volition Properties
=== Investing In The US As A Canadian… And How To Do It RIGHT!! (feat. Erwin Szeto) ===
Ever been curious about Real Estate Investing in the US?? At Volition, for the past 14 years, we have been focused on helping investors invest in over $250M of real estate and generate $100M of wealth in the Toronto market, but we are always open to learning more about other business models and learning from other investors.
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Oeiras Tech City, Developed by RE Capital and REIG, Will Become Lisbon's Futu...Newman George Leech
Oeiras Tech City, a historic development in the Oeiras municipality of Lisbon, is acquired by RE Capital and REIG. It is located on a 93,000-square-meter plot of land and combines co-living, business, and residential areas. It highlights ESG principles and is close to Tagus Park, which improves the urban landscape of Lisbon.
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Torun Center Residences Istanbul - Listing TurkeyListing Turkey
THERE IS LIFE IN ITS CENTER!
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Tersane Suites Residences is a luxurious real estate project located in the heart of Istanbul, next to the beautiful Golden Horn. This unique development offers hotel concept residences with Rixos management, making it the perfect choice for both homeowners and investors.
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Q1 2020 | Austin Industrial | Research & Forecast Report
1. Austin’s industrial absorption takes a hit with
the arrival of COVID-19
Research &
Forecast Report
AUSTIN | INDUSTRIAL
Q1 2020
Kaitlin Holm Research and Marketing Coordinator | Austin
Austin’s industrial market posted 288,393 square feet of negative
net absorption in the first quarter of 2020, with 186,904 coming
to the market at NorthTech Business Center (4616 West Howard
Lane). Leasing activity remained high as a large number of sizeable
tenants occupied significant blocks of space over the quarter,
including Amazon leasing Park 35 (2956 Main Street). The building
consists of 305,768 square feet and is located in the Southeast
submarket.
Austin’s citywide average rental rates increased over the quarter,
moving up to $10.72 per square foot in Q1 2020 from $10.13 per
square foot in Q4 2019. The average citywide Flex/R&D rental also
increased, moving up to $14.54 per square foot from $13.33. The
average Warehouse/Distribution rental rate increased moderately
over the quarter from $9.14 per square foot to $9.34 per square
foot.
In all, 1,067,465 square feet of industrial supply is under
construction consisting of eleven projects. 830,765 square feet of
projects in the development pipeline are scheduled to deliver in the
second quarter and 133,346 square feet of that inventory is pre-
leased.
Summary Statistics
Austin Industrial Market Q1 2019 Q4 2019 Q1 2020
Vacancy Rate 8.6% 8.0% 8.6%
Net Absorption (SF) -305,913 310,828 -288,393
Deliveried (SF) 542,858 129,198 703,193
Under Construction (SF) 1,337,202 1,269,503 1,067,465
Asking Rents
Per Square Foot Per Year
Average $10.35 $10.13 $10.72
Warehouse/Distribution $8.89 $9.14 $9.34
Flex/R&D $13.72 $13.33 $14.54
Market Indicators
Relative to prior period
Annual
Change
Quarterly
Change
Quarterly
Forecast*
VACANCY
NET ABSORPTION
DELIVERED
UNDER CONSTRUCTION
*Projected
2. In January, Prologis, Inc purchased Tuscany
6, 7, 8 and 9 from Black Creek Group. The
four distribution buildings total 334,350 SF
and sold for approximately $38,177,708
($114.18/SF). These buildings were a small
part of a bulk portfolio sale of 270
properties.
8024 Exchange Dr
Job Growth & Unemployment
(not seasonally adjusted)
UNEMPLOYMENT 2/19 2/20
AUSTIN 3.0% 2.6%
TEXAS 3.7% 3.6%
U.S. 4.1% 3.8%
JOB GROWTH
Annual
Change
# of Jobs
Added
AUSTIN 3.3% 36.7K
TEXAS 2.4% 306.5K
U.S. 1.6% 2.4M
The 50,500 SF warehouse building was
purchased in January by Eg Wellspoint 1031
LLC, for $6,200,00 ($122.77/SF), from Hw
Wells Point One Invs Lp. The building is
currently 100% occupied.
2 Austin Research & Forecast Report | Q1 2020 | Industrial | Colliers International
Sales Activity
Sources: Real Capital Analytics and CoStar
Q1 2020
No. of Properties: 14
Total SF: 1M SF
Average $/SF: $109
Average Cap Rate: 6.0%
1007 Heatherwilde Blvd
Vacancy & Availability
Austin’s citywide average vacancy rate increased from 8.0% to 8.6% over the
quarter. The most significant increase in vacancy over the quarter occurred in
the Central submarket, where the vacancy rate increased from 4.3% to 8.6%.
The entire 23,666 SF building at 622 Morrow Street in the Central submarket is
now vacant and available for sublease. The Far Northeast, Far Northwest, Hays
County, North, Round Rock and Southeast submarkets also recorded an increase
in vacancy in the first quarter.
The largest quarterly decrease in vacancy occurred in the Southwest submarket,
falling from 9.6% to 2.8%. As the smallest industrial submarket, all it took to
reduce the vacancy rate so much was a 2,500 SF space being leased. Other
submarkets reporting a decrease in vacancy include the East, Northeast,
Northwest and South submarkets.
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
11.0%
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
$8.00
$9.00
$10.00
$11.00
$12.00
Industrial Rental Rate and Vacancy Percentage
Austin, TX
Avg Quoted Rent Avg Vacancy
*Vacancy percentage includes direct and sublease space.
Absorption & Demand
Austin’s industrial market had twelve tenants move into approximately 247,814 SF
of industrial space during the first quarter of 2020. One of the larger tenants to
occupy new space in Q1 was Flitch. They moved into their new 36,610 SF space
at 1045 Reinli Street in February.
The Northeast submarket posted the largest amount of positive net absorption
with 144,806 square feet. The Northwest submarket had the second greatest
absorption with 58,719 square feet of net absorption. The other submarkets that
posted positive absorption include East, South and Southwest.
The submarkets that posted negative net absorption were Central, Far Northeast,
Far Northwest, Hays County, North, Round Rock and Southeast. The Southeast
submarket had the highest negative absorption with 205,733 square feet of
negative net absorption in the first quarter. This can be attributed to 458,645
square feet of space that came to the market, including 126,364 SF at Southpark
Commerce Center Phase III - Building 3 (4801 Freidrich Lane).
Rental Rates
According to CoStar, our data service provider, the citywide average rental rate
increased over the quarter from $10.13 per square foot in Q4 2019 to $10.72 per
square foot in Q1 2020. Annually, the citywide average rental rate has increased
3.5% from $10.35 in Q1 2019.
The highest average rental rate at the end of Q1 was in the Northwest submarket
at $17.48 per square foot annually. The submarket with the lowest average rental
rate in Q1 2020 was the Hays County submarket at $5.49 per square foot.
3. 3 Austin Research & Forecast Report | Q1 2020 | Industrial | Colliers International33
Q1 2020 Top Industrial Lease Transactions
BUILDING NAME/ADDRESS SUBMARKET SF TENANT LEASE DATE
2956 Main St Southeast 305,768 Amazon1
Mar-20
401B Parker Dr North 99,200 Mattress Firm2
Mar-20
15400 Long Vista Dr North 92,000 Unknown Mar-20
15855 Long Vista Dr North 86,700 Western Pacific Mar-20
4801 Freidrich Ln Southeast 76,234 Unknown Jan-20
12300 Technology Blvd Northeast 73,000 Health & Human Services Commission2
Jan-20
1100 E Howard Ln Far Northeast 56,700 Formaspace2
Jan-20
1001 W Howard Ln Northeast 47,070 Rakuten Super Logistics1
Mar-20
10710-10720 N Lamar Blvd North 46,900 Unknown Feb-20
8606 Wall St Northeast 43,200 Aramark Jan-20
14155 W US 290 Hays County 41,400 Hiller Measurements Mar-20
3815 A Jarrett Way North 40,000 Benchmark Electronics2
Jan-20
15505 Long Vista Dr North 38,591 Lennox Jan-20
Heatherwilde And SH 45 Far Northeast 33,809 Unknown Jan-20
8219 Burleson Rd Southeast 26,462 Unknown Feb-20
5811 Trade Center Dr Southeast 26,379 Diamondback Branding Jan-20
5910 Techni Center Dr East 25,505 Unknown Jan-20
2200 Grand Avenue Pky North 25,334 Unknown Mar-20
Leasing Activity
Austin’s industrial leasing activity included 1,405,329 square feet of space in Q1 2020. The bulk of the leases signed in the first quarter
were in the Southeast submarket, totaling 527,275 square feet. The largest new lease was signed by Amazon for 305,768 square feet at
Park 35 (2956 Main Street) in the Southeast Industrial submarket. Colliers International represented the landlord in that transaction.
1
Colliers Deal 2
Renewal 3
Sublease
AUSTIN INDUSTRIAL MARKET STATISTICAL SUMMARY
Q1 2020
Market
#
Bldgs
Rentable
Area
Direct
Vacant
SF
Direct
Vacancy
Rate
Sublet
Vacant
SF
Sublet
Vacancy
Rate
Total
Vacant SF
Total
Vacancy
Rate
1Q20 Net
Absorption
4Q19 Net
Absorption
1Q20
Comple-
tions
4Q19
Comple-
tions
SF Under
Con-
struction
Austin Total 821 50,973,448 3,903,163 7.7% 469,676 0.9% 4,372,839 8.6% (288,393) 310,828 703,193 129,198 1,067,465
Central 32 1,130,662 70,528 6.2% 27,000 2.4% 97,528 8.6% (49,225) (3,060) - - -
East 65 3,597,516 224,282 6.2% 27,412 0.8% 251,694 7.0% 29,668 (6,795) - - -
Far Northeast 44 3,253,977 147,745 4.5% 61,123 1.9% 208,868 6.4% (70,807) 57,992 - 10,400 75,600
Far Northwest 15 658,024 3,610 0.5% - 0.0% 3,610 0.5% (3,610) 4,538 - - -
Hays County 46 3,419,434 474,562 13.9% - 0.0% 474,562 13.9% (47,502) 31,065 691,193 65,000 112,500
North 208 3,107,543 585,192 4.5% 216,765 1.7% 801,957 6.1% (122,957) 196,127 - - -
Northeast 120 7,169,650 629,113 8.8% 52,933 0.7% 682,046 9.5% 144,806 (36,676) - - -
Northwest 28 2,746,736 75,860 2.8% - 0.0% 75,860 2.8% 58,719 (50,706) - - -
Round Rock 51 2,671,224 338,651 12.7% - 0.0% 338,651 12.7% (51,734) 38,990 - - 749,765
South 40 1,563,280 76,872 4.9% 5,767 0.4% 82,639 5.3% 11,890 (13,252) - 53,798 129,600
Southeast 165 11,388,475 1,269,248 11.1% 78,676 0.7% 1,347,924 11.8% (205,733) 108,197 12,000 - -
Southwest 7 266,927 7,500 2.8% - 0.0% 7,500 2.8% 18,092 (15,592) - - -
Austin Industrial Market Summary