According to the document:
- Office activity has picked up significantly in the past quarter, with demand focused on newer Class A space in the CBD, South Central, and East areas of Austin. This has driven up rental rates in these core areas.
- Sublease space has received significant attention, with many subleases being occupied or nearing lease documentation. This allows tenants to avoid long construction timelines and realize substantial cost savings versus building out their own space.
- Overall vacancy remained at 19.3% as net absorption was negative, but delivery of new supply also slowed, suggesting continued strong demand. Rental rates across Austin increased slightly but remained flat in suburban areas.
The document summarizes commercial real estate market trends in Austin, TX in Q3 2021. Key points include:
- Vacancy rates decreased slightly to 19.2% while net absorption was positive at 705K SF
- Strong demand driven by corporate expansions and relocations is fueling investment in Austin commercial real estate
- Average citywide lease rates increased slightly to $46.16/SF, with higher rates in prime locations
- Over 4.5M SF of new construction is underway to meet continuing strong demand in the market
The industrial market in Austin, TX continued to experience tight supply and strong demand in the second quarter of 2021. Net absorption was 1,006,935 SF while vacancy dropped to 6.6%. However, the large development pipeline will not provide meaningful relief on vacancy until late 2021 and early 2022 as 2.3 million SF is currently under construction. With constrained supply across all size ranges, escalating rents and limited concessions are expected to continue through the rest of the year.
The SVN® organization shares a portion of their new weekly listings via their SVN Live® Weekly Property Broadcast. Visit https://svn.com/svn-live/ if you would like to attend our weekly call, which we open up to the brokerage community.
The report provides key market indicators, trends and forecasting for the #Kitchener, #Waterloo and #Cambridge industrial markets, including vacancy rates, absorption, lease rates, sale prices and recent market transactions. Colliers International #Office #CRE
Savillsresearch briefing-brisbane-cbd-office-q2-2019Tracy Tam
The document summarizes office market conditions in Brisbane's CBD in June 2019. It finds that office absorption and investment volumes continued to grow over the past year, with investment turnover reaching $2 billion for the first time in six years. Yield pressure remains with A-Grade yields falling 65 basis points over the last year. Leasing activity and demand strengthened, with net absorption up 65% year-over-year. Vacancy fell to 13.0%, its lowest point since 2014, and is forecast to continue declining gradually.
The document summarizes commercial real estate market trends in Austin, TX in Q3 2021. Key points include:
- Vacancy rates decreased slightly to 19.2% while net absorption was positive at 705K SF
- Strong demand driven by corporate expansions and relocations is fueling investment in Austin commercial real estate
- Average citywide lease rates increased slightly to $46.16/SF, with higher rates in prime locations
- Over 4.5M SF of new construction is underway to meet continuing strong demand in the market
The industrial market in Austin, TX continued to experience tight supply and strong demand in the second quarter of 2021. Net absorption was 1,006,935 SF while vacancy dropped to 6.6%. However, the large development pipeline will not provide meaningful relief on vacancy until late 2021 and early 2022 as 2.3 million SF is currently under construction. With constrained supply across all size ranges, escalating rents and limited concessions are expected to continue through the rest of the year.
The SVN® organization shares a portion of their new weekly listings via their SVN Live® Weekly Property Broadcast. Visit https://svn.com/svn-live/ if you would like to attend our weekly call, which we open up to the brokerage community.
The report provides key market indicators, trends and forecasting for the #Kitchener, #Waterloo and #Cambridge industrial markets, including vacancy rates, absorption, lease rates, sale prices and recent market transactions. Colliers International #Office #CRE
Savillsresearch briefing-brisbane-cbd-office-q2-2019Tracy Tam
The document summarizes office market conditions in Brisbane's CBD in June 2019. It finds that office absorption and investment volumes continued to grow over the past year, with investment turnover reaching $2 billion for the first time in six years. Yield pressure remains with A-Grade yields falling 65 basis points over the last year. Leasing activity and demand strengthened, with net absorption up 65% year-over-year. Vacancy fell to 13.0%, its lowest point since 2014, and is forecast to continue declining gradually.
The West Michigan industrial market saw negative absorption of 161,328 square feet in the first quarter of 2016 due to high demand and limited supply. Vacancy rates remained at 4.1% compared to the fourth quarter of 2015. Sale and lease prices continued to rise with further gains expected in the second quarter as landlords and sellers have leverage due to limited options for tenants and buyers.
Lots of great information in our Q2 industrial report. Construction continues to ramp up and some large leases will provide a boost to absorption later this year
JLL Louisville Industrial Outlook - Q4 2016Ross Bratcher
New construction, tenant demand keep rates at high levels. Employment challenges meet creative solutions, new political landscape. Leasing velocity remains true to historic size segments in 2016.
The Columbus industrial market recorded strong positive absorption of over 1.4 million square feet in the fourth quarter and nearly 5 million square feet for the year. Notable construction projects were completed including a 418,655 square foot expansion and a 30,000 square foot building. Significant leases were signed including 185,000 square feet to Great Lakes and 168,850 square feet to Rogue Fitness. Overall vacancy rates decreased and rental rates remained stable with a slight increase for warehouse/distribution spaces.
The document provides an industrial market outlook for Cleveland in Q2 2019. It summarizes that:
- Cleveland has just under 1.0 million square feet of spec construction currently underway, with another 1.2 million square feet in the pipeline.
- Companies continue to invest in their real estate to improve operational efficiencies, attract new employees, and better serve their clientele.
- Look for new construction to slow and for vacancy to level off in 2019 as the market matures. Rent growth will continue in the 3.0 percent range.
The SVN® organization shares a portion of their new weekly listings via their SVN Live® Weekly Property Broadcast. Visit https://svn.com/svn-live/ if you would like to attend our weekly call, which we open up to the brokerage community.
With demand rising steadily and supply running low in Columbus, now is a great time to be a landlord. As a tenant, with the introduction of many "big" players in the Columbus market and the third party vendors that follow, now is the time lease or become an owner/occupier before the market fully adjusts to today's supply and demand of industrial space. Let the Colliers Columbus Industrial Team add value to your next transaction with our proven industry knowledge and systematic approach- contact me with any questions regarding our market report or how we can be of assistance in achieving your business' goals.
This document provides an overview of the industrial real estate market in Austin, TX for the first quarter of 2021. Key points include:
- Net absorption was 207K SF with vacancy at 7.9%, continuing the positive trends seen in late 2020.
- Population growth in Austin remains very strong at 184 people per day, fueling demand for industrial space from retailers, manufacturers, and logistics companies.
- Over 1.6M SF of new industrial space is under construction, but continued strong demand is expected to absorb space as it delivers through 2022.
The industrial real estate market in Austin saw tremendous growth and demand in 2020, driven primarily by e-commerce including Amazon expanding its footprint six-fold. Additionally, Tesla's announcement of a new gigafactory in Austin increased demand from suppliers. Available big box space over 100,000 SF became scarce as large requirements competed for limited supply. Developers responded by rapidly pursuing new developments to meet rising demand.
The West Michigan industrial market saw negative absorption of 161,328 square feet in the first quarter of 2016 due to high demand and limited supply. Vacancy rates remained at 4.1% compared to the fourth quarter of 2015. Sale and lease prices continued to rise with further gains expected in the second quarter as landlords and sellers have leverage due to limited options for tenants and buyers.
Lots of great information in our Q2 industrial report. Construction continues to ramp up and some large leases will provide a boost to absorption later this year
JLL Louisville Industrial Outlook - Q4 2016Ross Bratcher
New construction, tenant demand keep rates at high levels. Employment challenges meet creative solutions, new political landscape. Leasing velocity remains true to historic size segments in 2016.
The Columbus industrial market recorded strong positive absorption of over 1.4 million square feet in the fourth quarter and nearly 5 million square feet for the year. Notable construction projects were completed including a 418,655 square foot expansion and a 30,000 square foot building. Significant leases were signed including 185,000 square feet to Great Lakes and 168,850 square feet to Rogue Fitness. Overall vacancy rates decreased and rental rates remained stable with a slight increase for warehouse/distribution spaces.
The document provides an industrial market outlook for Cleveland in Q2 2019. It summarizes that:
- Cleveland has just under 1.0 million square feet of spec construction currently underway, with another 1.2 million square feet in the pipeline.
- Companies continue to invest in their real estate to improve operational efficiencies, attract new employees, and better serve their clientele.
- Look for new construction to slow and for vacancy to level off in 2019 as the market matures. Rent growth will continue in the 3.0 percent range.
The SVN® organization shares a portion of their new weekly listings via their SVN Live® Weekly Property Broadcast. Visit https://svn.com/svn-live/ if you would like to attend our weekly call, which we open up to the brokerage community.
With demand rising steadily and supply running low in Columbus, now is a great time to be a landlord. As a tenant, with the introduction of many "big" players in the Columbus market and the third party vendors that follow, now is the time lease or become an owner/occupier before the market fully adjusts to today's supply and demand of industrial space. Let the Colliers Columbus Industrial Team add value to your next transaction with our proven industry knowledge and systematic approach- contact me with any questions regarding our market report or how we can be of assistance in achieving your business' goals.
This document provides an overview of the industrial real estate market in Austin, TX for the first quarter of 2021. Key points include:
- Net absorption was 207K SF with vacancy at 7.9%, continuing the positive trends seen in late 2020.
- Population growth in Austin remains very strong at 184 people per day, fueling demand for industrial space from retailers, manufacturers, and logistics companies.
- Over 1.6M SF of new industrial space is under construction, but continued strong demand is expected to absorb space as it delivers through 2022.
The industrial real estate market in Austin saw tremendous growth and demand in 2020, driven primarily by e-commerce including Amazon expanding its footprint six-fold. Additionally, Tesla's announcement of a new gigafactory in Austin increased demand from suppliers. Available big box space over 100,000 SF became scarce as large requirements competed for limited supply. Developers responded by rapidly pursuing new developments to meet rising demand.
The Houston office market continued to contract in Q4 2020 with negative absorption of 836,140 square feet. Vacancy rates increased to 21.7% as the COVID pandemic continued to impact the market. Rental rates remained steady while landlord concessions became more aggressive. The outlook remains uncertain depending on vaccine distribution and return to office trends.
Austin's industrial market saw strong leasing activity and positive net absorption in Q3 2020 despite the effects of the COVID-19 pandemic. Net absorption was 887,476 square feet as large tenants occupied significant space. The vacancy rate decreased from 9.8% to 8.2% while average rental rates slightly decreased citywide. Construction activity also remained high with over 2.3 million square feet under construction across six projects.
The Woodlands office market posted negative net absorption of 130,960 SF in Q3 2020, pushing the year-to-date total to negative 915,333 SF. The average Class A rental rate decreased to $36.85 per SF while the Class B rate increased to $33.42 per SF. Sublease availability rose with 371,974 SF for Class A and 79,878 SF for Class B. Leasing activity declined 43% from the previous quarter.
The Fort Bend commercial real estate market saw modest improvements in the third quarter of 2020. The office vacancy rate declined slightly while absorption and rental rates decreased. Medical office vacancy rose slightly while rental rates increased. Industrial vacancy rose due to new inventory additions, though rental rates increased and absorption was positive. Retail vacancy and negative absorption increased while rental rates rose. Several new commercial projects are under construction.
The Austin office market saw negative net absorption in Q3 2020, with vacancy rates increasing to 15.2%. Rental rates remained relatively stable but concessions are increasing. While construction remains high and demand is decreasing in the short term, Austin is still attracting companies and is well positioned to recover more quickly than other markets due to its business environment and quality of life.
The Woodlands office submarket in Houston, Texas recorded negative net absorption of 129,342 square feet in the second quarter of 2020, pushing the mid-year 2020 total net absorption to negative 239,835 square feet. Specifically, Class A space saw negative absorption due to a tenant vacating 134,000 square feet, while Class B space recorded negative absorption of 46,053 square feet. Rental rates for both Class A and B space remained stable despite the increase in vacancy rates caused by the negative absorption.
The Fort Bend commercial real estate market saw declines across most sectors in Q2 2020. The office vacancy rate rose to 11.8% with negative absorption, while average rents fell slightly. Medical office vacancy increased to 15.3% while rents rose. Industrial vacancy remained at 9.4% despite positive absorption as new inventory was added. Retail vacancy increased to 6.9% with negative absorption, as average rents grew slightly. Several new commercial projects are under construction across sectors totaling over 1.2 million square feet.
The document discusses how the COVID-19 pandemic has negatively impacted Houston's healthcare real estate market. Healthcare systems have seen their bottom lines impacted by the cancellation of profitable elective surgeries and costs associated with treating COVID-19 patients. As a result, previously planned expansions have been put on hold or scaled back as healthcare providers reduce expenses and medical office leasing activity has slowed. Some construction projects are still moving forward but larger, more ambitious capital projects have been delayed until the effects of the pandemic subside.
Austin's office market saw a large increase in sublease space availability in Q2 2020, with over 100,000 square feet added from several large companies. The sublease availability increased over 40% compared to the start of Q2, reflecting the economic challenges brought on by the COVID-19 pandemic. However, construction continued on projects like Google and Indeed's downtown towers, and Tesla announced plans for a new factory in Austin, showing signs that Austin remains an attractive market. Vacancy rates increased overall to 13.6% as net absorption turned negative, but some submarkets did see positive absorption.
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.
The Woodlands Class A office market recorded positive net absorption of 277,596 square feet in Q1 2020, while Class B properties saw negative net absorption of 391,360 square feet. Rental rates for Class A properties were $38.58 per square foot on average in Q1 2020 compared to $32.18 for Class B. Vacancy rates for Class A were 7.3% compared to 18.6% for Class B.
The Fort Bend commercial real estate market saw improvements in the office and medical office sectors in Q1 2020. The office vacancy rate decreased while absorption and rental rates increased. Medical office saw declines in vacancy rate and rental rates. The industrial sector grew with strong absorption, but vacancy also increased significantly due to new inventory. Retail rental rates increased slightly while vacancy and absorption decreased. Several new developments are underway across property types.
The document provides a quarterly market report on the Houston retail sector in Q1 2020. It summarizes that the sector was healthy in Q1 but will be negatively impacted by COVID-19 going forward. Key statistics for Q1 2020 include a vacancy rate of 5.4% and 429,013 SF of net absorption. However, retail has been hardest hit by the economic shutdown, and vacancy is predicted to spike to over 12% with store closures. The future impact on the sector is difficult to predict due to the pandemic.
The document provides an overview of the Austin office market in Q1 2020. It summarizes that the market saw 35,453 SF of negative net absorption in Q1, with large negative absorption in Class A buildings. Vacancy increased to 13.0% citywide. Rental rates increased slightly to $35.93 on average. The report also discusses the impacts of COVID-19 on the market and expectations for Q2 2020.
The document summarizes Houston's industrial real estate market performance in Q1 2020. It notes that vacancy increased to 7.9% from 6.9% in Q4 2019. Net absorption remained positive at 3.2M SF despite economic challenges from low oil prices and COVID-19. Rental rates increased slightly. The market faces short term uncertainty from the pandemic's economic impact, but the industrial sector is expected to outperform other commercial real estate over the long run due to growth in e-commerce, inventory stockpiling, and potential supply chain changes.
The seniors housing industry in Texas continues to adapt to meet the needs of an aging population. Several key points:
- Occupancy rates and rent growth increased across major Texas markets in 2019. Austin saw the highest rent growth at 5.8% year-over-year.
- Absorption was positive, with over 1,600 units absorbed in Texas in the second half of 2019. Dallas saw the highest absorption of 658 units.
- Construction costs for seniors housing have risen 7-10% annually due to labor and materials shortages. Dallas and Houston have over 5,000 units under construction total.
- The population of seniors is growing rapidly in Texas cities like Austin, Dallas, Houston
The Fort Bend commercial real estate market saw mixed trends in Q4 2019. Office vacancy rates increased slightly while rental rates increased. Medical office vacancy rates rose significantly while rental rates decreased slightly. Industrial vacancy increased due to new inventory additions despite positive net absorption, while rental rates rose. Retail vacancy and rental rates both increased despite negative net absorption. Several new commercial projects are under construction across all sectors.
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The SVN® organization shares a portion of their new weekly listings via their SVN Live® Weekly Property Broadcast. Visit https://svn.com/svn-live/ if you would like to attend our weekly call, which we open up to the brokerage community.
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Q1 2022 Austin Office Market Report
1. 21Q4 22Q1
New Supply 224,343 455,057
Net Absorption 494,482 (9,873)
Overall Vacancy 19.3% 19.3%
Under
Construction
4,395,000 4,179,834
CBD Class A Asking
Lease Rates (FSG)
$66.34 $66.96
Overall Asking
Lease Rates (FSG)
$47.19 $47.31
Sublease
300 Colorado St
CBD | 149,346 SF
TikTok
Sale
Domain Tower
North/Domain | 309,88 SF
Buyer | The Carlyle Group
Sale
Mueller Business District - Alpha
East | 265,000 SF
Buyer | Teacher Retirement
System Investments
Lease
Bouldin Creek
South | 114,413 SF
Atmosphere
Lease
Parmer Business Park
Northeast |58,716 SF
BSL Consulting LLC
YOY
FORECAST
YOY
YOY
FORECAST
YOY
FORECAST
FORECAST
Office
Austin,
TX
22Q1
Boots On the Ground
Activity has picked up tremendously over the past quarter, with a continued emphasis on newer product in the city core. There
has been a feeding frenzy for Class A product in the CBD, South Central and East areas of Austin, which has resulted in
increasing rental rates in those areas. While much of this is due to out-of-town tech users entering or expanding in the market
(Tiktok, Snapchat, Miro, etc.) Austin tech companies are also joining the mix. Subleases have garnered a ton of attention, and
many have been subleased or are currently at documentation. We believe the primary reasons for this are (i) The ability to
avoid a 9-12 month design and construction process, and (ii) Tremendous cost savings associated with...(continued on next page)
Unemployment Rate
Market Indicators
Historic Comparison
3.3%
Austin
Unemployment
Rate
2.398%
US 10 Year
Treasury Note
3.9%
US
Unemployment
Rate
Vacancy Rate
19.3%
Net Absorption
-98K SF
Overall Class A Asking
Lease Rates (FSG)
$53.17/SF
Under
Construction
4.1M SF
Key Takeaways
• Entry of new Subleases are slowing, and we are starting to see
great demand and activity for core subleases (CBD, East, Central,
and South).
• Rates in the core continue to rise while suburban locations remain
stagnant.
• Construction remains expensive and timelines are again extending
due to design capacity, permit process, and supply constraints on
materials.
Recent Transactions
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18Q2
18Q3
18Q4
18Q4
19Q1
19Q2
19Q2
19Q3
19Q4
19Q4
20Q1
20Q2
20Q2
20Q3
20Q4
20Q4
21Q1
21Q2
21Q3
22Q1
Austin Texas US
2. Colliers | Austin | 22Q1 | Office Report
Office
Austin,
TX
22Q1
Sublease Environment
34%
6%
3%
5%
1%
3%
21%
1%
2%
0%
24%
0% CBD
Central
East
North/Domain
Northeast
Far Northwest
Northwest
Round Rock
South
Southeast
Southwest
West Central
21Q1 21Q4 22Q1
CBD 791,981 745,866 601,019
Central 44,409 10,987 97,713
East 89,234 87,000 47,395
North/Domain 105,071 57,068 79,114
Northeast 119,636 74,130 23,048
Far Northwest 56,124 42,232 48,560
Northwest 516,968 376,622 369,006
Round Rock 17,271 14,475 14,475
South 35,909 21,599 28,301
Southeast 8,000 42,273 8,000
Southwest 354,202 314,520 421,162
West Central 21,048 0 2,903
TOTAL 2,159,853 1,786,772 1,740,696
Boots on the Ground continued
The Market, at a Glance
Austin remains one of the top performing markets in the country in just about every product type. Our updated “office deals in
the market” list is extraordinarily robust. If half of those companies lease space, we’re in for a couple big-performing quarters.
Industrial remains on fire, with most users having to take down space before its built. Capital markets transactions in general are
improving but still not to a typical level. Forward selling (the concept of selling an approved project prior to breaking ground) is
still active on industrial product, however pricing has moved down slightly due to increased cost of capital. Demand for leased
product is still pushing very low cap rates, however.
Future Forecast
We’re tempted to copy and paste last quarter’s commentary, “It’s going to stay busy”. We believe demand is going to continue to
increase. That may not be reflected in the immediate forthcoming vacancy rates due to new product being classified as delivered,
however that’s to be expected. Average rates are likely to remain somewhat flat (core rates going up, but suburban markets
remaining flat or in some instances, slightly decreasing). Sublease vacancy is likely to immediately trend down due to current “at
sublease” deals, but then potentially go up as we are aware of multiple mid/large opportunities coming to the market in the
25K-80K RSF range. However, we’d consider the majority of these spaces as prime opportunities which will likely get subleased
reasonably quickly.
construction and furniture vs. traditional spaces. We believe this success will lead to more traditional landlords either white
boxing or spec’ing out tired spaces for marketability. This activity has also been the catalyst for multiple new downtown projects
breaking ground, ranging from 100K to over 700K RSF. Most of these buildings won’t deliver until 2024/2025 therefore conditions
should remain somewhat favorable for Landlords in the short term.
Many suburban markets remained depressed resulting in higher vacancy and lower effective rates, but activity is picking up.
At some point many companies will be forced to consider product alternative to the core, due to pricing, parking or availability,
which will likely be the catalyst for a resurgence of suburban markets.
3. Colliers | Austin | 22Q1 | Office Report
Office
Austin,
TX
22Q1
10.0%
11.0%
12.0%
13.0%
14.0%
15.0%
16.0%
17.0%
18.0%
19.0%
20.0%
$0.00
$10.00
$20.00
$30.00
$40.00
$50.00
$60.00
$70.00
Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022
CBD Citywide Total Vacancy
Notable Q1 2022 Completions
(1,000,000)
(500,000)
0
500,000
1,000,000
1,500,000
2,000,000
Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022
Deliveries Net Absorption
RiverSouth
350,611 SF | South
Stream Realty Partners, LP
Domain Tower 2
332,200 SF | North/Domain
Stonelake Capital Partners
Return to Work
As traffic accurately indicates, companies are beginning to
reoccupy offices at a rapid pace. Austin occupancy levels
began spiking in March and we’ve seen multiple reports
stating that Austin leads the nation in employees returning
to the office. Professional services lead the pack, however,
tech is slowly beginning to join the trend. Approximately
half of the subleases on the market are based on those
companies determining that they will never fully reoccupy
and prefer a flex model moving forward. We are also
seeing many clients leasing space and finishing them out
for flex work, which often includes more meeting and
lounge space combined with less dense stationary seating.
Direct Lease Rates
Overall, rates continue to rise primarily bolstered by new
Class A product delivering to the market. This is typical as
new buildings range from asking rates of $36.00-
$43.00 NNN in suburban submarkets while closer to
$46.00-$50.00 NNN in the CBD and surrounding. The
asking price delta is partially based on demand, however
construction pricing has a definitive impact. Higher land
prices combined with more expensive construction (i.e.
below grade parking can run $40K per space to build)
forces higher rates. Class B buildings, along with most
suburban buildings (other than the Domain) have
remained somewhat flat in terms of asking rates.
4. Colliers | Austin | 22Q1 | Office Report
Office
Austin,
TX
22Q1
Upcoming Projects
Citywide Construction
25%
75%
East
CBD
Q2 2022 Expected Deliveries
Uptown ATX - Block A
Brandywine Realty Trust
374,739 SF | North/Domain
Q3 2023 Delivery
2% Leased
Centro - Northern
Riverside Resources
165,337 SF | East
Q2 2022 Delivery
0% Leased
Victory Plaza
Undisclosed
91,548 SF | Central
Q3 2022 Delivery
0% Leased
1515
Undisclosed
71,632 SF |East
Q4 2022 Delivery
0% Leased
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
4,500,000
5,000,000
Q2
2022
2022
2023
Leased Expected Deliveries