AUSTIN—Austin is dealing with an increased demand for retailspace.
That's according to a second-quarter report recently released byMarcus & Millichap. Retail vacancy in themetro area has slipped into the low-5 percent range--well belowpre-recession levels--and is likely to dip further in 2014 asretailers follow new development in the region's northern suburbs,including Leander, Cedar Park and Round Rock.
As national discount chains, warehouse clubs and sizablespecialty concepts, including Wal-Mart,Costco and Bass Pro Shops,maintain their focus on build-to-suit developments in the metroarea, there has been no shortage of demand for shop space inexisting centers. The combination of still-low interest rates,strong buyer demand and a shortfall of for-sale inventory hascreated a notable sellers' market in Austin.
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