Fourth quarter numbers are still being calculated, but theoddity is the amount of new product coming about in the statecapital's worst year in more than a decade, Charles Heimsath ofAustin's Capitol Market Research tells GlobeSt.com. With the newproduct, Austin's office inventory reaches nearly 31 millionsf.
Is the market overbuilding? Yes, says a hesitant but confidentHeimsath in his assessment.
Heimsath was particularly surprised that the amount of newproduct in 2001 has come about with only one major groundbreakingin the final six months of the year. Even more surprising is thatanother 1 1/2 million sf will deliver in the first six months of2002.
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